255 Alcrest Drive

Property Overview: 255 Alcrest Drive, Varsity View, Winnipeg

Section 1: Key Characteristics & Appeal

This distinctive one-and-three-quarter storey home in the established Varsity View neighborhood offers a rare blend of character, space, and potential. Its primary appeal lies in its exceptional 12,037 sqft lot—one of the largest in the area, ranking in the top 4% of all Winnipeg properties for land size. This provides unparalleled outdoor privacy and possibilities for gardening, expansion, or recreation, further enhanced by an in-ground swimming pool. The home itself, built in 1923, features 1,488 sqft of living space, a finished basement, and a split garage.

The property suits two distinct types of buyers. First, it's ideal for those seeking a "blank canvas" project on a premier lot; the generous grounds offer more value and potential than the century-old structure itself. Second, it appeals to buyers prioritizing outdoor living and space over a modern, turn-key interior. The large, private yard and pool are immediate assets in a mature, central neighborhood, making it a unique find for someone willing to grow into the home over time. Its location in Varsity View, near the University of Manitoba, also offers enduring rental investment potential.

Section 2: Frequently Asked Questions

1. What does the "one-and-three-quarter storey" architecture mean?
This style typically features a main floor and a second floor where the roofline slopes into the walls, creating cozy, character-filled bedrooms with potentially reduced ceiling height in certain areas. It's a classic design offering more space and charm than a bungalow but with a different feel than a full two-storey.

2. How should I interpret the competitive rankings provided?
They highlight the property's key strengths and trade-offs. For instance, it ranks in the top 4% city-wide for lot size but in the bottom 13% for the age of the building. This clearly signals you are buying primarily for the extraordinary land, with the understanding the home itself will likely require updates.

3. Is a 1923 home a major concern?
While it offers character, a home of this age requires a diligent inspection. Key systems like plumbing, electrical, and the foundation should be thoroughly evaluated. The appeal here is the enduring value of the location and land, with the house representing a project for restoration or thoughtful modernization.

4. What are the implications of such a large lot?
Beyond privacy, it means higher property taxes relative to smaller lots in the area and more maintenance (lawn care, snow clearing). However, it also provides exceptional long-term value, potential for additions (subject to zoning), and a sense of space rarely found in central neighborhoods.

5. The assessed value is noted as lower than the asking price. Why?
Municipal assessments for tax purposes often lag behind market values, especially for unique properties with highly desirable features like an oversized lot and pool. They are a guideline, not a market appraisal. The final price is determined by what buyers are willing to pay for this specific combination of land and location.