Property Overview: 304 Wallasey Street, Winnipeg
Key Characteristics & Appeal
This one-storey home in the Booth neighbourhood is defined by its generous 6,361 sqft lot, which is larger than most on its street and in Winnipeg overall. Built in 1959, the house itself has a modest 936 sqft living area and features a detached garage and an unrenovated basement. The property’s recent sale in May 2024 for $37,000k significantly exceeded its assessed value, indicating strong market interest or potential seen by the buyer.
Its primary appeal lies in its land value and location within a well-established area. The lot size offers ample outdoor space and future potential, a rarity in older neighbourhoods. It would suit a value-driven buyer looking for a footprint in a mature community, willing to take on a home that may require updates. It could also appeal to an investor or builder who sees the underlying land value, given the price paid relative to the current assessed value suggests a longer-term vision beyond the existing structure.
Frequently Asked Questions
1. What does the significant difference between the sale price and assessed value mean?
The sale price reflects what a buyer recently agreed to pay in the open market, while the assessed value is for municipal tax purposes. This gap can indicate that buyers see immediate potential or value in the property that isn't yet reflected in the official assessment, often related to the land or location.
2. Is the large lot size a major advantage?
Yes. A lot of this size (over 6,300 sqft) in an established neighbourhood offers valuable outdoor space, privacy, and future possibilities like additions, a garden, or even redevelopment, which is increasingly hard to find.
3. Who is the typical buyer for a property like this?
This property is likely to attract practical buyers who prioritize land and location over a move-in-ready home. This includes renovators, investors considering long-term holding or redevelopment, and buyers wanting a large yard in a mature area.
4. How does the living area compare to the neighbourhood?
At 936 sqft, the living space is actually in the top 12% for size on its specific street, but ranks similarly within the wider neighbourhood and city. This suggests the home's size is typical or slightly above average for its immediate area.
5. What should I consider about the "unrenovated basement"?
This means the basement is in original or functional condition but hasn't been modernized. It offers usable space and storage but will likely need investment to finish it to contemporary standards. It represents both a current cost-saving on the purchase price and a future opportunity.