Property Overview: 1645 Lee Boulevard, Winnipeg
Section 1: Key Characteristics & Appeal
This property presents a compelling profile defined by a significant contrast between its land and structure. Its most outstanding feature is the exceptionally large lot of approximately 87,382 square feet, placing it in the top 1% of all homes in Winnipeg. This offers rare potential for privacy, expansion, gardening, or future development, setting it apart from typical suburban lots.
The 1,753 sqft bungalow, built in 1987, is functional but modest relative to its surroundings. While its living space and assessed value are below the averages for its immediate street and Waverley West neighbourhood, they are notably above the average for the entire city. This indicates you are acquiring a home with solid city-wide fundamentals in a generally newer, higher-valued area.
The appeal lies in a "value-entry" proposition into a desirable neighbourhood, with the land itself being the primary asset. It suits buyers who prioritize long-term land value and space over a move-in-ready, modern interior. It’s ideal for those with renovation or expansion plans, multi-generational families seeking to add a secondary suite, or anyone desiring a country-like parcel of land without leaving the city. The below-average tax assessment for the area is also a practical financial advantage.
Section 2: Frequently Asked Questions
1. Is the house outdated and in need of major renovation?
Given its 1987 build date—older than most in the neighbourhood—some updates are likely. Buyers should budget for modernizing interiors, mechanical systems (like roof, furnace), and potentially improving energy efficiency to bring it in line with newer area standards.
2. Why is the tax assessment lower than the neighbourhood average?
The assessment reflects the current state and size of the home itself, which is older and slightly smaller than the area average. The massive land value is a separate component. This can mean relatively lower property taxes now, but any significant improvement to the house would likely trigger a reassessment.
3. What can I do with such a large lot?
The possibilities are a major draw. Beyond a large yard, options could include adding a substantial garage/workshop, creating a separate garden suite (subject to zoning), subdividing the lot (requires city approval and feasibility studies), or simply enjoying unparalleled green space.
4. How does being an older home on this street affect resale?
It creates a unique market position. It may appeal to a specific buyer seeking land, but could be overlooked by those wanting a turn-key home. Your future investment in updates and the enduring value of the land will be key factors.
5. Are utilities and maintenance more expensive for a property of this size?
Potentially, yes. Heating/cooling a 1987 bungalow may be less efficient than a newer home. Maintenance of a two-acre lot (lawn care, fencing, snow clearing) will also incur higher costs or require more time/equipment compared to a standard lot.