Property Summary: 620 Simcoe Street, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, one-storey home built in 1901, situated on a generously sized lot in the Daniel McIntyre neighbourhood. Its key characteristic is its stark contrast: the living space is notably small at 484 sq ft, ranking it among the smallest homes in the city, while the land area of 3,288 sq ft is well above average for the immediate area. The home has a detached garage and an unrenovated basement. Its assessed value is significantly lower than both local and citywide averages.
The appeal lies in its potential as a blank canvas. The low property taxes, due to the minimal assessed value, are a clear financial advantage. The large lot presents opportunities for expansion, gardening, or outdoor living that are rare for the neighbourhood. This property would suit a specific type of buyer: a hands-on investor looking for a land-value play, a builder with plans for a new structure, or a minimalist buyer seeking an affordable entry into homeownership with the patience and vision for a gradual, self-directed renovation. It is not suited for those needing immediate move-in condition or ample indoor space.
Section 2: Frequently Asked Questions
1. Is this essentially a teardown?
While the home is very small and old, it is still a standing structure. The decision to renovate, expand, or rebuild would depend on a buyer's budget, timeline, and the results of a thorough inspection. The value here is primarily in the land.
2. Why is the assessed value so much lower than the last sale price?
The property sold for $150,000 in 2022, far above its current $12,300 assessment. This typically indicates that the market price is driven by the lot's development potential or location, not the existing structure's value, which is what the tax assessment primarily reflects.
3. What can I do with such a large lot?
Beyond the potential for a future home addition or rebuild, the lot size allows for substantial landscaping, a large garden, or creating distinct outdoor living areas. It also provides valuable side or rear yard space that many inner-city properties lack.
4. How does the unrenovated basement affect usability?
An unrenovated basement in a 125-year-old home requires careful inspection for moisture, foundation integrity, and utility upgrades. It offers storage or future development space but will likely need significant work to become a finished living area.
5. Are there any hidden costs to consider?
Beyond renovation costs, a home of this age may require updates to essential systems like wiring, plumbing, and insulation to meet modern standards and efficiency. It's crucial to budget for these potential foundational repairs in addition to any cosmetic improvements.