Property Overview: 421 De La Morenie Street
Key Characteristics & Appeal
This is a modest, one-storey home built in 1940 on a generously sized lot in Central St. Boniface. Its primary appeal lies in its land—at over 4,100 sqft, the lot is notably larger than most in the immediate area and street, offering valuable potential for expansion, gardening, or outdoor space. The home itself is quite compact at 604 sqft of living area, and features a detached garage and an unrenovated basement. The assessed value and recent sale history position it well below city-wide averages, indicating an accessible entry point into the market.
This property would suit a specific type of buyer: a land-value investor, a hands-on renovator looking for a "blank canvas" project, or a pragmatic first-time buyer willing to live modestly while securing a larger-than-average lot in an established neighbourhood. Its charm is not in its current condition or size, but in its underlying asset—the land—and the future possibilities it presents. A thoughtful perspective is that this home represents a strategic purchase where you are investing more in location and land equity than in the existing structure.
Frequently Asked Questions
1. Why is the living area so much smaller than nearby homes?
At 604 sqft, this is a notably compact home, even for its era. It likely represents a more original, unexpanded floor plan compared to neighbours who may have added extensions or finished upper levels over the decades.
2. What does "below average" assessed value mean for property taxes?
A lower assessed value typically results in lower municipal property taxes. This can be a significant ongoing saving, especially for a buyer planning to renovate or rebuild, as taxes would only be reassessed upon a major improvement or rebuild.
3. Is the large lot size a potential advantage?
Yes. The lot is in the top 27% for size on its own street. This provides rare potential in an established neighbourhood for additions, a garden, outdoor living space, or even future redevelopment, subject to local zoning bylaws.
4. What should I consider about the unrenovated basement?
An unrenovated basement from 1940 will require a thorough inspection for moisture, foundation integrity, and outdated wiring or plumbing. It represents both a project and an opportunity to customize the space to modern standards from the ground up.
5. How does the 2017 sale price relate to the current assessed value?
The 2017 sale price of $21,500 is below the current assessed value of $25,900. This gap can be influenced by market changes, but it also underscores the property's position as a lower-value asset in its current state. It highlights the importance of a current market appraisal versus historical or assessed values.