Property Overview: 705 St. John's Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This two-storey home, built in 1912, presents a practical opportunity in the Inkster-Faraday neighbourhood. With 1,328 sqft of living space, it offers more room than most area homes, placing it well above the neighbourhood average. The property sits on a standard city lot of 3,899 sqft and includes a basement, though it is noted as not being renovated.
The primary appeal lies in its value proposition. The home's assessed value is significantly below averages for the street, neighbourhood, and city, suggesting a potentially lower entry point. This makes it a candidate for value-conscious buyers, including first-time homeowners, investors, or those willing to take on a project. The home’s above-average living space for the area is a key asset, offering more room than typical comparables. It would best suit a buyer comfortable with an older character home, likely requiring updates, who prioritizes interior space and lot location over modern finishes or a high assessment value.
A less obvious perspective is that its low assessed value relative to its physical size could indicate either a significant need for modernization or a potential opportunity for equity growth through renovations, depending on the buyer's capability and vision.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
The assessed value is a municipal valuation for tax purposes and is often lower than market value. In this case, the significant gap likely reflects the home's age, the unrenovated basement, and potentially other factors not captured in the basic metrics, which are common for century-old properties.
2. What does "basement, not renovated" typically imply?
This usually indicates the basement is functional but retains its original or outdated finishes, systems, and layout. Buyers should budget for potential updates to flooring, lighting, and possibly moisture management or insulation to modernize the space.
3. How does the living area compare to nearby homes?
This home's living area is a standout feature for the Inkster-Faraday area, ranking in the top 14% locally. It provides substantially more interior space than the neighbourhood average of 1,025 sqft.
4. What is the significance of the sold price history from 2020?
The 2020 sale price provides a historical benchmark, but it does not reflect current market conditions. It is most useful for understanding past value trends rather than determining today's listing or offer price.
5. Are there any properties nearby for direct comparison?
The listing notes several adjacent homes on St. John's Avenue, which are useful for evaluating street appeal and neighbourhood density. For a true assessment of value and condition, however, viewing similar vintage and sized homes in the broader area is recommended.