Property Overview & Key Characteristics
This one-and-a-half storey home on a generous 4,297 sqft lot in Seven Oaks presents a classic Winnipeg character property with notable potential. Built in 1911, its key appeal lies in its combination of a large, desirable lot size (ranking in the top 1% on its street) and a very low municipal assessed value, which is in the top 2% for the street. This suggests a significant opportunity for value appreciation, particularly for a buyer willing to invest in updates. The living space is a modest 903 sqft, and the home features a detached garage and an unrenovated basement.
Its primary appeal is to value-driven buyers, such as hands-on renovators, investors looking for a solid lot-value proposition, or first-time buyers seeking an affordable entry into the market with room to grow. It suits those comfortable with a project, as the home likely requires modernization. A less obvious perspective is that this property represents a piece of established neighbourhood history on a sizable parcel—a rarity that new constructions in the area simply cannot replicate. While the house itself needs work, its foundational metrics (lot size and assessment value) are strong indicators of underlying long-term value in a well-located community.
Frequently Asked Questions
1. What does the assessed value tell me?
The assessed value of $21,100 is for municipal tax purposes and is notably low, ranking very high compared to neighbours. This often indicates the home has not been significantly renovated or updated in many years, but it also suggests a lower property tax burden relative to the lot's potential.
2. Is the lot size a significant advantage?
Yes. At over 4,200 sqft, the lot is larger than 99% of others on the street. This provides ample outdoor space, potential for gardening, expansion, or future additions, which is a key asset not easily found in older neighbourhoods.
3. Who is this property not well-suited for?
It is not ideal for buyers seeking a move-in-ready home without any projects. The unrenovated basement and the age of the home mean that immediate updates or repairs are likely necessary. It may also be too compact for those needing substantial finished living space right away.
4. How does the sale history inform the current price?
The home last sold in August 2019 for $17,500. This very low sale price, combined with the current low assessed value, strongly reinforces that this is a value-purchase based on land and potential, rather than a premium for a turn-key home.
5. What should I consider about the neighbourhood based on the comparable listings?
The nearby and similar-value listings show a mix of well-kept character homes and some that are also value-oriented projects. This indicates a diverse streetscape where your investment in renovation would be among other owners who have done the same, which is positive for future value.