Property Overview: 173 Borebank Street, Winnipeg
Key Characteristics & Appeal
This home at 173 Borebank Street in North River Heights is defined by its compact efficiency and historic charm. Built in 1921, it is one of the older homes in the area, offering classic character. With 847 square feet of living space and a 3,002 square foot lot, it is notably smaller than most homes on its street, in the neighbourhood, and across Winnipeg. This translates to lower maintenance and utility costs, a significant practical appeal.
The primary financial appeal lies in its assessed value of $273,000, which is well below the average for North River Heights. This positions the property as a relatively affordable entry point into a desirable, established neighbourhood. It last sold between $250,000-$300,000 in 2017.
This property would best suit first-time buyers, downsizers, or investors seeking a lower-cost foothold in a prime area. It appeals to those who prioritize location and neighbourhood character over interior square footage, and who are comfortable with a home that may require updates reflective of its age. It’s a practical choice for someone looking to build equity in a good location without a large initial investment.
Frequently Asked Questions
1. Why is the assessed value so much lower than the neighbourhood average?
The assessed value reflects the home's smaller size (both the house and lot) and its older age compared to the larger, often more modern homes that define the area's averages. It is assessed in line with its specific attributes, not the neighbourhood's general price point.
2. What should I consider about a home built in 1921?
While offering charm, a home of this age likely has older building materials and systems. A thorough inspection is crucial to understand the condition of the foundation, plumbing, electrical wiring, and insulation. Budgeting for potential updates should be part of your planning.
3. Is the smaller lot size a disadvantage?
It depends on your lifestyle. The lot is manageable with less yard work, which can be a benefit. However, it offers less private outdoor space and potential for expansion than larger lots in the area. It's a trade-off between low maintenance and ample yard space.
4. How reliable are the sold price comparisons shown?
The site notes that sold price data is from public sources, not the MLS, and is presented as a range. For fully verified and exact historical sale figures, you must request a manual lookup from the site via email, as industry rules prevent displaying MLS records directly.
5. What are the less obvious pros and cons of a home like this?
A less obvious pro is the potential for a lower property tax burden due to the lower assessed value. A less obvious con is that its smaller size and unique valuation might make its future resale value less predictable compared to more standard-sized homes in the area, as it appeals to a specific buyer niche.