Property Overview: 697 Bannerman Avenue
Section 1: Key Characteristics & Appeal
This one-storey home on Bannerman Avenue is a compact, no-frills property built in 1945. Its key characteristic is its modest scale, with a living area of 600 sqft that is notably smaller than most homes in Winnipeg. The lot, however, is a solid 4,640 sqft, which is above average for the immediate Inkster-Faraday neighborhood. It features a detached garage and an unrenovated basement.
The appeal lies in its affordability and land value. With a very low assessed value and historically low sale prices, it represents a clear entry point into the Winnipeg market. This isn't a move-in-ready showhome; its appeal is for the practical buyer who sees potential. The generous lot size for the area offers valuable outdoor space or future expansion possibilities that the small house itself does not.
This property would best suit a hands-on buyer looking for a starter home or investment. It's ideal for someone comfortable with a project, whether that's making gradual interior updates, utilizing the large yard, or considering the long-term redevelopment potential of the lot. It could also serve as a straightforward rental property.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the property's very small living area and basic condition compared to the broader Winnipeg market, which includes many larger, updated homes. It is more in line with values in its immediate neighborhood.
2. What does "below average" for living area actually mean for daily life?
The home's 600 sqft layout will require efficient use of space. It likely has a classic wartime-era floor plan with fewer and smaller rooms. Buyers should be prepared for cozy living quarters, though the large lot provides compensatory outdoor space.
3. Is the large lot a significant advantage?
Yes, especially in this context. The lot is larger than many in the area, which is uncommon for a home at this price point. It provides room for gardening, parking, storage, or future additions like a shed or deck. In the long term, the land may hold more value than the current structure.
4. What should I expect with an unrenovated basement?
This typically indicates a basement in original or functional condition, but not modernized. It likely has concrete walls and floors, basic utilities, and lower ceilings. It offers storage or utility space but would require significant investment to finish as living space.
5. The home sold recently in 2024 and again in 2019. Does this indicate an issue?
The recent sales activity suggests the property has been treated as an affordable entry-point or investment. While it's always important to investigate, the pattern is consistent with a low-cost home that may see quicker turnover as owners move on to larger properties or investors reposition assets.