Property Overview: 706 Stewart Street, Winnipeg
Section 1: Key Characteristics & Appeal
This well-situated one-storey home in Buchanan presents a practical and value-conscious opportunity. Built in 1960, it sits on a standard 5,146 sqft lot and offers 1,014 sqft of living space. A key feature is its renovated basement, adding functional space, and it includes a detached garage. The home’s appeal lies in its solid positioning within a mature neighbourhood. Market data shows its recent sale price performed notably above average for both the immediate street and the wider Buchanan area, suggesting it was a competitively sought-after property. This isn't a sprawling estate, but a grounded, manageable home.
It would suit first-time buyers or downsizers looking for a move-in-ready foundation with a renovated basement in a stable area. It's also a sensible fit for value-focused investors or homeowners who prioritize location and lot potential over a large interior footprint, appreciating the character and established streetscape of an older neighbourhood.
Section 2: Frequently Asked Questions
1. What does the "above average" sale price ranking mean?
The data indicates the final sale price ranked in the top 9% compared to recent sales on Stewart Street and the top 21% within Buchanan. This suggests the property attracted strong interest and sold for a price well above the local benchmark for similar homes at the time.
2. Is the living space small?
At 1,014 sqft, it is moderately sized. It's around average for the street and neighbourhood, but below the city-wide average for homes. The renovated basement effectively expands the usable living area, making the overall footprint more practical.
3. How does the age of the home (1960) factor in?
While older than many homes on its street and in Buchanan, its age is near the city-wide average. This typically means well-understood construction styles and mature landscaping, but prospective buyers should always consider the condition of major aging components like the roof, windows, and plumbing.
4. What is the potential here?
The combination of a standard-sized lot in a mature area, a renovated basement, and a detached garage offers a stable foundation. The appeal for some buyers will be the opportunity to live in the neighbourhood and gradually update the main floor living space to modern tastes over time.
5. How does the assessed value relate to the sale price?
The assessed value for taxation purposes was $300k. The sale price of $361k is significantly higher, which is common in active markets. The sale price reflects the actual market value buyers were willing to pay, while the assessed value is an administrative figure often lagging behind current market conditions.