Property Overview: 796 Stewart Street, Winnipeg
Section 1: Key Characteristics & Appeal
This well-situated one-storey home in Buchanan presents a solid opportunity, particularly for its land value and recent sale appeal. Built in 1963, the house itself is a manageable 1,005 sqft, which is below average in size for the immediate street and city. Its key updated feature is a renovated basement, adding functional living space. The property stands on a roughly 5,147 sqft lot, which is a competitive size for the area.
The primary appeal lies in its strong land value and recent market performance. The lot size is above average for Stewart Street, offering good outdoor space or future potential in a mature neighbourhood. This is reflected in its assessed value ranking well above the street average. Most notably, its recent sale price of $380k placed it in the top 5% of sales on its own street, suggesting buyers saw specific value here that exceeded typical benchmarks. The home suits first-time buyers or downsizers looking for a single-level layout with a modernized basement, or investors attracted by the underlying land value in a stable area. It’s a practical choice for those who prioritize location and lot over a large interior footprint.
Section 2: Frequently Asked Questions
1. Is the house small for the neighbourhood?
Yes, the living area is below the average for both Stewart Street and Winnipeg overall. This typically means the value is weighted more toward the land and location, which is confirmed by its strong sale price ranking.
2. What does the "renovated basement" include?
The listing confirms the basement has been renovated but does not specify the scope. A professional inspection or inquiry with the seller is essential to understand the finish quality, permits, and whether it includes added bedrooms, a legal suite, or simply updated living space.
3. How does the sale price compare to the assessed value?
The $380k sale price is significantly higher than the $32,600 assessed value. This is normal, as municipal assessments for tax purposes are not market valuations. The sale price is the true recent market indicator.
4. Is the detached garage a standard size?
The listing notes a detached garage but does not specify its size or condition. This is an important feature to verify for vehicle storage or workshop space.
5. The home is older; are major systems updated?
With a 1963 build, the age of major components like roof, wiring, plumbing, and heating should be a key focus. The renovated basement is a positive, but an inspection is crucial to understand the condition of the original structure and systems.