Property Overview & Key Characteristics
This 1978 bi-level home at 114 Balaban Place in Winnipeg's Mission Gardens neighbourhood presents a specific and practical value proposition. Its primary appeal lies in its very large, 8,061 sqft lot, which places it in the top 10% for lot size within the neighbourhood. The home itself is more modest at 748 sqft of living space and features a renovated basement and a detached garage. Key data points show it is one of the newest homes on its street and sits on a lot that is significantly larger than most in the area.
The property would suit a buyer looking for land potential over immediate square footage, such as someone interested in future expansion, gardening, or outdoor space. It may also appeal to an investor or handy purchaser comfortable with a smaller main-floor footprint, who values the finished basement for additional living space and sees the underlying land value as a key asset. Its assessed value is consistent with the area, but its recent 2020 sale price was notably lower than the neighbourhood average, suggesting it could represent a value opportunity for the right buyer.
Frequently Asked Questions
1. How does the living space compare to nearby homes?
At 748 sqft, the main living area is compact and is in the bottom 3% for size within the Mission Gardens neighbourhood. This indicates the home's layout is efficient and the value is more heavily weighted toward its substantial lot and renovated basement.
2. What does the sales history tell us?
The home sold in March 2020 for $23,800, which was below the neighbourhood average at that time. This, combined with its current assessed value of $33,200, may indicate past value or condition issues that have since been addressed, or simply a very favourable purchase for the previous buyer.
3. Is the lot size a typical feature for the street?
No, it is not. With a lot size over 8,000 sqft, this property is in the top 20% on Balaban Place. Most neighbouring properties have smaller lots, making this a distinguishing feature for potential expansion or outdoor use.
4. What is the neighbourhood context?
Mission Gardens is an established neighbourhood. This home is older than about half the homes in the area but is actually one of the newest builds on its specific street. The data suggests a mix of older, established properties and newer infill development in the wider area.
5. Who are the likely competing buyers?
Given the configuration, likely interest could come from first-time buyers or downsizers seeking a manageable footprint with a large yard, as well as from investors or builders who see long-term potential in the land itself, possibly for redevelopment or significant renovation.