Property Overview
This two-storey home on a large, 5,449 sqft lot in Winnipeg's River East neighbourhood presents a classic and solid opportunity. Built in 1957, its key appeal lies in its established setting and recent updates. The home features 1,440 sqft of living space, an attached garage, and a renovated basement. Its assessed value of $360k sits well above its last sale price in 2021, indicating significant appreciation.
The property’s standout characteristic is its land. The lot size ranks in the top 2% on its street, offering rare space for gardens, play, or expansion in this mature area. While the living area is modest relative to the lot, the renovated basement adds functional space. This home suits buyers looking for a grounded investment in a stable neighbourhood—those who value outdoor space over a brand-new build, and who see potential in a home that has already seen substantial value growth. It’s a practical choice for a young family seeking room to grow or a long-term holder appreciating the stability of a top-tier lot in a well-ranked local context.
Frequently Asked Questions
Q: How does the lot size compare to typical properties in Winnipeg?
A: The lot is significantly larger than average, ranking in the top 55% city-wide for area. Its true advantage is hyper-local, placing in the top 2% on its own street, which is a notable feature in this mature neighbourhood.
Q: The home was built in 1957. What should I consider?
A: While the building age is older, it ranks newer than most on its street and in the neighbourhood. The renovated basement is a positive update. A thorough inspection is always recommended for homes of this vintage to understand the condition of core systems like plumbing, electrical, and the roof.
Q: The assessed value is much higher than the 2021 sale price. What does this mean?
A: This suggests the property has appreciated considerably in a short time, likely due to market conditions and the value of its large lot. It sets a current benchmark for municipal taxes, but the final market sale price is determined between a buyer and seller.
Q: Who would this property not suit?
A: It may not suit buyers seeking a modern, open-concept layout or those unwilling to potentially update older elements of a 1957 structure. The living space is also modest for the lot size, so those prioritizing vast interior square footage over outdoor space might look elsewhere.
Q: What is the context of the "reference" properties listed?
A: Those are nearby or neighbourhood properties provided for general comparison of metrics like year built, size, and assessed value. They are not direct comparables in style or condition but help illustrate the spectrum of homes in River East.