251 Mayfield Crescent

Property Overview

This 1986-built bungalow on a large 6,376 sqft lot in Elmhurst presents a practical and spacious family home. Its key characteristic is the combination of a fully finished basement and a generous, flat yard, offering significant room to grow and customize. The appeal lies in its solid foundation—a well-sized, single-level living space paired with the valuable flexibility of developed below-ground square footage, all situated on one of the larger plots in the area. It particularly suits first-time buyers or growing families looking for a home with immediate livable space and clear potential for future updates, or investors seeking a property with strong redevelopment potential due to the lot size.

Key Details & Considerations

• Layout: A classic one-storey (bungalow) design with 1,271 sqft of living space above grade.
• Condition: A home from the 1980s, likely requiring some modernization, but with the major project of finishing the basement already completed.
• Lot: The substantial lot size is a standout feature, ranking highly within Winnipeg and offering ample outdoor space.
• Market Position: The assessment value ranks higher than its living area does, suggesting the lot and overall property package are viewed favorably compared to many others in the city.

Frequently Asked Questions

1. What is the true potential of the finished basement?
The listing confirms the basement is finished, adding valuable living or recreational space. Prospective buyers should verify the quality of the finish, ceiling height, and ensure it meets local code requirements for egress and moisture control.

2. How does the lot size compare to the neighborhood?
At over 6,300 sqft, this lot is significantly larger than many in Winnipeg, ranking in the top 24% city-wide. This is a major asset, providing more privacy, yard space, and future options than typical area properties.

3. What should I budget for updates or maintenance?
Built in 1986, core components like the roof, windows, HVAC, and plumbing may be nearing or past their typical lifespan. A thorough inspection is crucial to prioritize updates, from cosmetic refreshes to essential system replacements.

4. Who would this property appeal to most?
It's an ideal candidate for a buyer who values indoor-outdoor space and is comfortable with a home that may need gradual modernization. The large yard is perfect for families, pets, or gardening, while the bungalow layout suits those seeking single-level living or easy basement access.

5. How does its value compare to nearby homes?
The home's assessed value ranks higher than its physical size, indicating that factors like the lot and finished basement contribute positively to its valuation. It's wise to review recent sales of similar bungalows on large lots in Elmhurst for the most accurate market comparison.