Property Summary: 221 Lynbrook Drive
Key Characteristics & Appeal
This is a classic 1940s one-storey home in Varsity View, sitting on a generous 5,382 sqft lot. Its core appeal lies in its established neighbourhood setting and the significant potential offered by its large, undeveloped basement and sizable yard. With 887 sqft of living space and a detached garage, it presents a straightforward, manageable footprint.
The property is best suited for a specific type of buyer: those with a vision for customization or who value lot size over a move-in-ready finish. It’s a prime candidate for a renovator, an investor looking to add value, or a buyer planning a future addition, given the room to expand. The home’s rankings are telling—it scores highly for its lot size within the community but is notably older and more compact than many area homes. This contrast highlights its role as a land-value proposition in a desirable location, rather than a showcase of modern finishes. The 2022 sale price suggests recent buyer interest in its underlying potential.
Frequently Asked Questions
1. What is the true condition of the unfinished basement?
While described as "unfinished," prospective buyers should plan for a professional inspection to assess its current state, ceiling height, moisture control, and the scope of work needed to make it a livable space, as this will be a major factor in planning and budget.
2. How does the 2022 sale price relate to the current assessed value?
The property sold for $280,000 in May 2022, which is significantly above its current $249,000 assessed value. This discrepancy is common and reflects market conditions at the time of sale versus the municipality's assessment for tax purposes, which often lags. It’s important to research current comparable sales in the area.
3. What are the implications of the home's age (built in 1940)?
At over 80 years old, the major systems (plumbing, electrical, roof, foundation) may be original or dated. A thorough inspection is crucial to understand the condition and anticipate potential near-term updates, which could be seen as a cost or an opportunity to modernize to one's own standards.
4. Is the large lot size a benefit for future expansion?
Absolutely. The lot is larger than 75% of others on the street, providing valuable outdoor space and a key asset for potential future expansions, like an addition, a large deck, or a garden. Buyers should verify zoning bylaws with the city to understand what is permissible.
5. The home ranks low for size but high for lot size. What does this mean?
This statistical contrast perfectly encapsulates the property’s profile. You are purchasing a home that is smaller than most in Winnipeg, but you are gaining a land parcel that is larger than most in its immediate community. The value is weighted toward the property's location and land, not its current interior square footage.