465 Elmhurst Road

Property Overview

This 1959-built, one-storey home in Varsity View presents a compelling opportunity centered on its substantial, mature lot. Its primary appeal lies in the rare combination of a large, 12,701 sqft property in a central, established neighbourhood. With over 1,000 sqft of living space, a finished basement, and a detached garage, the home offers functional space, but the true standout feature is the land itself—a blank canvas that ranks in the top 3% of Winnipeg for size. This property suits buyers who value location and potential over turn-key perfection. It’s ideal for someone looking for a long-term family home with room to grow, garden, or play, or for a future-minded buyer who sees the value in the land for potential expansion or redevelopment. The recent sale near the assessed value suggests a stable, realistic market price.

Key Considerations & FAQs

1. What is the true draw of this property?
   While the house itself is a functional, older bungalow, the standout feature is the exceptionally large lot. It offers privacy, space, and future potential that is increasingly rare in central neighbourhoods.

2. What should I know about the home's condition?
   Built in 1959, the house is of an age where major systems (roof, wiring, plumbing) may need evaluation or updating. The finished basement adds living space, but its condition and compliance with current codes should be verified.

3. Who would this property suit best?
   It perfectly suits a buyer who prioritizes outdoor space and location over a modern interior. It’s a great fit for families, gardeners, or those comfortable with gradual renovations. Its value is more in what it could become than in its current state.

4. How does the lot size impact value?
   The lot size ranks in the 97th percentile city-wide, making it a significant asset. This not only provides immediate enjoyment but also contributes to long-term property value and offers options like adding a garage, workshop, or even future subdivision, subject to zoning.

5. What does the recent sale history indicate?
   The 2023 sale price of $378,000, close to the current assessed value, indicates a stable and realistic market valuation. It suggests the property is not significantly over- or under-priced, providing a solid benchmark for buyers.