Property Overview
This home at 1029 Waller Avenue in Winnipeg’s Maybank neighbourhood presents a distinct value proposition centered on its land. Built in 1955, the 720 sqft house is modest in size, ranking below average for living space both locally and city-wide. Its assessed value is consistently around the average for its immediate area. The defining and exceptional characteristic is the lot: at just under 9,000 sqft, it ranks in the top 1% on its street and top 3% in Maybank for land area. This creates a notable imbalance between the scale of the house and the potential of its property. It last sold between $350k-$400k in 2023.
Key Characteristics & Appeal
The primary appeal here is the expansive, rare lot size within a mature neighbourhood. The house itself is a compact, no-frills post-war bungalow, likely requiring updates. Its value lies not in its current condition or size, but in its underlying asset—the land. This property would suit a specific buyer: either someone seeking a large, private outdoor space for gardens, recreation, or pets with a simple home to gradually renovate, or an investor/developer who sees long-term potential in the lot itself. It’s a “footprint-in-the-ground” opportunity where you’re primarily purchasing land, with a functional house included. For buyers wanting immediate move-in condition or maximum interior space, this is not the best fit.
Frequently Asked Questions
1. Is the house in good condition?
The listing does not specify condition, but the 1955 build date and modest assessed value suggest it’s a basic, older home likely needing modernization. A thorough inspection is essential.
2. Why is the lot so much larger than others?
This isn’t detailed, but it’s a characteristic of some older subdivisions where lot sizes varied more. It represents a rare find in today’s market where newer lots are typically smaller.
3. What could the large lot be used for?
Uses could include extensive gardening, adding a large garage or workshop, creating outdoor living spaces, or, subject to zoning and city approvals, future expansion or redevelopment. The lot is the main asset.
4. How does the 2023 sale price relate to the assessed value?
The sale price ($350k-$400k) is significantly higher than the ~$35k assessed value. This is normal; assessed value for municipal tax purposes is not market value. The sale price reflects the market value of both the land and the house.
5. What are the immediate next steps if interested?
Verify all development and zoning bylaws with the city to understand the full potential and any restrictions on the lot. Then, arrange a viewing to assess the home’s condition and truly grasp the size and layout of the unique property.