Property Summary: 602 Gareau Street, Winnipeg
Key Characteristics & Appeal
This well-situated one-and-a-half storey home in Archwood presents a solid opportunity for a first-time buyer, downsizer, or hands-on investor. Built in 1948, it sits on a generous 4,251 sqft lot, offering more outdoor space than most in the immediate area. The home itself is compact at 901 sqft, with a renovated basement adding functional living space. A detached garage provides utility or storage.
Its primary appeal lies in its strong fundamentals within a desirable neighbourhood. The property ranks highly for its lot size, newer build year (relative to its street), and recent sold price within its local context, suggesting it is a well-regarded holding on its block. The significant increase in value from its 2016 sale to its 2024 sale indicates sustained market confidence. This isn't a flashy property, but a grounded one that offers a manageable footprint, a prized large lot, and a history of value appreciation. It would suit a practical buyer who values outdoor potential over sheer interior size and appreciates a home that has proven to be a sound investment within its peer group.
Frequently Asked Questions
1. Is the home move-in ready?
While the basement is noted as renovated, the listing does not specify the condition of the main and upper floors. Given the age of the home, prospective buyers should budget for potential updates to mechanical systems, windows, or the main living areas.
2. What does the high ranking for "newer build year" mean?
This is a relative statistic. While built in 1948, this home is newer than 95% of the other homes on Gareau Street. This suggests the surrounding houses are predominantly older, which can be a positive for the property's comparative value and might indicate a more established streetscape.
3. How does the recent sale price compare to the assessed value?
The home sold for $320,000 in late 2024, which is significantly higher than its $30,200 assessed value. This is common, as municipal tax assessments in Manitoba are not intended to reflect market value and often lag far behind actual sale prices. The sale price is the relevant market indicator.
4. What is the neighbourhood like?
Archwood is a mature, established neighbourhood in Winnipeg. The high rankings for the property's metrics within the area suggest it is a desirable and competitive part of the community.
5. What are the implications of the large lot size?
The 4,251 sqft lot is a key asset. It offers ample space for gardening, recreation, or future expansion (subject to zoning bylaws and permits). For an investor, it also represents a significant portion of the property's long-term value.