551 Elmhurst Road

Property Overview

This 1962-built, one-storey home on a large, 10,953 sqft lot in Elmhurst offers a classic and practical living proposition. Its primary appeal lies in the combination of a spacious, private yard and a functional, fully finished layout. With 1,122 sqft of living space, a finished basement, and a split garage, the home provides room to grow and is move-in ready. The standout feature is the property's generous lot size, which ranks within the top 5% across Winnipeg, offering exceptional outdoor space for gardening, recreation, or future expansion.

The home is ideally suited for first-time buyers or downsizers seeking a manageable single-level layout without sacrificing yard space. It also appeals to value-conscious buyers looking for a property with solid fundamentals—a large, established lot in a mature neighbourhood—where the investment is in the land and structure, with room to personalize over time. The rankings suggest a property that is more valuable for its land and location than for its size or newness, making it a pragmatic choice over a luxury one.

Frequently Asked Questions

1. How does the age of the home affect its condition and potential costs?
Built in 1962, the home is well-maintained but buyers should budget for updates common to houses of this era, such as roofing, windows, or mechanical systems. A thorough inspection is advised to prioritize any necessary repairs.

2. What is the significance of the lot size rankings?
The lot ranks in the top 5% in Winnipeg for size, meaning it is significantly larger than most. This is a permanent advantage, offering more privacy, space for outdoor activities, and potential for additions like a shed, deck, or garden that smaller lots cannot accommodate.

3. The home's "newness" ranks low in the community. What does this mean?
This indicates the house is older than about 95% of homes in Elmhurst. This isn't unusual for a mature neighbourhood and is often reflected in the price. It positions this as a more affordable entry point into the area, with the trade-off being an older structure.

4. The assessed value is higher than the 2019 sale price. How should I interpret this?
The current assessment of $412,000 reflects the municipality's valuation for tax purposes, influenced by market trends. The 2019 sale price of $360,000 is a historical data point. The listing price will be determined by current market conditions, which can differ from both figures.

5. Who would this property not be ideal for?
It may not suit buyers seeking a modern, turn-key home without any projects, or those who prioritize a large interior footprint over outdoor space. The single-storey layout and average interior size might also be limiting for larger families needing multiple bedrooms or dedicated living areas.