Property Overview: 525 River Road, Winnipeg
Key Characteristics & Appeal
This home presents a compelling mix of space, location, and potential. Built in 1947, it is notably older than most homes in its immediate area and across Winnipeg, suggesting a classic character that may appeal to those who appreciate established neighbourhoods. Its true standout feature is the land: at over 13,000 square feet, the lot size is well above average for the street, elite city-wide (top 3%), and offers significant outdoor space rare in urban settings.
The living area of 1,668 sq ft is comfortably above the city average, providing ample room. Its assessed value is consistently around the median across all comparison levels, indicating a fairly priced property relative to its market. Recent sale history shows stable value in the $300k-$350k range. The appeal lies in this balance—a home with generous indoor and exceptional outdoor space on a mature lot, without a premium price tag. It would suit a buyer looking for a project-friendly older home with room to grow, garden, or entertain, who values lot size over modern construction and is prepared for the maintenance or updates a 79-year-old home may require.
Frequently Asked Questions
1. What does the "elite" lot size ranking actually mean?
It means this property's land area of 13,019 sq ft is larger than approximately 97% of all residential properties in Winnipeg, making this much private outdoor space very uncommon in the city.
2. The home is much older than neighbours. Is that a concern?
It's a key consideration. While it indicates potential for classic charm and mature landscaping, it also suggests that major systems (roof, plumbing, electrical) may be older or have been updated at different times. A thorough inspection is essential.
3. How stable has the property's value been?
Based on the available data, it sold within the $300k-$350k range in both 2018 and 2020, showing price stability over that period. Its current assessed value is consistent with that range.
4. The assessed value seems low compared to the city-wide average listed. Why?
The "$390k" figure shown is the average assessed value of the comparison group city-wide, not the average sale price. This property's own assessed value of $40.90k is a municipal assessment for tax purposes, not a market valuation. Market value is better indicated by the recent sale history.
5. Who would this property NOT be suited for?
It may not suit buyers seeking a modern, move-in-ready home without any renovation projects, or those who prefer a low-maintenance yard. The older age and larger lot inherently come with more upkeep.