Property Overview
This property at 718 Buchanan Boulevard is defined by its significant land size and modest improvements. Its primary appeal lies in the rare opportunity to own a large, approximately 9,075 sqft lot in Winnipeg, which ranks within the top 1% for land area on its own boulevard. The home itself is a compact, one-storey bungalow built in 1955 with 768 sqft of living space and an attached garage. The assessed value is notably low relative to city averages, reflecting the older home's condition and size.
This listing is best suited for specific buyers: those looking for a land value play, whether for future redevelopment, building a new home, or simply desiring extensive outdoor space. It also appeals to investors or handy buyers seeking an affordable entry into the market who are prepared for updates or a potential rebuild. The low living area and older year make it less suitable for those seeking a move-in ready, spacious family home without renovation plans.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
The assessment is based heavily on the existing structure—a smaller, older home. The value is primarily in the land, not the current improvements, which keeps the official assessment low.
2. What does "Top 1% for land area" on the boulevard actually mean?
It means this property has more land than 99% of comparable homes on Buchanan Boulevard. This is its standout feature, offering potential for expansion, gardening, or future development that most nearby lots cannot accommodate.
3. Is this a teardown property?
While not explicitly stated, the data suggests it. The combination of a very large lot, a small 71-year-old home, and a low assessment often indicates buyers are primarily acquiring the land, with the existing house holding minimal value.
4. What are the less obvious considerations for a property like this?
Consider the cost of eventual demolition or major renovation, which can be significant. Also, research the neighbourhood's zoning bylaws to understand exactly what you could build on this large lot, as rules may have changed since 1955.
5. How recent is the sale price shown, and is it relevant?
The property sold in March 2022 for $21,600. While it shows a historical transaction, it's not the current asking price. It does, however, reinforce the pattern of the property trading based on its land value rather than as a conventional home.