Property Overview

This 1,073 sqft condo at 10-480 Chalfont Road in Elmhurst presents a practical and value-oriented opportunity. Built in 1997, it features a renovated basement, adding functional living space. Its primary appeal lies in its strong assessed value relative to the broader market, positioning it as a sensible investment within its price range. The unit suits first-time buyers seeking an entry point into homeownership, downsizers looking for manageable space without sacrificing room, or investors attracted by a property with a value that stands out citywide.

Key Characteristics & Ideal Buyer

• Key Features: A mid-sized condo with updated basement space, located on a street with many similar units. The year of construction is newer than most on its immediate street.
• Primary Appeal: The standout metric for this home is its assessed value of $45,600. While average for Chalfont Road itself, this value places it in the top 8% of similar properties in Elmhurst and the elite top 5% citywide, suggesting a strong valuation foundation compared to the broader Winnipeg market.
• Suitability: It’s a match for the pragmatic buyer who prioritizes long-term value and equity potential over high-end finishes. It would also resonate with someone who understands that a "top 5%" citywide assessment in a modest neighborhood can indicate a solid underpinning, even if the street-level view seems ordinary. The recent sale in late 2023 at $49,500 shows active market interest.

Frequently Asked Questions

1. Is the assessed value a reliable indicator of what I should pay?
The assessed value is for municipal tax purposes, not market value. However, a citywide ranking in the top 5% indicates the property is assessed significantly higher than most comparable homes across Winnipeg, which can be a positive signal of its underlying valuation.

2. What does the "renovated basement" include?
The listing notes the basement is renovated but does not specify the scope. This is a key detail to clarify with the seller or listing agent to understand if it's a finished living space, a modernized utility area, or has legal secondary suite potential.

3. The living area is noted as "around average." Is that a concern?
At 1,073 sqft, it is slightly below the average for similar homes on Chalfont Road (~1,140 sqft). This isn't uncommon for condos and may reflect a more efficient layout. Viewing the property is essential to see if the space meets your needs.

4. There are several units at the same address (e.g., 4-480, 2-480). What is this property type?
This indicates a condo or townhouse complex, likely with shared common elements. It's crucial to review the condo corporation's financial health, rules, and monthly fees to understand your responsibilities and restrictions.

5. The home sold recently in October 2023. Why is it back on the market?
A quick resale can happen for many neutral or personal reasons (job relocation, change in plans). It does, however, make it important to inquire about the reason for the sale and to ensure a recent professional inspection is considered.