Property Overview
This is a 1955-built, one-storey home on a 6,270 sqft lot at 1995 Bannatyne Avenue W in Winnipeg's Brooklands neighbourhood. With 724 sqft of living space, no basement, no garage, and no pool, the property's defining characteristic is its land. The lot size is exceptionally large for the area, ranking in the top 3% on its street and top 2% within Brooklands. This presents a clear value proposition centred on the potential of the parcel itself, rather than the existing modest dwelling. Recent sale history shows significant price variance, indicating its value is highly sensitive to market conditions and buyer intent.
Key Characteristics & Ideal Buyer
The primary appeal of this property lies in its land. The lot is substantially larger than those of most comparable homes locally, offering rare space for expansion, gardening, or outdoor use in a mature neighbourhood. The home itself is small and basic, with below-average living area rankings city-wide. This combination suits specific buyers: those looking for a land-value opportunity, whether as a long-term hold, a future building site, or a very modest entry point into homeownership where the house itself is secondary. It could also appeal to an investor seeking a rental property with a low assessed value and tax base. The appeal is pragmatic, rooted in the asset's underlying potential rather than its current comforts.
Frequently Asked Questions
1. Why is the lot size so important here?
The lot is the standout feature. It's over 60% larger than the Brooklands average, offering flexibility that is uncommon for the area, whether for adding an addition, creating outdoor space, or future redevelopment.
2. The recent sale prices seem very different. What's the reason?
The property sold for $250k in late 2021 and then for $28.4k in late 2022. Such a drastic change typically indicates the latter was not a standard market sale; it may have been a non-arms-length transaction between related parties, a sale of partial interest, or another unique circumstance. It does not reflect a typical market price drop.
3. Who would this property not suit?
It would not suit buyers seeking a move-in ready home with modern amenities, basement storage, garage parking, or generous indoor living space. The focus here is squarely on the land.
4. What does the low assessed value mean?
The assessed value is for municipal tax purposes and is very low ($18,900), reflecting the modest improvement (the house) on the land. It suggests relatively low property taxes, but it is not a reliable indicator of the property's market value, which would be significantly higher based on its land potential.
5. Is this a teardown property?
While the existing home is small and dated, whether it's a candidate for demolition depends entirely on the buyer's plans, budget, and the specific zoning/development regulations for the lot. Its condition makes redevelopment a logical consideration for many.