Property Overview: 717 Mcphillips Street, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, one-storey home built in 1961, featuring a renovated basement and a detached garage. Its primary appeal lies in its value proposition and land potential. With a living area of 748 sq ft, the house itself is modest, but it sits on a roughly 3,000 sq ft lot—a size that is below average for the city but notably larger than many lots in the immediate Burrows Central neighbourhood. This suggests room for expansion, gardening, or outdoor space relative to nearby properties.
The home suits practical, value-focused buyers. It would appeal to a first-time homeowner looking for an entry point into the market, an investor seeking a rental property with a recent basement renovation, or a buyer with longer-term redevelopment plans for the lot. The 2023 sale price of $290k, which is above average for the neighbourhood but below the city-wide average, indicates it's seen as a solid asset in its area. A thoughtful perspective is that this property represents a "blank canvas" opportunity; its above-average year-built ranking for the area means it may require fewer immediate updates than older neighbouring homes, allowing a buyer to invest in customization or expansion instead of critical repairs.
Section 2: Frequently Asked Questions
1. Is the house in move-in condition?
While the basement has been renovated, the main living area is compact at 748 sq ft. Buyers should be prepared for potential updates to the main floor, which retains its original 1961 character.
2. What is the potential for adding on or rebuilding?
The lot size (2,957 sq ft) is larger than many in Burrows Central, providing a better-than-average opportunity for a future addition, garden suite, or eventual rebuild, subject to zoning bylaws.
3. How does the assessed value relate to the sale price?
The City's assessed value is significantly lower ($21.9k) than the 2023 sale price ($290k). This is common, as assessed values for tax purposes often lag behind market values, especially in active markets.
4. What does the sales history tell us?
The property sold for $23.5k in 2022 and then $290k in 2023. This sharp increase likely represents a transfer after a significant renovation (including the basement) or a non-arms-length transaction, highlighting the importance of a full title search and inspection.
5. Who are the typical neighbours?
The nearby reference properties vary from well-maintained, larger homes to very compact, older dwellings. This indicates a mixed and evolving streetscape, offering both opportunity and a need for due diligence on the specific block.