Property Overview
This 1,109 sqft one-storey home at 487 Banting Drive in Winnipeg's Kirkfield neighbourhood presents a practical opportunity. Built in 1959, its key appeal lies in a renovated basement and a land area that is notably above average for both the neighbourhood and the city, offering a generous 7,526 sqft lot. The living space is on par with area norms, while its assessed value sits below average for its immediate street, potentially indicating room for value growth or a competitive entry point.
The home suits first-time buyers or practical investors looking for a solid foundation in a stable neighbourhood without a premium price tag. Its larger lot is a standout feature for those who prioritize outdoor space, garden potential, or future expansion over a larger interior footprint. The renovated basement adds functional living space, appealing to buyers needing a rec room, home office, or separate living area. It’s a property for someone comfortable with a home from the late 1950s, who sees potential in the land and the finished lower level rather than in high-end, move-in-ready finishes.
Frequently Asked Questions
1. Is the lot size a major advantage?
Yes. The lot is significantly larger than both the Kirkfield and city-wide averages. This provides more private outdoor space and potential for gardening, play areas, or storage sheds than many comparable properties.
2. Why is the assessed value below average for the street?
While the exact reasons for an assessment are determined by the city, factors often include the home's age, specific condition, and the size/features of the dwelling itself relative to others. The below-average assessment on the street suggests this property may be valued more for its land than its structure compared to neighbours.
3. What does "renovated basement" typically mean for a home of this era?
It usually indicates updated living space below grade, but a buyer should verify the scope, quality, and permits for the work. Key considerations are moisture control, ceiling height, and the quality of finishes, as basements in 1950s homes can have inherent limitations.
4. Who might this property not suit?
It may not suit buyers seeking a modern, open-concept layout or a home with a garage. As a one-storey with a basement, the main-floor living area is compact. Those wanting a turn-key property with recent major updates (roof, windows, HVAC) should investigate the condition of these elements closely.
5. How does the sold price history help?
The last recorded sale (approx. $34.5k-$37.5k in 2023) provides a recent market benchmark. Comparing this to the current assessed value and asking price (if listed) helps gauge the market trend and potential negotiation room. It's a concrete data point in an otherwise speculative evaluation.