On the Edge

Part 1: In the Land of Extreme Data

Extremes challenge valuation models. We have to be conscious of data extremes in the property inventory: They may deserve review. They may deserve exclusion from sales modeling. They may even deserve attention in model variable design or coefficients.

 

Have you ever wondered what local data extremes are lurking out there?

 

It appears the smallest single family home in Winnipeg proper is a 312 square feet bungalow in East Kildonan with no basement and no garage. This petite home is perched on a correspondingly compact 20 foot wide lot. At the other extreme, the biggest residence is a 13,900 square foot mansion on Wellington Crescent-if they run out of space it also boasts a 5,169 square foot basement.

The smallest condominium is a 259 square foot unit in a 101 year old apartment block conversion in the North End. At the upscale end of the spectrum the largest is an 8,000 square foot penthouse condo on Wellington Crescent. And these two units are in the same valuation model! Condominiums are valued with just two models. One model values all apartment style condos and the other model deals with the remainder, which includes townhouses, sidebysides, house conversions, etc.Winnipeg is known as having the oldest housing stock in Western Canada. Although there are older buildings functioning as museums or related uses, the oldest privately occupied single family homes date to 1870. The oldest condos? The oldest condo buildings were constructed in 1887, although the word condo was not on anyone’s mind at the time. It’s no secret .
     
Circa 2002: 1 Wellington condosAttached garages are a much appreciated feature during Winnipeg winters. The largest attached garage is 2,984 square feet on-where else?-Wellington Crescent, and there are several others in excess of 2,000 square feet.Or, do you like to curl up in front of the fireplace? One Winnipeg homeowner has seven to choose from-one for each day of the week.Always popular: a cavernous fireplace in a Main Street bank office (Millennium Centre)

Pools top out at a relatively modest 1320 square feet, perhaps reflecting the relatively short Winnipeg season. On the other hand, several homes have wood decks that break the 2,000 square foot barrier.Land size can vary enormously as well. The smallest single family lot is a West End home tucked on a site of only 1,001 square feet–needless to say no garage there. On the other hand we have large agricultural/investment holdings approaching 1,000 acres.
Modest home, micro lot in the West End: bike parking yes-car parking no on 1,001 sqft lot
Finally, what about the sales underpinning the assessment values? What kind of sales do these extremes produce? For 2012 Residential models the detached single family home sales employed ranged from $12,000 to $2,000,000. For 2012 Condo models sale prices ranged from a low of $17,500 to $1,500,000.

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