Property Overview: 860 Burnell Street, Winnipeg
Key Characteristics & Appeal
This is a classic one-and-a-half storey home in the Daniel McIntyre neighbourhood, built in 1907. With 1,043 sqft of living space on a 3,258 sqft lot, its size is very typical for the immediate area but offers a slightly larger-than-average lot for the broader neighbourhood. The home’s most defining characteristic is its assessed value, which is significantly below average at every comparison level—street, neighbourhood, and city-wide. This indicates a property with substantial renovation potential or one suited for a buyer comfortable with a project.
Its appeal lies in its position as an entry point into the housing market, offering the character of a century-old home in a central location. The below-average assessment suggests the possibility of adding value through updates. It would suit a practical first-time buyer, an investor looking for a hold-and-renovate opportunity, or someone seeking a modest footprint without a large mortgage burden. A thoughtful perspective is that this property represents the "bones" of a home—its value is primarily in the land and the structure, offering a canvas for a buyer to shape without paying a premium for already-completed modern finishes.
Frequently Asked Questions
1. Why is the assessed value so much lower than nearby homes?
A significantly lower assessment often reflects a home that has not been recently updated and may require modernization, or it could be based on its condition at the time of assessment. It’s a key indicator for buyers to investigate the property’s current state.
2. What does the "one-and-a-half storey" building type mean?
This style typically features a main floor with full-height ceilings and a second floor under a sloped roof, often with cozier, character-filled bedrooms in the eaves. It’s a common architectural style for homes of this era in Winnipeg.
3. Is the lot size a advantage?
While the lot is around average for Burnell Street, it ranks in the top 27% within Daniel McIntyre, meaning it is larger than many neighbourhood lots. This could allow for more outdoor space or garden potential compared to other nearby properties.
4. How does the 2019 sale price relate to today’s value?
The sale price of $12,500 from 2019 is a historical data point. Market conditions and the property’s condition have likely changed since then, so it should not be used as a direct indicator of current value but rather as part of the home’s history.
5. What should I consider with a home built in 1907?
Homes of this age possess charm but require a focus on foundational integrity, updating of older electrical and plumbing systems, and insulation. A thorough inspection is essential to understand the balance between preserving character and ensuring modern livability.