Property Overview: 982 Isbister Street, Winnipeg
Key Characteristics & Appeal
This single-storey home on a large 7,775 sqft lot in Buchanan presents a distinct value proposition centered on land and potential. Its primary appeal lies in the significant lot size, which ranks in the top 7% for the street and top 10% for the neighbourhood, offering ample outdoor space and redevelopment possibilities rare for the area. The home itself is modest, with a below-average living area of 884 sqft and an older 1957 build date, but it features a renovated basement. A detached garage adds practical utility.
The property suits two main types of buyers: those seeking a land opportunity—whether for future expansion, gardening, or as a long-term hold—and value-conscious entrants looking for a solid, renovate-as-you-live home in a stable neighbourhood. Its last sale price in 2016 was notably above assessed value, suggesting the market recognizes its underlying land worth. A thoughtful perspective is that while the house metrics are below area averages, the lot size offers a private buffer and a tangible asset that newer infill properties often lack. It’s a property where the true value is more in what you can do with it over time than in its current condition.
Frequently Asked Questions
1. Why is the lot size significant?
At 7,775 sqft, the lot is substantially larger than most in Buchanan (where the average is around 6,300 sqft). This provides extra privacy, space for additions, gardens, or outdoor amenities, and is a key factor in the property's long-term value.
2. The house seems small and older. What's the condition?
The home was built in 1957 and has a living area below neighbourhood averages. However, it includes a renovated basement, which adds functional space. Buyers should budget for updates to the main living areas to modernize the older structure.
3. Who would this property be best for?
It’s ideal for a buyer who prioritizes land over a move-in-ready large home. This includes first-time buyers comfortable with a project, investors seeing land value, or downsizers wanting a large yard without a large house to maintain.
4. How does the assessed value relate to the likely sale price?
The assessed value is for taxation purposes and is often lower than market value, especially for older homes on large lots. The 2016 sale at $250k, well above the assessed value, indicates the market pays a premium for the land potential.
5. What are the immediate neighbourhood comparisons?
Nearby properties on Isbister Street have similar lot sizes but often newer build dates (like the referenced 1983 home on Stradford St.). This highlights that 982 Isbister is an older home on a prime lot, making it a candidate for renovation or replacement in a street of more modernized properties.