Property Overview
This one-and-three-quarter storey home, built in 1911, is situated on a generous 4,751 sqft lot in Central St. Boniface. Its key features include a detached garage and an unfinished basement. With 1,152 sqft of living space, the home presents a compact footprint with significant potential on a lot that is larger than many in the immediate area. The property’s assessed value is notably below average for the neighbourhood, suggesting it may be a candidate for modernization or redevelopment.
Key Characteristics & Appeal
The primary appeal of this property lies in its location and land value. The lot size is above average for both the street and the historic St. Boniface neighbourhood, offering a rare combination of central location and space. The home itself is characteristic of its 1911 origins, with living space that is modest by today's standards and an unrenovated basement, indicating it is likely a fixer-upper or a land-value play.
This property would best suit a specific type of buyer: those with a vision for renovation who want to put their own stamp on a character home in a sought-after area, or investors and builders who see the underlying value in the substantial lot. Its below-average assessed and recent sale price point to an entry opportunity into a desirable community, with the understanding that updates will be required. A less obvious perspective is that the home's age and condition, while a project, offer flexibility—it could be restored, significantly renovated, or eventually replaced, with the lot remaining the key asset.
Frequently Asked Questions
1. What does "one-and-three-quarter storey" mean?
This is a traditional architectural style where the second floor has slightly less full-height living space than the main floor, often featuring sloped ceilings or dormer windows. It's common in character homes of this era.
2. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the property's current state, age, and specific local market comparisons. The significantly lower value, especially compared to the neighbourhood average, typically indicates a home that requires modernization and is being assessed largely on its land value.
3. Is the large lot size a major advantage?
Yes. The lot is larger than many comparable properties on the same street and in St. Boniface, which is a distinct advantage for outdoor space, gardening, potential additions, or future redevelopment possibilities.
4. What should I budget for beyond the purchase price?
Given the age of the home (1911) and the mention of an unrenovated basement, you should budget for immediate systems updates (like plumbing, electrical, or heating), potential insulation and efficiency improvements, and general modernization. A thorough inspection is essential.
5. How does the recent sale history inform the current value?
The property sold in August 2022 for $28,400. This recent transaction, close to the current assessed value, confirms a market price point for a home in its condition and provides a concrete benchmark for comparison, suggesting a stable entry-level valuation for the area.