Property Overview
This one-storey home at 5 Verbena Street in Winnipeg's Garden City neighbourhood presents a practical and affordable entry point into the market. Its key appeal lies in its balance of a renovated basement, a detached garage, and a notably large lot for the city. The home itself is compact at just over 1,000 square feet of living space, which is below average for its immediate area, but it sits on a generous 6,046 sqft lot that ranks above average citywide. Built in 1960, the house is typical for its era and area. The assessed value is modest, positioning it well below the average for Garden City but closer to the middle range across all of Winnipeg. This combination suggests a property where the value may be more in the land and the renovated lower level than in the size of the main living area.
It would suit first-time buyers or downsizers looking for a manageable, single-level layout without a large maintenance burden. The large lot is a standout feature for gardeners, those who value extra outdoor space, or long-term buyers who see potential in the property's underlying land value. Investors or handy buyers might also see an opportunity in the existing renovation and the scope to eventually update the main floor to match.
Frequently Asked Questions
1. Is the house particularly small?
Yes, the living area is 1,004 sqft, which is smaller than most homes on Verbena Street and in the Garden City area. The layout and the renovated basement are key to making the space functional.
2. What does "renovated basement" typically mean here?
While specifics aren't listed, in homes of this age and price point, a renovated basement often means it has been finished into a livable space, potentially adding a recreation room, extra bedroom, or secondary living area, which significantly boosts the usable square footage.
3. Why is the assessed value so much lower than nearby sale prices?
The assessed value (approximately $32.9k) is for taxation purposes and is not a market valuation. The recent sold price range (approximately $30.5k - $33.5k) aligns with this assessment. It's important to note these figures appear to reflect a historical valuation system; market value would be determined by current sale prices of similar homes.
4. What are the advantages of such a large lot?
The lot is over 6,000 sqft, which is larger than many city properties. This offers more privacy, space for gardening, play areas, or outdoor entertaining. It also represents a significant portion of the property's long-term value.
5. How does this home compare to others in Winnipeg for the price?
Citywide, the home's living space is below average, but its lot size is above average. This indicates you are purchasing more land than house for the price, which is a different value proposition than a newer home with more interior space on a smaller lot.