Property Overview: 620 Buchanan Boulevard
Section 1: Key Characteristics & Appeal
This is a modest, one-storey home built in 1954, situated on a generously sized lot of over 6,000 square feet. Its key features include a renovated basement and the absence of a garage or pool. The living space is compact at 689 square feet, making it one of the smaller homes in the Buchanan area.
The primary appeal lies in its land value and potential. The lot size is above average city-wide, offering room for expansion, gardening, or future development, subject to local regulations. The recently renovated basement adds functional living space, which is a significant asset given the home's smaller main floor footprint. With a historically low assessed value and sale price, it presents a notable entry point into the Winnipeg market.
This property would best suit a pragmatic buyer, such as a first-time investor looking for a land-hold opportunity, a hands-on owner willing to live in a cozy space while planning a future build, or someone seeking minimal property taxes relative to lot size. It’s less suited for those requiring immediate move-in-ready, spacious accommodations or attached vehicle storage.
Section 2: Frequently Asked Questions
1. Is this a teardown property?
While the home is smaller and older than most in the area, it is a functional dwelling with a renovated basement. Its value is significantly weighted toward the land, making it a candidate for eventual redevelopment, but it is not strictly a teardown in its current state.
2. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the property's specific characteristics: a very small living area for a single-family home, its age, and the lack of features like a garage. It is assessed based on its current state and utility, not just its land value.
3. What does the "renovated basement" entail?
The listing confirms the basement is renovated but does not specify the scope. A professional inspection is recommended to determine the quality of the renovation, the basement's finish, and its compliance with local codes.
4. How does the lack of a garage impact daily living and value?
The absence of a garage means relying on street parking and provides no enclosed storage or workshop space. This is a practical consideration for vehicle owners and affects the property's appeal compared to others that include one.
5. The lot is large, but what are the restrictions on using it?
Any plans for additions, outbuildings, or new construction would require checking with the City of Winnipeg’s zoning bylaws for the Buchanan area. This includes regulations on setbacks, lot coverage, and permissible structure types.