Property Overview: 624 Lipton Street, Winnipeg
Section 1: Key Characteristics & Appeal
This one-and-three-quarter storey home in Daniel McIntyre presents a distinct opportunity. Its key characteristics include a 1,140 sqft living area, a detached garage, and an unrenovated basement, all on a 2,348 sqft lot. Built in 1909, it is a mature property with clear heritage.
The primary appeal lies in its value proposition. The home’s assessed value is notably low compared to its street, neighbourhood, and the wider city, which suggests a potentially lower property tax burden and an accessible entry point into the market. Its living space is competitively sized for the area, offering comfortable room without being excessive.
This property would suit a specific type of buyer: a hands-on purchaser looking for a character home with renovation potential, an investor considering the fundamentals of the Daniel McIntyre area, or a first-time buyer prioritizing low carrying costs and the chance to build equity through gradual improvements. It’s less suited for someone seeking a turn-key, modern property.
A thoughtful perspective is that while the low assessment is a financial advantage, it often reflects the property’s current condition and renovation needs. The appeal, therefore, is intertwined with the buyer’s vision and capacity to invest sweat equity or capital over time.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than nearby sale prices?
Municipal assessments for taxation purposes often lag behind current market values, especially for older homes that haven’t been recently renovated. A low assessment can indicate significant update potential not yet reflected in the official valuation.
2. What does “one-and-three-quarter storey” mean for the layout?
This classic Winnipeg architecture typically features full-sized main and second floors, with the top “quarter” being smaller, finished rooms in the eaves (like angled-wall bedrooms or a den). It maximizes space efficiently in a character home.
3. Are there concerns with a 1909 build date?
While offering charm, a home of this age requires diligent inspection for foundational integrity, historical wiring or plumbing, and insulation. Its longevity is a testament to its build quality, but modernizing these core systems is a common consideration.
4. How does the unrenovated basement affect usability?
An unrenovated basement offers a blank canvas for future finishing to add living space, but it may also house the home’s mechanical systems (furnace, water heater) in their original state. Budgeting for potential updates or moisture management is prudent.
5. Is the detached garage a pro or a con?
It provides secure storage and parking without consuming main floor square footage. However, it requires maintenance separate from the house, and accessing it in winter means going outside—a factor to weigh against the convenience of an attached garage.