Property Overview: 654 Magnan Street, Winnipeg
Section 1: Key Characteristics & Appeal
This 1974 bi-level home at 654 Magnan Street presents a practical and renovated living space on a standard city lot in the Buchanan neighbourhood. Its key appeal lies in its recent, significant value increase and its position as a relatively newer home on its street. With 829 sqft of living space and a renovated basement, it offers a compact, low-maintenance footprint. The home has no garage or pool, emphasizing simplicity.
The property’s standout characteristic is its investment story: it sold for $25,600 in early 2021 and then for $360,000 in mid-2024. This dramatic appreciation suggests substantial improvement or a rapidly shifting local market. While its living space is below average for the broader Buchanan area and city, its lot size is typical for the street and its build year is newer than most immediate neighbours, which could mean fewer major age-related concerns compared to nearby homes.
This property would suit first-time buyers seeking an entry point into homeownership with modernized basics, or value-oriented investors attracted by its recent equity growth trajectory. It’s less suited for those requiring ample above-ground square footage, garage parking, or expansive outdoor space.
Section 2: Frequently Asked Questions
1. Is the renovated basement a legal suite?
The listing notes a renovated basement but does not specify it as a legal secondary suite. Buyers should verify its compliance with local regulations if considering rental income.
2. Why was there such a large price increase between 2021 and 2024?
While the data doesn't specify, increases of this magnitude typically result from a combination of major renovations, a hot market period, and the previous 2021 sale potentially being a non-arms-length transaction or land-only value.
3. How does the lack of a garage affect utility and value here?
For this neighbourhood and property type, the absence of a garage is common. Buyers should budget for alternate parking and consider the impact on winter convenience and storage, which is often reflected in the price compared to similar homes with garages.
4. The living area is noted as below average for Buchanan. How does the floorplan feel?
At 829 sqft, the home is compact. The bi-level design and renovated basement likely create a sense of separation between living and sleeping areas, but those accustomed to larger, open-concept layouts may find the main floor living space modest.
5. What does the "above average" year built ranking mean for maintenance?
Built in 1974, this home is newer than most on its street and in Buchanan. This can be an advantage, suggesting potentially updated core systems (like electrical or plumbing) compared to older neighbours, though a 50-year-old home will still require routine upkeep and eventual component replacements.