Property Overview: 785 Stewart Street, Winnipeg
Section 1: Key Characteristics & Appeal
This well-situated one-storey home in Buchanan presents a compelling opportunity centered on its generous lot and strong value proposition. Built in 1963, the home features a renovated basement and a detached garage. Its primary appeal lies in the above-average 5,154 sqft lot, which ranks within the top 30% for Stewart Street, offering ample outdoor space and potential in a neighbourhood where lots are typically smaller. With a living area of 1,104 sqft, the interior space is efficient and competitive for the immediate area.
The standout characteristic is its assessed value, which ranks in the elite top 3% on its street and above average for Buchanan. This suggests the property is viewed as a strong asset relative to its local peers. Recent sale history shows a significant price correction, with the last sale in late 2020 at $39.9k far below a previous sale of $280k earlier that same year, indicating a potentially unique purchasing scenario.
This property would suit a value-conscious buyer looking for a home with a premium-sized lot in Buchanan, or an investor/renovator who sees potential in the established neighbourhood footprint and the already-renovated basement. It’s a pragmatic choice for someone prioritizing land and assessed value metrics over a newer or larger house.
Section 2: Frequently Asked Questions
1. Why is there such a large difference between the two 2020 sale prices?
This significant discrepancy is notable and would be a key point for due diligence. It often indicates a change in property condition, a non-arms-length transaction, or a data entry correction. Consulting with a real estate professional to understand the specific circumstances behind these records is essential.
2. How does the renovated basement add value?
A renovated basement immediately adds functional living space without the need for initial investment. It can serve as a family room, home office, or separate suite, making the home more versatile and livable from day one.
3. What are the implications of the lot size being "above average" for the street?
It means more private outdoor space, greater potential for additions, landscaping, or gardening, and a generally less crowded feel than neighbouring properties. In established neighbourhoods, a larger lot is a permanent and desirable feature that can contribute to long-term value.
4. The home is older; what should I consider?
Built in 1963, the core systems (roof, plumbing, electrical, foundation) should be carefully inspected. Their condition and any updates will be more impactful than the age itself. An older home on a desirable lot often represents the chance to customize interiors over time.
5. What does the "elite" assessed value ranking practically mean?
It indicates that the municipal property assessment—used for calculating taxes—is very high compared to direct neighbours. This can reflect the property’s perceived market value by the assessor but also means property taxes may be proportionately higher than on nearby homes with a lower assessment.