Property Overview: 423 Garlies Street, Winnipeg
Section 1: Key Characteristics & Appeal
This one-and-a-half storey home, built in 1929, presents a solid opportunity in the Inkster-Faraday neighbourhood. Its key appeal lies in its strong fundamentals relative to the immediate area. With 1,216 sqft of living space, it offers more room than most comparable homes on its street and in the neighbourhood. A recently renovated basement adds functional living space.
The standout characteristic is its assessed value of $29,900, which ranks in the elite top 4% on Garlies Street and top 3% in Inkster-Faraday. This suggests a property that is a high-value asset within its local context, though it's important to note this is not a citywide market valuation. The home sits on a standard 3,001 sqft lot for the area and includes a detached garage.
This property would suit a practical, value-conscious buyer looking for a home with above-average space in this specific community. It could appeal to a first-time homeowner seeking a manageable entry point, or an investor looking for a property with a strong assessment base in a neighbourhood of similar homes. The recent basement renovation also makes it move-in ready for someone needing immediate usable space.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than typical citywide averages?
Property assessments in Winnipeg reflect a home's value relative to others in its market area. This assessment indicates 423 Garlies is a higher-value property within the Inkster-Faraday neighbourhood, not that it is priced far below the broader Winnipeg market.
2. What does the "elite" ranking for assessed value actually mean?
It means that compared to similar homes on the same street and in the same neighbourhood, this property's official assessed value is among the highest. This often reflects factors like lot location, building size, or improvements like the renovated basement.
3. Is the living space considered large?
At 1,216 sqft, it is above average for both Garlies Street and the Inkster-Faraday area, offering more interior space than many direct comparables. Citywide, however, it is around the median size.
4. What might the sold price history indicate?
The listed sold price range from 2019 ($20.5k - $23.5k) is a historical data point. It shows the property transacted below its current assessment at that time, which may reflect market conditions, the property's state prior to renovations, or other factors from six years ago.
5. How significant is the renovated basement?
A renovated basement adds immediate functional living space without the need for a project. It's a key feature that likely contributes to the home's above-average assessment and living area for the neighbourhood, offering extra rooms or a recreational area.