Property Overview: 708 Banning Street, Winnipeg
Key Characteristics & Appeal
This is a substantial two-and-a-half storey home in Daniel McIntyre, built in 1914. Its primary appeal lies in its above-average living space of 1,741 sq ft, which ranks in the top 7% for both the street and the neighbourhood, offering more room than most comparable properties. The home sits on a standard city lot and features a basement, though it is noted as not being renovated. There is no garage or pool.
The property presents a distinct value proposition. Its assessed value is significantly below average for the street and the city, which, combined with its generous interior footprint, suggests a potentially lower entry point for a character home with room to grow. This dynamic makes it particularly suited for value-conscious buyers, such as DIY renovators or investors looking for a project with solid square footage in an established neighbourhood. It’s a property that trades modern updates for raw space and potential, appealing to those who see value in the structure itself and are prepared to tailor it to their own needs over time.
Frequently Asked Questions
1. Why is the assessed value so much lower than nearby homes?
While the home offers ample living space, the below-average assessment likely reflects its unrenovated state, including the basement, and its age relative to the city-wide market. It indicates a property where the value is primarily in the land and structure, not in modern finishes.
2. What does "two-and-a-half storey" mean for this home?
Typically, this style features two full floors of living space with a smaller third floor under a sloped roof, often used as additional bedrooms or storage. For a 1914 home, this adds to its classic character and functional space.
3. Is the lack of a garage a major drawback?
This is common for older homes in central neighbourhoods. Buyers should consider on-street parking permits or the feasibility and cost of adding a rear lane garage, if space and bylaws allow.
4. How significant is the "not renovated" basement note?
This is a key consideration. It likely means the basement is in original or utility condition, not finished as living space. Budgeting for potential moisture management, insulation, or foundational updates should be a priority in any inspection.
5. The home last sold in April 2022. What should I consider?
The sale two years ago provides a recent market price point. Investigating why it is back on the market so soon, and comparing that sale price to the current asking price, can offer insight into market trends and the seller’s circumstances.