Property Overview
This home at 391 Hudson Street in Winnipeg's Maybank neighbourhood presents a distinct value proposition centered on its land. Built in 1945, the 1,038 sqft house is modest, with an assessed value significantly below area averages. Its primary asset is the 7,358 sqft lot, which is notably larger than most in the wider city and neighbourhood. Recent sales data indicates it sold in the $250k-$300k range in 2024.
Section 1: Key Characteristics & Appeal
The appeal of this property lies in a clear trade-off: it offers a substantial lot in a mature neighbourhood, but the house itself is older and valued well below local norms. Its key characteristics include a very low property assessment, a lot size in the top 10% for Maybank, and a living area that is roughly average for the street.
This home would best suit a specific type of buyer. It’s a prime candidate for someone looking for a long-term land play—whether for future expansion, gardening, or the simple premium of space. It could also appeal to an investor or handy homeowner willing to update an older home, as the low assessed value suggests significant potential to increase the property’s worth through renovations. It is less suited for buyers seeking a modern, turn-key home without renovation plans.
A thoughtful perspective is that the below-average assessment, while reflecting the home’s current state, may also represent a relative property tax advantage. Furthermore, the large lot in an established area offers a sense of privacy and space that is increasingly rare, providing a canvas for the buyer’s own vision rather than a finished product.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than nearby homes?
The assessment is based primarily on the property’s state and market value at a point in time. Given the home’s age (1945) and its below-average ranking for value on its own street, the assessment likely reflects the condition and features of the dwelling itself, not the land value.
2. What does the large lot size mean for me?
The lot of over 7,300 sqft is a significant asset. It provides ample outdoor space, potential for additions like a garage or workshop, and more privacy than smaller, newer lots. It’s a key feature that may not be apparent from the street but offers long-term flexibility.
3. Who would this property not be a good fit for?
It may not suit buyers who want a move-in-ready home without any projects, or those who prioritize a modern layout and high-end finishes immediately. The data suggests this is a property with potential that requires a vision and likely some investment.
4. The sold price seems higher than the assessed value. Is that normal?
Yes, this is common. The assessed value for taxation purposes often lags behind the actual market value, especially in a rising market or when a property has unique features (like a large lot) that buyers are willing to pay a premium for.
5. What are the main considerations for a home built in 1945?
Prospective buyers should budget for and investigate the condition of major aging components, such as the roof, plumbing, electrical systems, and insulation. An inspection is crucial. However, homes of this era often feature solid construction and character not found in newer builds.