Property Overview
This home at 697 River Road in Winnipeg’s Minnetonka area is a compact, post-war bungalow built in 1946. Its key characteristics are defined by how it compares to its surroundings. At 908 square feet, the living area is notably smaller than most homes on its street and in the wider area. The lot size of 5,175 square feet is also below average for the neighbourhood, though it is closer to the typical city-wide lot size. A standout figure is its assessed value of $26,400, which is significantly lower than the averages for Minnetonka and the city, placing it in the bottom tier of area properties by this metric. Recent sales data shows it sold in the $250k-$300k range in 2021.
Section 1: Appeal & Suitability
The primary appeal of this property lies in its position as a potential entry point into the Minnetonka neighbourhood. Its lower assessed value and historically moderate sale price suggest it could be one of the more accessible homes in the area, suited for first-time buyers, investors, or those seeking a minimalist footprint. The lot, while smaller than others on the street, still provides reasonable outdoor space for a city home.
Its suitability is for a specific buyer: someone comfortable with a home that requires updates (given its age and value positioning) and who prioritizes location over size. It’s not a fit for those needing ample square footage or a modern, turn-key property. A thoughtful perspective is that this smaller, older home on a desirable street could represent a "value-add" opportunity in a neighbourhood of larger, higher-value homes, appealing to those with renovation vision or seeking lower property taxes relative to their neighbours.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
Assessed value is for municipal tax purposes and is influenced by factors like home size, age, and condition. This home’s smaller size, older age, and potential need for updates result in a lower assessment compared to newer, larger homes citywide.
2. Is the smaller lot size a major disadvantage?
While the lot is below average for Minnetonka, it is near the city-wide average. It offers a manageable yard with less maintenance. The trade-off is less private outdoor space compared to immediate neighbours.
3. What should I consider due to the home's age (built 1946)?
An 80-year-old home will likely have older building systems (plumbing, electrical, roof) and may lack modern insulation. A thorough inspection is essential to understand the condition and potential update costs, which could be a significant factor in your budget.
4. The home sold for $250k-$300k in 2021, but the assessed value is only $26.4k. How does that work?
The assessed value is not the market value. Market value is what a buyer is willing to pay based on the market at the time of sale. The assessed value is an estimate used by the city to calculate property taxes and is typically a fraction of the market price.
5. Who would this property not be suitable for?
It would likely not suit growing families needing multiple bedrooms and more living space, buyers wanting a move-in-ready modern home without renovation projects, or those who prioritize having a large yard comparable to others on the street.