Property Overview
This one-and-a-half storey home at 388 Berry Street in Winnipeg's King Edward neighbourhood presents a practical opportunity with notable space. Built in 1946, its key appeal lies in its generous proportions relative to the area. The 1,344 sqft living area is comfortably above average for both the street and the neighbourhood. A standout feature is the land: at 6,587 sqft, the lot size ranks in the top 4% for King Edward, offering rare outdoor space and potential. The home includes a renovated basement and a detached garage.
Its appeal is grounded in value and space. For the price, you secure more house and significantly more land than is typical for the area. It suits a buyer looking for a solid, no-frills home with room to grow, garden, or simply enjoy privacy. It would particularly fit a practical first-time buyer, someone who values outdoor space over a brand-new build, or an investor seeking a property with a strong land component in an established community.
Frequently Asked Questions
How does the assessed value compare to recent sale prices?
The home was assessed at $25,200, but sold for between $295,000 and $325,000 in October 2024. This large discrepancy is common, as municipal assessments often lag behind market values and use different valuation methods.
What does the "Elite" ranking for land area mean?
This means the property's lot size is larger than approximately 96% of comparable properties in the King Edward neighbourhood. It indicates a rare opportunity for a sizable yard in this area.
Is the renovated basement a legal suite?
The listing notes a renovated basement but does not specify it as a legal secondary suite. Buyers should verify its compliance with local regulations if considering rental income.
How does the home's age affect maintenance?
Built in 1946, the home is older than about 77% of properties citywide. Prospective buyers should budget for and prioritize inspections of older mechanical systems, the roof, and the foundation, common upkeep points for homes of this era.
Why is the living area considered above average, but the assessed value is around average for the area?
The living space is generous for King Edward, but the assessed value incorporates many factors, including the home's age, condition, and specific features. The data suggests you get more square footage per dollar here compared to many neighbourhood listings, which is part of its value proposition.