Property Overview: 55 Greendell Avenue, Winnipeg
Key Characteristics & Appeal
This home presents a distinct value proposition centered on its generous 11,462 sqft lot, which is notably larger than most properties in Minnetonka and ranks within the top 4% city-wide. This is the property's standout feature, offering significant outdoor space and potential. The dwelling itself is a modest 792 sqft bungalow built in 1947, with a living area well below local averages. Its assessed value is below average for the immediate area but aligns closer to the middle range across Winnipeg.
The primary appeal lies in the land itself. It suits a buyer with a vision for expansion, outdoor living, or gradual renovation, where the existing house serves as a foundation. It's also a practical entry point into homeownership for a budget-conscious buyer, handyperson, or an investor looking for a property where the land asset outweighs the current structure. The recent sale history (2021, in the $350k-$400k range) suggests it's a sought-after opportunity in its price bracket.
Frequently Asked Questions
1. Why is the living area so much smaller than nearby homes?
As a 1947 bungalow, the home reflects post-war housing styles which were often more compact. The data confirms its living area is significantly below the neighbourhood average, indicating it's one of the smaller original homes on the street.
2. What does the "Elite" ranking for Land Area mean?
This means the lot size of 11,462 sqft is larger than approximately 96% of all residential properties in Winnipeg, placing it in a rare category. On its own street and in Minnetonka, it's also well above average.
3. How can the assessed value be so much lower than the recent sold price?
Municipal assessed value for taxation purposes often lags behind market value. The 2021 sale price reflects what a buyer was willing to pay in the open market, which considered the potential of the large lot, while the assessment is a standardized valuation formula.
4. What type of work might this property need?
Given its age (79 years), buyers should budget for updates to major aging systems like plumbing, electrical, or the roof. The smaller living area may also prompt plans for a renovation or addition to better utilize the large lot.
5. Are the nearby comparison homes similar?
The listed nearby properties vary. Some have similar assessed values but different living areas, while others are larger. This highlights that on this street, you are purchasing a larger-than-average parcel of land with a smaller-than-average home for the area.