Property Overview: 716 Lipton Street, Winnipeg
Section 1: Key Characteristics & Appeal
This two-storey home, built in 1913, presents a classic character property in Winnipeg's Daniel McIntyre neighbourhood. With 1,200 sqft of living space, its size is typical for the area, offering a practical layout for daily living. The property sits on a 2,346 sqft lot, which is modest compared to city-wide averages but consistent with the neighbourhood's established, close-knit feel.
The primary appeal lies in its position as an entry-point home or a strategic investment. Its assessed value is significantly below both the local street and city-wide averages, suggesting potential for value growth or an affordable foothold in the market. The home retains its original basement, which is noted as not being renovated, indicating an opportunity for a buyer to customize and add value according to their own needs and timeline. This property would suit a first-time buyer comfortable with a home that may require gradual updates, or an investor looking for a character property with solid fundamentals in a central location. Its average-to-below-average metrics across the board paint a picture of a no-frills, honest home where the value is in the structure, the location, and the potential, rather than in recent high-end finishes.
Section 2: Frequently Asked Questions
1. What does "basement not renovated" imply?
It means the basement remains in a largely original state. A buyer should budget for potential updates to insulation, flooring, or layout to modernize the space, but it also offers a blank canvas for customization.
2. Why is the assessed value so much lower than average sale prices in the area?
Assessed values for taxation purposes often lag behind market values, especially for older homes that haven't been recently sold or substantially renovated. This discrepancy can sometimes indicate a more affordable purchase price, but a market evaluation is essential.
3. Is the smaller lot size a disadvantage?
While smaller than a suburban lot, it means less exterior maintenance. For many urban buyers, this is a practical trade-off that contributes to the neighbourhood's walkable, community-oriented character.
4. What are the considerations with a home built in 1913?
Character comes with age. Prospective buyers should prioritize a thorough inspection focusing on the foundation, roof, wiring, and plumbing to understand the home's condition and plan for any necessary updates or maintenance.
5. How does the last sale price from 2020 relate to today's value?
The 2020 sale price is a historical data point. Current value is determined by today's market conditions, the property's state, and comparable recent sales. It serves as a reference for the home's history, not its current market price.