Property Overview: 974 Buchanan Boulevard
This well-situated bi-level home at 974 Buchanan Boulevard presents a practical opportunity in Winnipeg. Built in 1968, it sits on a notably spacious 6,648 sqft lot, which is larger than most in the immediate area and across the city. The home itself offers 1,078 sqft of living space, a renovated basement, and a detached garage. It recently sold for $400,000, a price that significantly exceeded its assessed value and placed it among the top-performing sales on its street.
Section 1: Key Characteristics & Appeal
- Key Features: The property's standout attribute is its generous lot size, offering above-average outdoor space and potential for expansion or landscaping. The renovated basement adds functional living area, and the detached garage provides flexible storage or workshop space. Its recent sale price indicates strong market recognition.
- Primary Appeal: The appeal lies in securing a home on a desirable, larger lot—a valuable and finite asset—in an established neighbourhood. The recent renovation suggests move-in readiness, while the bi-level layout offers clear separation between living and sleeping areas. The sale price premium suggests buyers saw value beyond the raw assessed figures, possibly in the lot size, renovation quality, or location.
- Ideal Buyer: This property would suit a buyer looking for a solid, no-fuss home in a mature area who prioritizes yard space over a large interior footprint. It's a practical choice for first-time homeowners, small families, or downsizers seeking single-level living potential (main floor) with extra space in the basement. The buyer is likely value-conscious but understands that a premium lot often commands a premium price.
Section 2: Frequently Asked Questions
1. Why did the home sell for $400,000 when the assessed value is only $310,000?
Property assessments are for tax purposes and often lag behind the current market, which is driven by buyer competition, recent renovations, and specific desirable features like a large lot. The sale price reflects what multiple buyers were willing to pay in the open market.
2. What does the "Top 14% for Land Area" ranking mean?
This means the lot at 974 Buchanan is larger than 86% of the 208 comparable properties on the same street. It's a quantifiable way of showing that the lot size is a significant strength relative to its immediate neighbours.
3. Is a bi-level layout suitable for someone with mobility concerns?
The main living areas (kitchen, living room, primary bedroom) are typically on one level, which can be suitable. However, entry usually involves a short flight of stairs, and lower-level rooms are accessed via another interior staircase. It's less accessible than a true bungalow but more so than a two-storey home.
4. What are the implications of a detached garage?
It offers flexibility (e.g., use as a workshop without noise or fumes entering the house) but means dealing with the elements when going between your car and home. It may also allow for more creative landscaping or garden space between the garage and house.
5. The home was built in 1968. What should I investigate?
While the basement is noted as renovated, it's wise to inquire about the age and condition of major systems common to that era, such as the roof, plumbing, electrical wiring, and heating system, to understand any future capital needs.