Property Overview

This home at 656 St Mary's Road in Winnipeg's Elm Park neighbourhood presents a distinct profile. Its key characteristic is a notably low municipal assessed value, which ranks in the bottom 1% both for its street and the Elm Park area. This suggests it may be a candidate for significant updating or is a more modest structure compared to its neighbours. The lot size is fairly standard city-wide but is smaller than most on its own street. The home last sold in 2017, and the provided comparable data indicates it is a more compact property, with a living area below local averages.

Its appeal lies primarily in its location within a well-established neighbourhood and the potential opportunity it may represent. For the right buyer, the low assessment could signal a chance to enter the Elm Park area at a lower price point, with the vision to renovate or rebuild. It would suit pragmatic buyers such as investors, builders looking for a lot with an existing structure, or handy-person purchasers seeking a project in a central location. It is less suited for those seeking a move-in-ready home or who prioritize immediate equity relative to neighbouring properties.

Frequently Asked Questions

1. Why is the assessed value so much lower than nearby homes?
Municipal assessments are based on factors like lot size, building size, age, condition, and recent sales. A value this far below area averages typically indicates the home is assessed as being more modest in size, features, and/or condition compared to others in Elm Park.

2. What is the neighbourhood of Elm Park like?
Elm Park is a mature, central Winnipeg neighbourhood known for its tree-lined streets and mix of historic and newer homes. It offers convenient access to the University of Manitoba, major routes, and the Red River recreational trails.

3. Is this a teardown or renovation project?
The data suggests it could be either. The low assessment and older vintage (the area average year built is 1954) point to a home that likely requires substantial modernization. A buyer should budget for a thorough inspection to determine the feasibility of renovation versus redevelopment.

4. How does the lot size compare?
At approximately 4,715 sq ft, the lot is near the Winnipeg city average but is significantly smaller than most lots on St. Mary's Road itself. This means outdoor space may be more limited than some neighbouring properties.

5. What was the previous sale price?
The home sold for $170,000 in August 2017. This historical price, compared to the current assessed value, is a point of discussion for a buyer's real estate agent to analyze in the context of market trends and property changes.