Property Overview

This 1954 one-storey home at 611 Borebank Street in Winnipeg's Central River Heights presents a distinct value proposition centered on its land and location. The 972 sqft house sits on a notably large 6,720 sqft lot, which ranks within the top 3% for size on its own street. While the living space is modest and below area averages, the property features a renovated basement and a detached garage. Its assessed value is around $390k, positioning it as a more accessible entry point into this desirable neighbourhood.

The primary appeal lies in its generous lot within a well-established community. This isn't a move-in-ready showcase home, but a solid foundation. It perfectly suits a buyer with a vision—perhaps someone looking for a long-term home with room for future expansion, a garden, or outdoor space, who is comfortable with a cozy interior or a gradual renovation plan. It also appeals to the value-conscious buyer prioritizing location and land size over immediate square footage, understanding that the lot itself is the appreciating asset in a mature neighbourhood.

Frequently Asked Questions

1. Is the house too small for the neighbourhood?
While the living area is below average for Central River Heights, the property is aligned with other homes of similar assessed value. It offers a balance, providing access to the neighbourhood at a lower price point, with the trade-off being less interior space.

2. What does the "renovated basement" include?
The listing confirms the basement is renovated but does not specify the scope. This is a key detail to clarify with the seller or agent, as it could significantly add to the functional living space.

3. How does the large lot add value?
Beyond private outdoor space, a lot in the top 3% on its street offers future potential. It provides flexibility for additions, landscaping projects, or simply holds value as a scarce commodity in a mature area where large lots are uncommon.

4. Are the recent sale prices relevant?
The sales in 2021 ($348k) and 2022 ($415k) show significant appreciation in a short time and help establish a price trajectory. The current assessed value of $390k sits between them, suggesting a valuation that considers that recent history.

5. Who is the typical buyer for this home?
This property likely attracts first-time buyers or downsizers seeking a foothold in River Heights without the premium for a larger house. It's also a candidate for investors or builders who see the underlying value in the land, though the renovated basement suggests it's currently a liveable home.