Property Summary: 575 Borebank Street, Winnipeg
Section 1: Key Characteristics & Appeal
This one-storey home in Central River Heights sits on a standard city lot, offering a practical footprint with a renovated basement and a detached garage. Built in 1953, it is newer than many homes in this established neighbourhood. The primary living space (983 sq. ft.) is compact, suggesting efficient, manageable rooms, which is further enhanced by the updated lower level adding functional space.
Its core appeal lies in its location within a sought-after, mature area and its move-in-ready condition due to the basement renovation. The property represents a straightforward entry point into a desirable community without the premium often attached to larger, fully modernized homes. It would suit first-time buyers seeking neighbourhood over square footage, downsizers looking for minimal upkeep and a single-level layout, or pragmatic investors attracted by the value of a renovated asset in a stable area. A thoughtful perspective is that this home offers the "bones" of River Heights living, where the value is anchored more in the community and lot than in expansive interior space, appealing to those who prioritize location and simplicity over size.
Section 2: Frequently Asked Questions
1. Is the house small?
Yes, the main-floor living area is below average for both the street and neighbourhood. However, the renovated basement significantly expands the usable space, making the overall footprint more practical.
2. How does the assessed value relate to the sale price?
The home last sold for $420,000 in 2021. Its current assessed value for taxation purposes is $38,600. It is important to understand that municipal assessed value is not a market appraisal; it is a tax classification tool and should not be used to estimate the current market price.
3. What does the "renovated basement" include?
The listing confirms the basement is renovated but does not specify the scope. This is a key detail to clarify with the seller or agent, as it could range from cosmetic updates to a fully developed living space with proper permits.
4. Is the lot size a pro or con?
At just over 5,000 sq. ft., the lot is average for the area. It provides standard outdoor space for gardening or relaxation without the extensive maintenance of a larger yard, which can be a positive for many buyers.
5. What are the implications of a detached garage?
A detached garage offers flexibility and can reduce noise transfer to the house. However, it requires going outdoors to access, which can be a consideration during Winnipeg winters. Its condition and potential for alternative uses (like a workshop) would be worth investigating.