Property Overview: 118 Woodview Bay, Elmhurst, Winnipeg

Section 1: Key Characteristics & Appeal

This 1983-built four-level split home in Elmhurst offers a practical layout with 1,578 sqft of living space on a generous 5,210 sqft lot. Its key features include an unfinished basement—presenting a blank canvas for future expansion or storage—and an attached garage. The home’s appeal lies in its established neighborhood setting and its strong relative rankings in several key areas for a house of its age. Notably, it is newer than most homes on its street, and its living space is larger than the majority of comparable homes across Winnipeg. This suggests a well-sized property in a mature area.

The property would suit first-time buyers or practical-minded families looking for a home with solid fundamentals and room to grow. The unfinished basement is a significant asset for those who want to customize additional living space on their own timeline and budget. It’s also a fit for buyers who appreciate the character and stability of an established community like Elmhurst, rather than seeking brand-new construction. A thoughtful perspective is that while its current assessed value is moderate for the area, the 2019 sale price indicates a history of value retention, appealing to buyers with a long-term view.

Section 2: Frequently Asked Questions

1. What are the main advantages of a four-level split layout?
This style offers distinct separation between living and sleeping areas, often providing more privacy than a standard bungalow or two-story home. The split levels can also create defined spaces for formal and casual living.

2. How significant is the "unfinished basement" condition?
It’s a key feature. It keeps the initial purchase price accessible while offering significant future potential. Buyers must budget for finishing costs but gain the ability to design the space to their exact needs, whether as a rec room, home office, or additional bedrooms.

3. The home is 43 years old. What should I consider?
While the structure is established, the age implies that major components like the roof, windows, or mechanical systems may be at or beyond their typical lifespan. A thorough inspection is crucial to understand any upcoming maintenance or replacement investments.

4. The property ranks highly for its "newness" on the street. Why is that useful?
In an older neighborhood, being one of the newer homes often means it may have had updates in its construction era that slightly older neighbors lack, and it could have a shorter timeline until the next major renewal cycle for the street as a whole.

5. How should I interpret the difference between the 2023 assessed value and the 2019 sale price?
The assessed value is for municipal tax purposes and reflects a mass appraisal model. The 2019 sale price is a concrete market transaction. The increase between them suggests the market has recognized growth in the area, but the true current market value will be determined by present-day supply, demand, and the home's specific condition.