Property Overview & Key Characteristics
This one-and-three-quarter storey home at 495 Garlies Street in Winnipeg's Inkster-Faraday neighbourhood presents a unique profile defined by its contrasts. Its key appeal lies in offering above-average value within its immediate locale. With a modest 936 sqft of living space, the home is efficiently sized, but it sits on a lot that is larger than most on its street. A significant feature is the renovated basement, adding functional space, and the property includes a detached garage. Built in 1905, it is a character home with inherent history, which is reflected in its notably low municipal assessed value compared to the city-wide average.
The property would suit a pragmatic first-time buyer or an investor looking for entry into the market with a home that stands out positively on its own street in terms of land size and assessed value. It also appeals to those who appreciate older home charm without a premium price tag and are prepared for the maintenance that comes with a century-old structure. A less obvious perspective is that its strong rankings within the hyper-local area suggest it may be a relative "gem" on its block, potentially offering more upside in a rising neighbourhood market than its raw city-wide comparisons imply.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value is based on municipal valuation formulas and is heavily influenced by the home's age, size, and local market area. As an older, smaller home in the Inkster-Faraday neighbourhood, its assessment is consistent with nearby properties but is far below the average for newer, larger homes across Winnipeg.
2. What does "above average for the street" mean for assessed value and land area?
This means that, compared to the 83 homes on Garlies Street, this property's assessed value is in the top 19% (higher than most neighbours) and its land area is in the top 13% (larger than most lots on the block). This indicates a relatively strong position within its immediate micro-market.
3. Are there concerns with a home built in 1905?
While offering character, a 121-year-old home will likely require diligent maintenance and updates to major systems like wiring, plumbing, and insulation. A thorough inspection is essential to understand the condition and any needed repairs, which is typical for homes of this era.
4. How recent was the basement renovation, and was it permitted?
The listing notes the basement is renovated, but specific details on the scope, timing, and permits are not provided. This is a critical question for the seller or their agent to clarify, as it affects quality, safety, and legal compliance.
5. The last sold price range shows $22.5k-$25.5k. Is that accurate?
The displayed range is an estimate based on available public data. For the exact historical sale price, you must request it directly via the provided email service. This is a common practice to ensure data accuracy and compliance with local regulations.