Property Overview
This well-situated one-storey home at 623 Borebank Street in Winnipeg's Central River Heights presents a compelling opportunity, particularly for its land value and location. Built in 1953, the house itself offers 1,040 sqft of living space with a renovated basement. The property includes a detached garage and sits on a 6,000 sqft lot, which is notably larger than many in the immediate area and neighbourhood. Its appeal lies in a solid, above-average lot size in a desirable community, paired with a home that offers functional, updated living space. The most recent sale was in December 2021 for $50,500, and its assessed value remains strong compared to local peers.
This property would suit a pragmatic buyer who values land potential and location over sheer interior size. It's ideal for a first-time homeowner looking to enter the River Heights area, an investor considering the value of the lot for future redevelopment, or someone seeking a manageable home with a generous yard in a central, established neighbourhood.
Frequently Asked Questions
1. Is the house in good condition?
While specific interior conditions aren't detailed here, the listing notes the basement has been renovated. As a 1953 build, prospective buyers should budget for a thorough inspection to assess the condition of major systems like roof, plumbing, and wiring, which are typical considerations for homes of this era.
2. Why is the sale price from 2021 so much lower than typical home prices?
The recorded sale price of $50,500 reflects a specific transaction from late 2021. This could represent a sale between family members, a lot-value transaction, or a unique circumstance. The current assessed value and market value would be determined by recent comparable sales and are likely significantly higher.
3. How does the lot size compare to others?
The 6,000 sqft lot is a key feature. It ranks in the top 17% on its own street and the top 22% within Central River Heights, meaning it's substantially larger than many neighbouring properties. This offers more outdoor space and potential.
4. What are the implications of a "renovated basement"?
This indicates the lower level has been modernized, likely adding functional living space. Buyers should verify the quality of the renovation, whether proper permits were obtained, and if the space is legally considered finished square footage.
5. Who might this property not suit?
It may not be the best fit for buyers seeking a large, modern interior without renovation work, as the living area is below the neighbourhood average. Those needing attached garage parking or a move-in-ready home without any projects may also want to consider other options.