472 Ritchot Street

Property Overview

This one-and-three-quarter storey home, built in 1920, is situated on a 3,105 sqft lot in Central St. Boniface. It features a detached garage and a basement that is present but not renovated. The home last sold in July 2023 for $30,500.

Key Characteristics & Appeal

The primary appeal of this property lies in its above-average living space within a historic and established neighbourhood. At 1,448 sqft, the home offers more interior room than many comparable houses on its street and in St. Boniface. Its lot size, while below the city-wide average, is typical for the central neighbourhood, offering a manageable outdoor space. The assessed value is modest and around the local average, suggesting an accessible entry point into the market.

This home would suit a pragmatic buyer who values character and location over turn-key condition. It’s a candidate for someone comfortable with a project, as the unrenovated basement presents both a cost and an opportunity to customize. It could appeal to a first-time buyer seeking a foothold in a desirable area, or an investor looking for a land-value proposition with existing rental income potential, given its recent sale history.

A less obvious perspective is that its "average" rankings in year built and value for the area indicate it’s a authentic representation of the neighbourhood's housing stock, not an outlier. This can mean predictable costs and fewer surprises relative to immediate neighbours. Its smaller lot, while not expansive, translates to less maintenance—a practical advantage for a busy homeowner.

Frequently Asked Questions

1. What does "one-and-three-quarter storey" mean?
This is a common architectural style for the era, typically featuring a full main floor and a second floor where the roofline slopes inward, reducing the ceiling height or square footage in parts of the upper level. It often creates cozy, character-filled bedrooms.

2. Is the basement usable?
The listing specifies the basement exists but is "not renovated." This means it is likely unfinished or in a very basic state. It provides essential mechanical space and storage, but any finished living area would require investment and proper permits.

3. How does the assessed value relate to the sale price?
The last sale price ($30,500) is close to the current assessed value ($29,300). This indicates the sale was aligned with municipal valuation at that time. Market conditions and property improvements can cause future sale prices to differ.

4. The lot seems small compared to the city average. Is that a concern?
The lot is below the Winnipeg average but is typical for Central St. Boniface, an older, inner-city neighbourhood. This is a trade-off for location, offering walkability and mature community character over sprawling yard space.

5. Who is responsible for verifying the condition of major systems?
The seller must disclose known issues, but the buyer is strongly encouraged to conduct their own due diligence. For a home of this age, a professional inspection is crucial to evaluate the roof, foundation, plumbing, electrical, and heating systems.