Property Summary: 688 Borebank Street, Winnipeg
Section 1: Key Characteristics & Appeal
This is a well-positioned, two-storey home in Central River Heights, built in 1954. Its primary appeal lies in offering above-average space and a recently renovated basement on a standard city lot. With 1,638 sqft of living area, the home provides significantly more interior space than most comparable houses on its street and in the neighbourhood. The detached garage and a land area just above the local average add practical utility.
The property would suit a buyer looking for a character home with room to grow, without the premium lot size or extreme modernity that commands the highest prices. It’s a solid, grounded option for someone who values interior space and move-in readiness from the basement upward over having a brand-new build or the largest yard on the block. The recent sale suggests it may attract value-conscious buyers or investors familiar with the area, seeing potential in its above-average assessed value relative to its recent sale price.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much higher than the recent sale price?
This is not uncommon. The assessed value is for taxation purposes and reflects a municipal valuation, often based on older market data and mass appraisal methods. The sale price is the actual market value agreed upon by a buyer and seller, which can be influenced by immediate condition, specific buyer motivation, and current market trends.
2. How does the living space compare to typical homes?
Very favorably. The home ranks in the top 10-20% for living area among comparable properties on its street and in Central River Heights. You are getting more interior square footage than most homes in its peer group.
3. What does the "renovated basement" likely mean?
While specifics aren't provided, this typically indicates the basement has been finished into livable space (like a rec room or additional bedrooms) with proper flooring, walls, and ceilings. It’s a key feature that adds functional space and modern appeal to a 1950s home.
4. Is the older year built (1954) a concern?
The data shows it's actually newer than most homes on Borebank Street and in Central River Heights. While systems like plumbing or electrical may need attention due to age, it’s a relatively younger home in an established neighbourhood, which can be a positive.
5. Who might this property not suit?
Buyers seeking a brand-new, low-maintenance home or those who prioritize a massive, private yard over interior space may want to look elsewhere. The detached garage also means navigating weather in the winter, which could be a drawback for some.