Property Overview: 178 Lake Street, Winnipeg
Key Characteristics & Appeal
This well-situated one-storey home in Birchwood offers a practical and comfortable living proposition. Its primary appeal lies in a combination of generous outdoor space and a recently renovated basement, providing immediate livability and room to grow. With a land area of nearly 7,500 sqft, the lot is significantly larger than many in Winnipeg, ranking in the top 14% city-wide. This is a standout feature for gardeners, those who value privacy, or anyone looking for ample yard space.
The home itself, built in 1955, is older but has been updated where it counts, specifically with a finished basement. It suits first-time buyers seeking a move-in-ready property with a low assessed value, or practical investors looking for a solid rental property with a desirable lot size. Its one-storey layout also makes it a potential candidate for those planning for long-term, accessible living. A less obvious perspective is its position on the street: while the home’s living area is above average for the immediate block, its recent sale history suggests it may represent a value opportunity compared to neighbouring homes, appealing to buyers focused on equity potential and land value.
Frequently Asked Questions
1. What does the "renovated basement" include?
The listing confirms the basement is renovated, but specifics on finish quality, room layouts, and whether it includes a legal suite or additional bedrooms should be verified through a viewing and disclosure documents.
2. How does the low assessed value impact property taxes?
A lower assessed value generally translates to lower municipal property taxes, which is a positive for ongoing holding costs. However, buyers should be aware that the property will likely be reassessed after a sale at a new market value.
3. The lot is large, but how is it shaped and oriented?
The total square footage is provided, but the lot's dimensions, sun exposure, and topography are key for understanding its usability for decks, gardens, or future additions. This requires a site visit or survey review.
4. Given the age of the home, what major systems have been updated?
While the basement is noted as renovated, inquiries should be made about the roof, wiring, plumbing, heating system, and windows to understand the home’s overall condition and potential future costs.
5. Why was the last sale price in 2016 significantly lower than the current assessed value?
The 2016 sale price of $27.6k was well below the current $36.5k assessment, reflecting market appreciation and possibly the basement renovation. This history indicates substantial equity growth for the past owner and provides a benchmark for market change.