10 Avril Lane

Property Overview: 10 Avril Lane, Elmhurst, Winnipeg

Key Characteristics & Appeal

This is a well-sized, two-storey family home built in 1981, situated on a generous 5,197 sqft lot in Winnipeg's Elmhurst neighbourhood. Its primary appeal lies in its above-average living space of 2,215 sqft, which ranks within the top 6% of all Winnipeg homes for size, offering significant room for a growing household. The property features an unfinished basement, presenting a clear opportunity for future customization and added value. While it lacks a garage or pool, the large lot provides ample outdoor potential.

The home’s value is underscored by a recent sale in January 2023 for $575,000, a price that significantly exceeded its current assessed value and placed it in the top 9% of Winnipeg sales at that time. This suggests buyers see strong underlying value here. The rankings reveal a nuanced picture: while the home is newer than only a small fraction of its immediate street (ranking in the bottom 7%), its spacious interior is a major asset in the broader market. It would best suit practical buyers or families who prioritize interior square footage and lot size over modern fixtures, and who are comfortable with a home of this vintage, seeing the unfinished basement as a project rather than a drawback. The buyer should be one who values space and potential over turn-key perfection.

Frequently Asked Questions

1. What does the home’s ranking in the "top 6% for living area" actually mean?
It means that among all residential properties tracked in Winnipeg, only 6% have a larger living area. This is the home's standout feature, indicating it offers more interior space than the vast majority of homes on the market.

2. The home sold for $575,000 in 2023, but the assessed value is only $480,000. Why the difference?
Assessed value is for municipal tax purposes and often lags behind the current market. The 2023 sale price is a concrete market transaction, indicating what a buyer was recently willing to pay, which can be a more accurate reflection of its perceived market value.

3. How significant is the fact that it's "newer than only 7% of homes on its street"?
This indicates that 10 Avril Lane is one of the older homes on its particular block. For a buyer, this suggests the immediate streetscape is likely mature and established, but it also means the home itself may require more attention to maintenance or updates compared to newer neighbours.

4. What are the pros and cons of an unfinished basement?
The con is that it requires additional investment to become livable space. The significant pro is that it offers a blank slate to create exactly what you need (e.g., a rec room, home gym, or suite) without paying a premium for someone else’s finished work, and it can be done to current standards and tastes.

5. Who might this property not suit?
It may not suit buyers seeking a modern, low-maintenance home or those who need immediate, move-in-ready finished space throughout. The lack of a garage could also be a deterrent for those who require protected parking or significant storage.