Property Overview: 207 Borebank Street, Winnipeg
Key Characteristics & Appeal
This home presents a distinct profile centered on its generous 6,004 sqft lot in the established North River Heights neighborhood. Built in 1926, it is a century-old property with a compact 704 sqft living area, significantly smaller than most local and city-wide comparables. Its assessed value of $384,000 is relatively average for the city but sits below the norm for its desirable area, suggesting the value proposition leans heavily on the land and location rather than the size or condition of the existing structure.
The primary appeal lies in its potential. The large, above-average lot for the street and neighborhood offers rare space for expansion, gardening, or outdoor living in a mature community. It suits a specific buyer: someone looking for a entry point into a sought-after area, willing to live modestly while planning a future renovation or rebuild, or an investor recognizing the underlying land value. It’s less suited for those seeking immediate move-in condition or spacious, modern interiors without significant investment.
A thoughtful perspective is that this property represents a "blank canvas" opportunity in a neighborhood where large lots are scarce. The price reflects the cost of the land with a small, older home included, making it a strategic purchase for long-term vision over short-term convenience.
Frequently Asked Questions
1. Why is the living area so much smaller than nearby homes?
As a century-old home, its original floor plan reflects the norms of its time. Many neighboring properties have been significantly expanded or rebuilt over the decades, which is a common path for homes of this vintage on sizable lots.
2. How does the sold price range from 2022 relate to the current assessed value?
The property sold for an estimated $400k-$450k in mid-2022. The current $384k assessment is in a similar range, indicating relative market stability. For exact historical sale figures, a manual lookup can be requested.
3. What does the "below average" ranking for Year Built mean?
It simply indicates the home is older than most in its comparison groups. With a construction date of 1926, it is among the older homes on the street, in North River Heights, and across Winnipeg.
4. Is the large lot size typical for North River Heights?
The lot is above average for both the immediate street and the broader North River Heights area, where the typical lot is closer to 5,000-5,200 sqft. This is one of the property's standout features.
5. What are the main considerations for a buyer of this home?
Prospective buyers should prioritize a thorough inspection due to the home's age, budget for potential updates or repairs, and investigate zoning/bylaw requirements for any future expansion or redevelopment to fully capitalize on the lot's potential.