Property Overview
This one-storey home at 538 Waverley Street in Central River Heights is a property defined by its land and location more than its living space. Built in 1953, the house itself is a modest 1,114 sqft but sits on a generous 6,497 sqft lot, which is notably larger than most in both the neighbourhood and city. A key feature is the renovated basement, adding functional space, and the property includes a detached garage. Its most recent sale was in December 2024 for $42,500.
Key Characteristics & Appeal
The primary appeal of this property lies in its land potential within a highly desirable, established neighbourhood. The lot size is well above average for Central River Heights, offering rare space for expansion, gardening, or outdoor living. The renovated basement adds immediate usable square footage, making the home more functional than the main floor area alone suggests. This combination suits specific buyers: those looking for a solid foundation to customize or expand (a "foot-in-the-door" for the area), investors or builders attracted to the redevelopment potential of the large lot, or downsizers seeking a manageable single-level home with a low-maintenance footprint but a generous private yard. A less obvious perspective is that the significant difference between the 2024 sale price and the previous 2019 sale of $400k highlights a unique opportunity, likely as a vacant lot or teardown, making it a strategic purchase rather than a traditional move-in-ready home.
Frequently Asked Questions
1. Why is there such a large difference between the 2024 and 2019 sale prices?
The dramatic price change typically indicates a fundamental change in the property, such as the previous home being demolished or severely damaged, making the 2024 sale effectively for the land value and any remaining structures.
2. Is the house livable in its current state?
While the basement is noted as renovated, the very low sale price suggests the main house may be minimal, in need of significant repair, or not intended for immediate occupancy. Due diligence and a professional inspection are essential.
3. What are the possibilities for the large lot?
The lot size presents options such as building a new, larger home, adding a significant extension to the existing structure, or potentially subdividing the lot, subject to City of Winnipeg zoning and approval.
4. How does the assessed value relate to the sale price?
The 2024 assessed value ($45,800) is close to the sale price ($42,500), indicating the city’s assessment aligns with its current value as a land play. This differs from the previous assessment, which reflected the former improved property.
5. What makes the Central River Heights location desirable?
The neighbourhood is consistently sought-after for its mature tree-lined streets, proximity to parks, the Assiniboine River, and amenities like Corydon Avenue, offering a blend of quiet residential charm and urban convenience.