This is a classic two-storey home on an exceptionally large, 20,000 sqft lot in Winnipeg's Wilkes South neighbourhood. Built in 1969, the 2,280 sqft house features a finished basement and sits in a quiet, established area. Its standout feature is the land itself—a rare, expansive parcel that ranks in the top 1% for size citywide. While the home's assessed value is modest for its size, a recent sale in June 2024 at $688,000 suggests strong market interest, likely driven by the lot's potential. This property suits buyers looking for space, privacy, and a long-term project. It’s ideal for someone who values a large yard for gardens, recreation, or future expansion over a brand-new, turn-key home. The appeal lies in the opportunity it presents: a solid, spacious house on a piece of land that is increasingly hard to find within the city.
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What does the lot's top 1% ranking really mean? It means the physical land area is larger than 99% of residential properties in Winnipeg. This isn't just a big yard; it's a canvas for landscaping, adding structures like a garage or workshop, or simply enjoying unparalleled privacy for an in-city location.
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The home is older and the assessment is lower than the sale price. Why? The municipal assessment often lags behind rapid market shifts. The recent sale price likely reflects what buyers are willing to pay for the unique combination of a very large lot and a liveable home—a premium for the land's scarcity and potential that isn't fully captured in the assessment.
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Who would this property suit best? It's perfect for a growing family that prioritizes outdoor space over a modern interior, a multi-generational household needing room to adapt, or a visionary buyer who sees the long-term value in a large, central lot. It's less suited for those seeking a low-maintenance, updated property.
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Are there any immediate drawbacks to consider? The home itself ranks average or below for its age and value within its immediate street and community, indicating it may be one of the older or more modestly updated houses on the block. The lack of a garage is also a notable consideration for Winnipeg winters.
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What's the less obvious perspective here? This property represents a trade-off. You're investing significantly in land rather than a finished product. The value will come from your enjoyment of the space and future possibilities, not from high-end finishes or a new build. It's a strategic purchase for the long term.