Property Overview & Key Characteristics
This 1960-built bi-level home at 262 Moray Street presents a practical opportunity in Winnipeg's Silver Heights neighbourhood. Its primary appeal lies in a combination of generous outdoor space and recent updates. The standout feature is the large 7,703 sqft lot, which places it in the top tier for size on its street and offers significant potential for gardening, recreation, or expansion. The home itself has a renovated basement, adding functional living space to the 1,008 sqft footprint. A detached garage provides flexible storage or workshop potential.
The property suits first-time buyers or practical downsizers looking for a manageable home with ample yard space in an established area. Its recent sale history (March 2023) provides a clear, contemporary market benchmark. A thoughtful perspective is that while the living area is modest, the large lot and basement renovation effectively expand the usable space, offering value that isn't immediately apparent from the square footage alone. It’s a property for buyers who prioritize land and functional upgrades over a large main-floor footprint.
Frequently Asked Questions
1. How does the lot size compare to typical properties?
The 7,703 sqft lot is notably larger than many, ranking in the top 17% on Moray Street. This is a significant asset, offering more privacy and outdoor space than most neighbouring properties.
2. What does the "renovated basement" entail?
The listing confirms the basement is renovated but does not specify the scope. A prospective buyer should inquire about the work done, the quality of finishes, whether permits were pulled, and how it impacts the overall living space and home value.
3. The home sold recently in March 2023. What does this indicate?
The sale 13 months prior provides a very recent and reliable market price point ($340k), which is useful for understanding current value trends and the seller's potential equity position.
4. How does the assessed value relate to the likely market price?
The municipal assessed value is $32.4k, which is for tax purposes only and is consistently far below actual market value, as demonstrated by the 2023 sale price. Market value is determined by recent sales of comparable properties.
5. Are there any concerns about the living area size?
At 1,008 sqft, the main living area is on the smaller side. However, the renovated basement and very large lot compensate by providing ample space for activities, storage, and potential future upgrades, making it a functionally larger property than the square footage suggests.