Property Summary: 594 Waverley Street, Winnipeg
Key Characteristics & Appeal
This is a classic 1951 one-storey home in the established Central River Heights neighbourhood. Its primary appeal lies in its generous 5,851 sqft lot—larger than the city average—offering significant outdoor space and potential in a central location. The home itself is modest in size at 990 sqft of living area, which is notably compact compared to most nearby homes. Key features include a renovated basement and a detached garage.
The property suits two main types of buyers. First, it’s a practical entry point into a desirable neighbourhood for a first-time buyer or downsizer comfortable with a smaller, efficient footprint who values land over square footage. Second, it represents a clear value-adding opportunity for an investor or renovator looking to update or expand the existing structure on a sizable lot, given its below-average assessed value for the area. Its appeal is grounded in the lot’s potential and location rather than the current home’s size or modern finishes.
Frequently Asked Questions
1. Is the low assessed value a concern?
Not necessarily. The assessed value is below average for Central River Heights and Waverley Street, but around the median city-wide. It primarily reflects the home’s smaller size and age compared to neighbouring properties, not the land value or location, and may present a favourable property tax situation.
2. How does the lot size compare?
The lot is a key asset. At 5,851 sqft, it is larger than the average Winnipeg lot and is around the median size for Central River Heights, offering more private outdoor space than many properties in the city.
3. Who might this home not suit?
It may not suit buyers seeking a move-in-ready home with modern, open-concept layouts or those requiring multiple bedrooms and ample living space on the main floor, given its compact footprint.
4. What does the "renovated basement" imply?
While specifics aren’t listed, this indicates the lower level has been updated. Buyers should inquire about the scope, permits, and finished area to understand if it adds functional living space or primarily modernized utilities and storage.
5. The home last sold in 2016 for $28,500. Is the current price justified?
The 2016 sale price was exceptionally low, even for the time. The current assessed value of $36,100 reflects a more recent municipal valuation. Any listing price will be influenced by current market conditions, the renovated basement, and the underlying land value in a prime neighbourhood, making direct comparison to the 2016 sale misleading.