Property Summary: 523 Besant Street, Winnipeg
Section 1: Key Characteristics & Appeal
This 1,257 sqft bungalow, built in 1959 on a 5,395 sqft lot in Munroe East, presents a distinct value profile. Its primary appeal lies in its generous living space, which ranks in the top 6% for the neighbourhood and top 4% on its own street, offering more room than most comparable local homes. The lot size is also notably above average for the area. This is balanced by a significantly below-average assessed value, both locally and city-wide, suggesting a potential value opportunity or a property in need of modernization.
The home would suit practical buyers looking for space and land in a mature neighbourhood without a premium price tag. It’s a fit for those comfortable with a home from the late 1950s, possibly seeing potential in updates or expansions. The data suggests it’s a “diamond in the rough” for a handy-person or investor, rather than a turn-key property, appealing to those who prioritize square footage and lot size over immediate move-in condition.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value is based on municipal valuation for tax purposes and is significantly below the city-wide average for comparable homes. This can be due to a variety of factors, including the home’s condition, specific market trends in East Winnipeg, or the assessed values in its comparison group.
2. How does the living area compare to nearby homes?
This home’s living area is a standout feature. It is larger than approximately 96% of similar homes in the Munroe East area and 94% of homes on Besant Street itself, offering more interior space than most direct neighbours.
3. What does the sold price history indicate?
Records show the property last sold between 2019 for an estimated $200k-$250k. This sale price was in the top 86% for the area at that time, meaning it sold for more than most neighbourhood homes, which may indicate its size has historically commanded a price premium.
4. Is the lot size typical for the area?
The lot is above average for Munroe East, ranking in the top 28% of the neighbourhood. It provides a larger-than-typical outdoor space for the immediate area, though it is closer to the average when compared to the entire city.
5. What are the implications of the 1959 build year?
The home is of a similar age to many in the neighbourhood and city-wide. Buyers should budget for potential updates common to houses of this era, such as roofing, windows, or electrical systems. The consistent age with the area suggests a stable, mature streetscape.