Property Overview: 864 Banning Street, Winnipeg
Key Characteristics & Appeal
This two-storey home, built in 1913, offers a blend of established character and practical space. Its primary appeal lies in its above-average proportions for the immediate area. With 1,544 sqft of living space and a 3,274 sqft lot, it ranks in the top 25% of homes on Banning Street for both size and land area. This suggests a more generous footprint than many neighbouring properties, providing room to grow or garden. The home has a basement, but it is noted as not renovated, indicating potential for customization or a project space.
The property suits practical buyers who value space and location over turn-key finishes. It’s ideal for a first-time buyer or investor comfortable with a home that may require updates, or for someone seeking a character home in the Daniel McIntyre neighbourhood with the tangible asset of a larger-than-average lot. A thoughtful perspective is the home’s assessed value, which is above average for the street and neighbourhood but below average city-wide. This positions it as a relatively strong value within its established community, rather than a city-wide bargain, appealing to those focused on hyper-local equity.
Frequently Asked Questions
1. What does "basement, not renovated" typically mean?
It indicates the basement is functional but may have original or outdated finishes, mechanical systems, and utilities. Buyers should budget for potential updates and include a thorough inspection to assess its condition and possibilities.
2. How does the assessed value relate to market price?
The assessed value ($24.40k) is for municipal tax purposes and is historically low. Market price is determined by recent sales. The listing shows a sale in May 2023 for $26.50k, which is a more relevant, though very recent, benchmark. Always rely on a current market evaluation from your agent.
3. The home is over 110 years old. What should I consider?
While the structure has proven durability, focus inspection on major systems: foundation, roof, plumbing, and electrical. Older homes like this often have solid bones but require mindful maintenance and potential upgrades to meet modern standards.
4. With no garage, what are the parking options?
The property likely relies on on-street parking. Check with the city for any permit requirements and observe parking availability at different times to gauge convenience.
5. The lot size is above average for the area. What are the advantages?
A larger lot provides more outdoor private space, better potential for landscaping or gardening, and possibly more natural light and distance from neighbours. It also may offer future potential, subject to zoning bylaws, for additions or developments like a garage.