Property Overview: 38 St Germain Street, Winnipeg
Section 1: Key Characteristics & Appeal
This home at 38 St Germain Street in Minnetonka presents a compelling mix of space, value, and established neighbourhood character. Built in 1974, it sits on a generous 7,197 sqft lot that is notably larger than the typical Winnipeg property, offering ample outdoor potential. With 1,530 sqft of living area, the interior space is comfortably above average for its immediate street and the city overall.
The primary appeal lies in its balanced profile. It offers more house and land than many comparable properties, yet its assessed value is positioned at or below average for its area. This suggests a potential value opportunity for a buyer willing to invest in updates or personalization. The home last sold in the 2022 price range of CA$500k–550k, providing a recent market benchmark.
This property would suit practical buyers looking for a solid, spacious foundation in a mature neighbourhood. It’s ideal for someone who prioritizes lot size over a modern, turn-key condition, and sees potential in a home that may benefit from renovations. It could appeal to young families seeking room to grow, or value-oriented investors or homeowners comfortable with a property that offers more tangible assets (space, land) than premium finishes.
Section 2: Frequently Asked Questions
1. What does the assessed value tell us about the property?
The assessed value of $40.50k is around or below average for the area. This can indicate a few things: the property may be due for reassessment, it might have a lower valuation due to its condition or specific features, or it could represent a relative value compared to nearby homes. It's a starting point for understanding its municipal tax base, not its market price.
2. How does the lot size compare meaningfully?
At 7,197 sqft, the lot is in the top 15% city-wide for size. This is a significant asset, offering more privacy, landscaping possibilities, or space for additions like a garage, deck, or garden than most properties in Winnipeg. On its own street, it's also above average, meaning it isn't overshadowed by neighbouring lots.
3. The home was last sold in 2022. What should I consider?
A sale just a few years ago means the current market price will be closely influenced by that recent transaction and the changes in the market since. It’s important to investigate what, if any, updates were made by the sellers during their ownership to understand the current condition and value.
4. The living area is above average, but the year built is 1974. What's the trade-off?
You are getting more interior square footage than many homes, which is a major plus. The trade-off is that a home from the 1970s may have original or aging core components, like windows, roofing, or mechanical systems. The value comes from the space itself, with the understanding that some systems may need attention or modernization.
5. Who are the most relevant "comparable homes" for this property?
The data compares it on three levels: its immediate street (24 homes), the Minnetonka area (1,515 homes), and city-wide. For a true sense of value, focus on the "Same area" (Minnetonka) comparisons. This shows the home's living space is typical for the neighbourhood, its lot is average, and its assessed value is also mid-range, making it a very representative property for Minnetonka.