Property Summary: 254 Thomas Berry Street, Winnipeg
Section 1: Key Characteristics & Appeal
This is a modest, one-storey home built in 1908 on a standard city lot in Central St. Boniface. Its key characteristic is its simplicity: with 685 sqft of living space, an unrenovated basement, and no garage, it represents a straightforward entry point into the market. The appeal lies almost entirely in its location within a sought-after neighbourhood and the potential it offers. The lot size, while below average for the area, is still a usable 3,125 sqft, providing outdoor space in a central locale.
This property would best suit a specific type of buyer: a hands-on first-time purchaser, an investor looking for a land-value play, or a downsizer seeking minimal upkeep. It’s not a move-in-ready home but a canvas. A thoughtful perspective is that its very lack of recent renovations may be an advantage for a renovator, as there are likely no costly "flip" finishes to tear out, allowing for a true custom build from the studs. Its extremely low assessed value suggests a correspondingly low property tax burden, which is a significant, often overlooked, long-term savings.
Section 2: Frequently Asked Questions
1. Is this a teardown?
While livable, the home's age (118 years), very small living area, and unrenovated state mean many buyers would consider its primary value to be in the land. However, a structural inspection would determine if a renovation is feasible.
2. Why is the assessed value so much lower than the last sale price?
The assessed value ($21.6k) is for taxation purposes and reflects a mass appraisal system. The sale price ($130k in 2017) represents the market value, which is heavily influenced by the desirable St. Boniface location.
3. What are the real costs beyond the purchase price?
Prospective buyers must budget significantly for immediate updates (like heating, electrical, or roof) and should factor in the cost of adding parking, as there is no garage. The unrenovated basement may also require moisture management.
4. How does the lot size compare?
At 3,125 sqft, the lot is smaller than most in St. Boniface but is a standard city dimension. It offers reasonable outdoor space but may limit expansion options compared to larger lots on the street.
5. Who is the typical buyer for a home like this?
Given its condition and size, it's most likely to attract investors, developers looking for infill potential, or extremely budget-conscious buyers willing to undertake a full renovation to gain a foothold in the neighbourhood.