Property Overview
This is a modest, one-storey home built in 1910 on a generous lot in Central St. Boniface. Its primary appeal lies in its land potential and location, rather than the current structure. The house itself is compact at 794 sq ft, with an unrenovated basement and no garage. The lot size of over 5,200 sq ft is notably larger than many in the neighbourhood, offering valuable space for expansion, gardening, or future redevelopment. With a very low assessed value, it presents as a true fixer-upper or land-value opportunity. This property would suit a hands-on buyer looking for a project home, an investor interested in the long-term value of the lot, or someone seeking an entry point into the established St. Boniface community with the vision to create their own space.
Key Considerations & FAQs
1. What does "below average" for Year Built and Living Area really mean for a buyer?
It confirms this is a historic, character home with limited modern living space. The appeal is for those who appreciate older homes and are prepared for the maintenance and updates they require, or who see the small structure as something to be significantly altered or replaced.
2. Why is the assessed value so low compared to the last sale price?
Municipal assessed value for taxation is often lower than market value and is based on a prior valuation date. The significant gap between the 2016 sale price ($160k) and the current assessed value ($20.1k) strongly suggests the property is in need of major repairs or updates, which is reflected in the tax assessment.
3. The lot is larger than average. What are the possibilities?
The large lot is the standout feature. It provides ample yard space, room for a significant addition, or the potential for future subdivision or redevelopment, subject to city zoning and bylaws. This land bank is a key part of the property's value.
4. What should I budget beyond the purchase price?
Given the age, unrenovated basement, and below-average metrics, buyers should budget for immediate systems updates (roof, wiring, plumbing, insulation) and foundational repairs. The home likely requires a comprehensive renovation to meet modern standards.
5. Who is this property not suited for?
It is not suited for buyers seeking a move-in ready home, those unable to manage a major renovation project, or anyone needing substantial living space immediately. This is a project that requires vision, time, and a significant renovation budget.