Property Summary: 47 Kingston Row, Elm Park, Winnipeg

Section 1: Key Characteristics & Appeal

This one-storey home in the established Elm Park neighborhood presents a specific and compelling value proposition. Its key characteristic is a clear contrast: a modest, renovated 961 sqft living space on a significantly larger-than-average 6,875 sqft lot for the area. This creates a unique dynamic where the home itself is efficient and updated, while the land offers substantial potential.

The primary appeal lies in this balance. The renovated basement adds functional living space, making the home move-in ready for those seeking a manageable footprint. The true standout, however, is the lot. Ranking in the top 15% of Elm Park for land size, it provides rare outdoor space for gardens, recreation, or future expansion—a premium feature in a mature neighborhood. The assessed value of $400k is notably above average for Elm Park, suggesting official recognition of the lot's value and the home's updates.

This property would best suit a buyer who prioritizes land over sheer interior square footage. It's ideal for a downsizer seeking a single-level layout with a generous private yard, or a pragmatic first-time buyer looking for a solid foundation in a desirable area with room to grow outdoors. It’s less suited for those needing extensive above-grade living space immediately.

Section 2: Frequently Asked Questions

1. Is the house too small given its price?
The price reflects two things: the desirable Elm Park location and the exceptional lot size. You are investing significantly in the land potential and neighborhood, with a compact, renovated house included.

2. How does the "above average" assessment for Elm Park affect property taxes?
A higher assessed value relative to the neighborhood average typically results in higher property taxes compared to neighboring homes with smaller lots or unrenovated conditions. This is a trade-off for the premium lot.

3. What does the recent sale price tell us?
The home sold for $38,700 in October 2024, which is drastically below its $400k assessment. This strongly indicates the sale was not an arms-length market transaction (such as a transfer between family members) and should not be used as a benchmark for the home's current market value.

4. What are the implications of a 1931 build year?
While the structure is older, the renovated basement indicates updates. Buyers should still prioritize a thorough inspection focusing on foundational integrity, wiring, and plumbing common to homes of this era, as the core structure is nearly a century old.

5. Why is the lot size highlighted as so important?
In mature, centrally-located neighborhoods like Elm Park, large lots are increasingly rare. This lot size offers privacy, space, and long-term flexibility that simply cannot be replicated in newer subdivisions, making it a future-proof asset.