Property Overview
This one-and-a-half storey home on Garlies Street presents a straightforward opportunity in Winnipeg's Inkster-Faraday neighbourhood. Built in 1920, it offers 1,011 sqft of living space with an unrenovated basement and a detached garage. The home sits on a 3,007 sqft lot, which is notably larger than many on its street. Recent sales data indicates it sold in early 2024.
Key Characteristics & Appeal
The primary appeal of this property lies in its value and potential. With an assessed value significantly below the city average, it represents an accessible entry point into the market. Its lot size is a standout feature for the immediate area, offering more outdoor space than most neighbouring properties—a relative rarity for homes of this vintage. The house itself is modest in size, typical for its era and area, and would suit a first-time buyer, an investor, or someone seeking a lower-cost project home. Its recent sale suggests it's likely in liveable condition, but the unrenovated basement indicates room for modernization and added value. It’s a practical choice for those prioritizing land size and affordability over modern finishes or above-average square footage.
Frequently Asked Questions
1. What does "unrenovated basement" typically mean for a house of this age?
It usually indicates the original foundation, flooring, walls, and mechanical systems. Expect a functional but dated space that may require addressing moisture prevention, insulation, and updating for modern use.
2. The assessed value is very low compared to the city average. Why?
Assessed value for tax purposes is not market value. This low assessment primarily reflects the home's age, modest size, and the average property values within the Inkster-Faraday neighbourhood itself.
3. Is the larger lot size a significant advantage?
Potentially, yes. For this street, the lot is above average, providing more private outdoor space. It could allow for additions like a larger garage, garden, or deck, which many closer-packed lots on the street cannot.
4. Who would this property not suit?
It may not suit buyers seeking a move-in-ready home with modern amenities, or those who need more interior space without undertaking renovations. The basement condition suggests projects will be needed to maximize the home's full utility.
5. How does the 2024 sale price relate to the assessed value?
The recent sold price range provided is in the same general range as the assessed value, which is common in this area. This consistency suggests the market price aligns closely with the city's assessment for similar, modest homes.