Property Overview: 115 Balaban Place, Mission Gardens, Winnipeg
Key Characteristics & Appeal
This home at 115 Balaban Place presents a compelling value proposition within its established Mission Gardens neighbourhood. Built in 1978, the property stands out on its street for its above-average living space of 1,232 sq ft, placing it in the top 5% of homes on Balaban Place for size. The assessed value of $38,800 is notably the highest on the street, suggesting a premium valuation relative to immediate neighbours. The lot size of 5,191 sq ft is consistent with area norms.
The primary appeal lies in its strong positional value. It offers more interior space than most comparable homes on the street and in the wider Mission Gardens area, providing a practical advantage for buyers seeking room without moving to a newer, potentially more distant suburb. It suits buyers who appreciate an established, stable neighbourhood and are looking for a home that is a leader on its block in terms of size and official valuation. It may also attract value-conscious buyers noting the significant difference between its assessed value and the much higher city-wide average for homes, which can indicate different market dynamics or a potential long-term value opportunity in the area.
Frequently Asked Questions
1. Why is there such a large gap between this home's assessed value and the city-wide average?
Property assessments are based on a mass appraisal system and reflect a home's value relative to similar properties in its market area. A lower assessment compared to the city average is typical for many mature neighbourhoods and reflects local market conditions, not necessarily the condition or desirability of this specific home.
2. How does the sold price history from 2016 relate to today's value?
The prior sale price (CA$300k–350k in 2016) is a historical data point. Market conditions, property improvements, and area trends have evolved since then, so it should not be used as a direct indicator of current value but as part of the property's story.
3. The home is described as "Elite" for some metrics on its street. What does that mean?
This indicates that for specific features—like living area, assessed value, and year built—this property ranks in the top 5% or better compared to the 64 homes on Balaban Place. It signifies a strong standing within its most immediate comparison group.
4. What might the "around average" lot size mean for a buyer?
With a 5,191 sq ft lot that is typical for Mission Gardens, buyers can expect a standard suburban yard for the area. It likely offers adequate outdoor space without the maintenance demands of a significantly larger lot, striking a practical balance.
5. Who would benefit most from requesting the exact sold price history?
Serious buyers or their agents conducting in-depth comparative market analysis would find the exact figure most useful. It provides a precise anchor for understanding how this property was previously valued in a specific market moment, aiding in formulating a current offer.