Property Overview: 394 Belvidere Street, Winnipeg
Section 1: Key Characteristics & Appeal
This one-and-a-half storey home in Deer Lodge presents a straightforward opportunity in a well-established neighbourhood. Built in 1948, it is notably newer than many homes on its street. With 1,153 sqft of living space and a 4,807 sqft lot, its size is consistently average for the immediate area, offering comfortable but not expansive room. A key feature is the detached garage, adding practical storage or workshop space.
The primary appeal lies in its value proposition. The home’s assessed value is significantly below average for Deer Lodge and city-wide benchmarks, suggesting a potentially accessible entry point into the market. This is a property that suits practical, value-conscious buyers—perhaps first-time homeowners, downsizers, or investors—who see potential in a solid, post-war character home. Its appeal is less about luxury finishes (the basement is noted as unrenovated) and more about securing a footprint in a mature neighbourhood where the land and location provide the foundation, leaving room for the buyer to add their own value over time.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than area averages?
While the exact reason for an assessment is determined by the municipal assessor, a value this far below neighbourhood and city averages often relates to the home's condition, specific market factors at the time of assessment, or its original, unrenovated state compared to updated homes nearby.
2. What does "one-and-a-half storey" mean for this home?
Typically, this style features a full main floor with a second level under sloping roof lines, often containing cozy bedrooms or additional living space. It’s a classic Winnipeg design that maximizes space within a smaller footprint.
3. Is the unrenovated basement a major concern?
It represents both a consideration and an opportunity. It will require inspection for moisture, insulation, and foundational integrity. For a buyer comfortable with projects, it also offers a blank canvas to finish according to their needs without paying a premium for someone else’s renovations.
4. How does the 2017 sale price relate to today’s value?
The 2017 sale price is a historical data point. The current assessed value and eventual market price will be driven by today’s market conditions, interest rates, and the property's present state, making that previous sale a reference, not a direct guide.
5. What are the less obvious benefits of a detached garage?
Beyond parking and storage, a detached garage offers flexibility. It can be used as a workshop, hobby space, or home gym without noise or fumes entering the main house. It also provides potential for future development, like creating a lane-way suite (subject to zoning and permits), or can simply be a safer option for storing yard equipment and tools.