Property Overview & Key Characteristics
This is a 804 sqft, one-storey home built in 1954, situated on a generous 5,380 sqft lot in Varsity View. It features a finished basement and no garage. The home’s assessed value is $320,000, with a previous sale recorded at $296,000 in 2019.
Its primary appeal lies in its established, mature neighbourhood and the significant potential offered by its large lot. While the home itself is modest in size and typical of its era, the land represents a substantial asset. This property would suit a first-time buyer or an investor comfortable with a home that may require updates, or a buyer with long-term vision who values the possibility of expansion or redevelopment (subject to zoning). It’s a practical entry into a central Winnipeg community, offering more outdoor space than many newer properties.
Five Potential Buyer Questions
1. What does the "finished basement" include?
The listing confirms a finished basement but does not specify the details. A viewing is essential to assess the finish quality, ceiling height, and whether it includes a separate entrance or legal suite potential.
2. How is the property ranked against others?
The provided rankings show it competes well on lot size but is in the older and smaller range for the area. This highlights its value as a land play rather than for its current interior square footage.
3. What are the implications of having no garage?
Parking will be limited to driveway and street. This is a common trade-off in older neighbourhoods and should be factored into your lifestyle and planning for vehicle storage or workshop space.
4. Is there potential for an addition or rebuild?
The large lot is the key feature that suggests this possibility. Any buyer seriously considering this should immediately verify City of Winnipeg zoning bylaws and any heritage or neighbourhood character guidelines that may apply.
5. Why is the assessed value higher than the 2019 sale price?
Municipal assessments are based on mass appraisal models and market trends, not individual sales. The increase likely reflects broader market movement. The current market value will be determined by present-day buyer competition and the home's condition.