Property Overview: 861 Lipton Street, Winnipeg
Key Characteristics & Appeal
This home is a classic two-and-a-half storey character property built in 1914, located in the Daniel McIntyre neighbourhood. Its primary appeal lies in offering above-average living space for the area—at 1,350 sqft, it provides more room than most comparable homes on its street and in the community—while carrying a notably low assessed value. This combination suggests potential for value-conscious buyers willing to take on a project or investors looking for a character property with a manageable entry point.
The home sits on a modest, city-typical lot and features a renovated basement, adding functional space. Its age and value metrics indicate it is likely a fixer-upper or a property that benefits from significant depreciation. It would suit a practical first-time buyer comfortable with older home maintenance, an investor seeking a rental property with character in a central neighbourhood, or a buyer prioritizing interior space over a large yard. A less obvious perspective is that its lower land area and assessed value could translate to relatively lower property taxes, which is a key long-term affordability factor.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
Assessed value is based on a provincial formula considering factors like age, size, condition, and recent sales. For a 1914 home with a smaller lot in this area, a lower assessment is common and often reflects the property's age and market position rather than its potential.
2. What does "above average" for living area actually mean for daily life?
It means you're getting more interior square footage than about 75% of similar homes on Lipton Street. In practical terms, this could allow for additional bedrooms, larger common areas, or more flexible living spaces compared to other houses in the immediate vicinity.
3. Is a renovated basement a major advantage?
It can be, as it adds usable living or storage space without the need for a full renovation. However, it's important to verify the quality and permits for the work, and to check for moisture issues common in older Winnipeg basements.
4. Who might this property not be suitable for?
It may not suit buyers seeking a modern, turn-key home, those who prioritize a large private yard, or anyone hesitant about the ongoing maintenance and potential updates required for a 110-year-old house.
5. The home sold very recently (March 2024). What does that indicate?
A recent sale suggests a fluid market for such properties. It could indicate investor activity, a quick renovation resale, or simply a desirable price point. Reviewing the sale history (if available) would clarify if it was a long-term hold or a short-term flip.