Property Overview
7 Minnetonka Street presents a practical, no-frills home built in 1973. Its key appeal lies in its position as a value-oriented entry point into the Winnipeg market. The 1,012 sqft living space is modest, consistently ranking below the average for its immediate street, neighbourhood, and the wider city. However, this is balanced by a very low municipal assessed value of $35,500, which is notably below local averages but close to the middle of the pack city-wide. The lot size of 5,282 sqft is smaller than most in the Minnetonka area but is near the city's typical average. Recent sale data (2024) indicates a transacted price between $400,000 and $450,000.
This home would best suit first-time buyers or practical investors seeking functional space without a premium for size or high assessments. Its value proposition is straightforward: you are purchasing primarily the structure and location, with property taxes likely based on a lower assessment. It’s a home for those comfortable with a property that is statistically average or below in most metrics for its immediate area, but who see potential in its foundational affordability.
Frequently Asked Questions
1. Why is the assessed value so much lower than the recent sale price?
Municipal assessments in Winnipeg are for tax purposes and often lag behind market values, which are driven by buyer demand, condition, and recent comparable sales. A sale price significantly higher than the assessment is not uncommon.
2. Is the living space too small?
At 1,012 sqft, it is smaller than many homes on the street and in the neighbourhood. This suits buyers looking for efficient, manageable space with lower utility costs, but may not fit those needing ample room for a growing family or dedicated workspaces.
3. What does the lot size mean for me?
The 5,282 sqft lot is smaller than most in Minnetonka, meaning less yard maintenance. However, it is close to the Winnipeg average, offering a decent outdoor space without the upkeep of a larger plot.
4. The home is over 50 years old. What should I consider?
Built in 1973, major systems like roofing, plumbing, electrical, and the furnace are likely at or beyond their typical lifespans. A thorough inspection is crucial to understand the condition and anticipate potential near-term updates.
5. How do I find out the exact price it sold for in 2024?
The provided sale price is a public range. The listing service notes that you can email them to request the exact sold price, which they provide manually without using your email for marketing.