Property Overview
87 Elmvale Crescent is a substantial two-storey home in Southboine, Winnipeg, built in 1994. Its primary appeal lies in offering significant space and established prestige on a very large, private lot. The home sits on over 13,000 square feet of land, placing it in the top tier of property sizes locally. With nearly 3,000 square feet of living space, a finished basement, and an attached garage, it is designed for comfortable family living and entertaining.
The home’s standout feature is its remarkable statistical dominance in the market. It ranks in the top 3-5% of homes in its neighborhood and across Winnipeg for key metrics like lot size, living area, and assessed value. A recent sale price of $1.3M in early 2024 significantly exceeded its current assessment, underscoring its desirability and the premium buyers place on this specific package of location, land, and space.
This property is ideally suited for established buyers or multi-generational families seeking a long-term home with ample room to grow, privacy, and a strong sense of permanence. It would also appeal to value-conscious purchasers who prioritize tangible assets, as the land itself represents a major and rare component of the home’s worth. The less obvious perspective here is that while the house is three decades old, its rankings show it is actually newer than most comparable properties in the area, offering a modern layout without sacrificing the maturity of the established neighborhood and landscape.
Frequently Asked Questions
Q: The assessment is listed at $995,000, but it sold for $1.3M recently. Why the large difference?
A: This is not uncommon for unique, high-end properties. The assessed value is an administrative valuation for tax purposes, which often lags behind the dynamic market. The recent sale price is a clearer reflection of its current market value, driven by its rare lot size and premium characteristics.
Q: What does "ranking" mean in the property details?
A: The rankings show how this property compares to others in its immediate street, neighborhood, and all of Winnipeg. For example, being in the "top 3%" for lot size means 97% of Winnipeg homes sit on smaller lots. It’s a quick way to gauge the property’s standout features.
Q: Is a 1994-built home considered old?
A: While 30 years old, the data provides context: it is newer than over 75% of homes in both its community and Winnipeg overall. This suggests the home likely has more modern construction standards and layouts than many in the area, while still being part of an established, mature neighborhood.
Q: Who would this home not be suitable for?
A: It may not suit first-time buyers, those seeking a low-maintenance or lock-and-leave lifestyle, or buyers with a tight budget for utilities and upkeep. The large lot requires commitment to landscaping, and the overall scale of the home entails higher operating costs.
Q: The lot is huge. Are there any potential drawbacks to that?
A: The large lot is a major asset offering privacy and space. However, prospective buyers should consider the associated responsibilities: higher property taxes (based on land value), greater time or cost for lawn and garden maintenance, and potential bylaws regarding development or outbuildings if future expansion is considered.