Property Overview: 368 Youville Street, Winnipeg
Section 1: Key Characteristics & Appeal
This is a unique property defined by a significant contrast: it sits on a very large, mature lot in the sought-after Central St. Boniface neighbourhood, while the house itself is a modest, one-storey home with compact living space. The primary appeal lies in this substantial land holding, which is significantly larger than most lots both locally and city-wide. The home, built in 1945, features a renovated basement and a detached garage. Its recent sale price was notably below the city's average assessed value for homes, indicating a purchase based on land value or potential rather than the existing structure.
This property would best suit a specific type of buyer: a land investor, a builder, or a homeowner with a vision for extensive renovation or redevelopment. It’s less suited for those seeking immediate move-in condition or standard family-sized rooms. The opportunity here is for the value of the location and the lot to be realized through future investment, making it a project with long-term potential in a prime area.
Section 2: Frequently Asked Questions
1. Why is the living space so small compared to the lot size?
The home is a classic "wartime bungalow" built in 1945, a period when materials were scarce and homes were constructed modestly. The generous lot size is typical for older, established neighbourhoods like St. Boniface, where the land itself has become the most valuable asset over time.
2. What does the "renovated basement" entail?
The listing confirms the basement has been renovated, but the specific scope and quality of finishes are not detailed. A professional inspection is highly recommended to understand the condition, ceiling height, and compliance with current standards, as this space could be crucial for adding functional area.
3. Is this a teardown property?
While not explicitly stated, the combination of a very small, older home on a highly valuable lot makes redevelopment a strong possibility. Any buyer should first consult the City of Winnipeg’s zoning bylaws to understand what could be built, including potential for a new single-family home or a multi-unit project.
4. How does the sale price compare to the assessed value?
The property sold for $28,600, which is below its $33,400 assessed value and far below the city-wide average home assessment. This typically reflects the market valuing the property primarily for its land, with the existing structure contributing minimal value.
5. What are the less obvious costs or considerations?
Beyond the purchase price, a buyer must budget for potential demolition costs, utility disconnections, and new connection fees if rebuilding. Also, mature trees on a large lot may be protected by local bylaws, which could limit building placement or design options. The cost to maintain or upgrade the detached garage should also be factored in.