123 Norlorne Drive

Property Overview: 123 Norlorne Drive

This 4-level split home in Betsworth presents a compelling opportunity in Winnipeg's market. Built in 1979, it sits on a generous 5,501 sqft lot and offers 1,691 sqft of living space, including a finished basement. The home features an attached garage and no pool. Recent data shows strong value appreciation, with a sale price of $506,000 in July 2024, significantly above its current assessed value of $446,000.

Key Characteristics & Appeal

The primary appeal of this property lies in its above-average space and demonstrated investment growth. It ranks in the top tier of its immediate street and the wider city for both living area and recent sale price, indicating it is a larger, high-value home for its locale. The finished basement adds functional living space. Its appeal is grounded in solidity and space rather than newness, as it is an older home but ranks well against peers in its neighborhood for age.

It would suit practical buyers looking for more square footage than is typical, who are comfortable with a 1970s-era build. The strong recent sale history suggests it attracts buyers confident in the area's ongoing appreciation. It's less suited for those seeking a modern, turn-key property or specific amenities like a pool.

Five Potential FAQs

1. What does the ranking data actually mean?
   The rankings show how this property compares to others in its area. For example, ranking in the "top 14%" for living area on its street means it's larger than 86% of its direct neighbors, a sign of a relatively spacious home for the block.

2. Why is the recent sale price so much higher than the assessed value?
   The assessed value is for municipal tax purposes and often lags behind the current market. The July 2024 sale price is a clear, recent indicator of what buyers are currently willing to pay, suggesting strong market demand for this home.

3. Are there any concerns with a home built in 1979?
   As with any home nearly 50 years old, a thorough inspection is essential. The positive ranking for its age within the community (newer than 65% of area homes) suggests the neighborhood itself is established, but systems, roof, and windows may need evaluation or updating.

4. What is a 4-level split layout like?
   This style creates multiple, distinct living zones across four half-levels, offering good separation between spaces (like separating bedrooms from living areas). It can be efficient on a larger lot but involves more stairs than a bungalow or two-story.

5. The value has risen significantly since 2020. Is there still room for growth?
   While past performance is strong, future growth depends on broader market conditions. The home's high rankings for key metrics like size and value on its street suggest it remains a competitive property in its micro-market, which is a positive factor.