Property Overview
This one-storey home at 708 Isbister Street in Winnipeg's Buchanan neighbourhood presents a practical opportunity centred on its land and recent sale. Built in 1962, the house itself is of average size for the area at 1,040 sqft and features a renovated basement. Its key characteristic is the generous 6,971 sqft lot, which is notably larger than most comparable properties on the street, in the neighbourhood, and citywide. The home sold recently in September 2024 for $370,000, a price point that was above average for its immediate surroundings.
The primary appeal lies in the potential of the sizable lot in a mature community. It suits a buyer looking for a solid, no-frills home with immediate livability thanks to the updated basement, but who values the future possibilities that a larger parcel of land provides—whether for gardening, expansion, or simply more private outdoor space. It’s a property for someone who sees value in the land itself, appreciating that the house, while comfortable, offers the chance to add value over time. A less obvious perspective is that an older home on a large lot in an established area can represent a stable, long-term hold in a city, often insulated from the sharp fluctuations seen in newer subdivisions.
Frequently Asked Questions
1. What is the significance of the lot size being in the "Top 22%" for the street?
This means the property's land area is larger than 78% of comparable homes on Isbister Street. It indicates you're getting more land than is typical for that specific location, which is often a fixed and valuable asset.
2. The home was built in 1962. Should I be concerned about its age?
The year built is older than the average for the street and neighbourhood. While the renovated basement is a positive update, a prospective buyer should prioritize a thorough inspection to understand the condition of major aging components like the roof, plumbing, and electrical systems.
3. Why did it sell for above the neighbourhood average?
The recent sale price of $370,000 ranked well above average for both the street and Buchanan. This premium was likely driven by the combination of the desirable large lot and the move-in readiness provided by the renovated basement.
4. Is the detached garage a standard feature here?
Yes, the property includes a detached garage. This is a common feature for homes of this era in Winnipeg and provides valuable storage or workshop space separate from the house.
5. How does the assessed value relate to the sale price?
The last assessed value was significantly lower at $32,800. In Manitoba, municipal property assessments for tax purposes often lag behind current market values. The recent sale price of $370,000 is a far more accurate reflection of the home's current market value.