Property Overview
This is a unique, one-storey home on an exceptionally large, two-acre lot in Winnipeg's Wilkes South neighborhood. Built in 1961, the 952 sqft house features a finished basement and a detached garage. Its most defining characteristic is the immense 87,703 sqft land parcel, which is exceedingly rare within the city and places it in the top tier of Winnipeg properties by lot size. While the home itself is modest in size and age, the property's appeal lies squarely in its land value and potential. It suits a buyer looking for a project—whether that's extensive renovation, a future rebuild, or simply securing a massive private outdoor space. It’s a long-term play for someone valuing land over immediate luxury.
Key Details & Considerations
- Key Characteristics: A 1961 bungalow (952 sqft) with a finished basement on a massive 2-acre lot (~87,700 sqft). It includes a detached garage.
- Primary Appeal: The extraordinary lot size offers unparalleled privacy, space for expansion, gardening, or recreation within city limits. It represents a land investment opportunity in a mature neighborhood.
- Ideal Buyer: Well-suited for hands-on buyers, builders, or those seeking a property where the land is the primary asset. It appeals to someone comfortable with a home that may require updating or redevelopment to match the lot's potential.
Frequently Asked Questions
1. What makes this property so valuable?
The value is driven almost entirely by the land. A two-acre lot in Winnipeg is extremely uncommon, offering future development potential or simply a vast amount of private space that cannot be replicated in newer subdivisions.
2. Is the house in move-in condition?
Built in 1961, the home is functional with a finished basement, but its rankings suggest it is older and smaller than most in the area. Buyers should budget for updates or consider it a candidate for significant renovation over time.
3. What are the property taxes likely to be?
The current assessed value is $548,000. Taxes would be calculated based on this assessment and the city's mill rate. Prospective buyers should use this figure to estimate annual property tax costs.
4. How does the lot size compare to a normal property?
This lot is over 20 times larger than a standard 4,000 sqft city lot. It provides a rural-like setting while being located within the city, a rare combination.
5. Why is the historical sale price from 2020 relevant?
The 2020 sale at $468,000, compared to the current $548,000 assessment, shows significant appreciation in a short time, primarily reflecting the increasing premium for large land parcels in the city.