Property Overview: 775 Sherburn Street, Winnipeg
Section 1: Key Characteristics & Appeal
This home on Sherburn Street in the Minto neighbourhood presents a specific and practical value proposition. Built in 1942, its 800 sqft living area is compact, placing it below average in size for the immediate area and city. However, this is balanced by a notably generous 3,783 sqft lot, which is larger than most properties on its street and in Minto. The assessed value is consistent with the local area average.
The primary appeal lies in this land-to-structure ratio. It’s a property where the land is a more significant feature than the house itself, offering potential for expansion, gardening, or outdoor space uncommon for the area. Its recent sale history (2020, in the $250k-$300k range) and modest assessment suggest an accessible entry point into the market.
This property would best suit a pragmatic first-time buyer or an investor looking for a land-value play. It’s for someone comfortable with a smaller, older home who sees value in the extra outdoor space and the possibility of future improvements. It may also appeal to those seeking lower property taxes, given its assessed value is substantially below the Winnipeg city average.
Section 2: Frequently Asked Questions
1. Is the house in need of major updates?
Given the home's age (84 years), prospective buyers should budget for potential updates to major systems like plumbing, electrical, or the roof. A thorough inspection is essential to understand the condition behind the assessed value.
2. What does the large lot size mean for me?
The lot is significantly larger than neighbouring properties. This provides more private outdoor space and could offer future potential, such as adding an extension, a garage, or creating a substantial garden. It's a key asset that differentiates this property.
3. Why is the assessed value so much lower than the city-wide average?
The city-wide average includes all property types and newer, larger homes across Winnipeg. This assessment reflects the home's smaller size, age, and the typical values for the Minto neighbourhood, not a direct issue with the property itself.
4. How does the recent sale price compare to the assessment?
The home sold for an estimated $250,000-$300,000 in 2020. The current assessed value of $26,200 is for taxation purposes and is not an indicator of market value. The sale price from 2020 gives a more relevant benchmark for its market worth.
5. What is the neighbourhood like?
Located in Minto, it's an established, central neighbourhood. The data shows homes here are typically older and more modest in size and value compared to the wider city. Buyers should visit to gauge the community feel, traffic, and proximity to their desired amenities.