Property Overview: 563 Borebank Street, Winnipeg
Key Characteristics & Appeal
This well-situated home in Central River Heights is a classic one-and-a-half storey with a renovated basement and a detached garage. Its primary appeal lies in its generous 6,000 sqft lot, which is notably larger than most in the immediate area and neighbourhood, offering valuable outdoor space and potential. Built in 1953, the house itself has a functional living area of 1,256 sqft, which is typical for the style and location.
The property suits buyers looking for a solid entry point into a desirable, established neighbourhood where the land itself represents a significant portion of the value. It’s ideal for those comfortable with a home of vintage character who may have longer-term plans to update or expand the living space, leveraging the substantial lot. A thoughtful perspective is that while the home's living space is average, owning an above-average lot in River Heights provides a rare opportunity for gardens, recreation, or future investment that smaller parcels cannot offer.
Frequently Asked Questions
1. How does the lot size compare practically?
The 6,000 sqft lot is in the top 17% on its street and top 22% in Central River Heights. This means you likely have more backyard space and side yard room than many nearby properties, a key advantage in this neighbourhood.
2. What does "renovated basement" typically mean for a 1953 home?
While specifics should be verified, in homes of this era, a renovated basement often means it has been finished into a livable space (e.g., rec room, bedroom) with updated flooring, walls, and ceilings, but may retain original mechanical systems.
3. Is the assessed value a good indicator of the sale price?
No, the municipal assessed value ($40.10k) is for tax purposes and is not a market valuation. The home last sold in August 2023 for $310k, which is a more relevant benchmark, placing it well above average for the street.
4. What are the implications of a detached garage?
A detached garage offers flexibility and can be ideal for a workshop or project space without concerns about fumes or noise in the house. However, it means a walk through the elements in winter, and the structure may be older, requiring maintenance.
5. Who might this property not suit?
It may not suit buyers seeking a modern, move-in-ready home with an open-concept layout, as the floor plan and features will reflect its 1950s build. Those prioritizing immediate, high-end finishes over lot size and location potential might look elsewhere.