Property Overview: 1390 Liberty Street, Winnipeg
Key Characteristics & Appeal
This is a classic 1974 one-storey home in the Wilkes South neighbourhood, sitting on a notably large, half-acre lot (21,778 sqft). The property’s primary appeal lies in its exceptional land size, which ranks in the top 1% of all residential lots in Winnipeg. This presents a rare opportunity for expansion, gardening, or simply enjoying expansive private outdoor space within the city. The house itself is modest at 1,180 sqft with an unfinished basement, suggesting it's a solid foundation or a candidate for renovation. It features a split garage and no pool.
Its value is further highlighted by a total assessed value of $437,000, which places it above 72% of Winnipeg properties, indicating the significant premium attributed to the land. This home would best suit a buyer with a vision—whether that’s a long-term family looking to gradually customize and expand their living space, an investor or builder eyeing the lot’s potential, or someone seeking a peaceful, spacious retreat where the value is firmly anchored in the property itself rather than the current finishes.
Frequently Asked Questions
1. What does the lot size ranking actually mean?
The property’s lot is larger than 99% of all residential properties in Winnipeg, making it exceptionally rare. In its immediate community and street, it is the largest or among the very largest parcels available.
2. The house seems modest compared to the assessment. Why?
The assessed value reflects both the building and the land. In this case, the premium is primarily driven by the substantial, highly desirable lot size, which carries significant inherent value and future potential.
3. Is the unfinished basement a major drawback?
Not necessarily. While it requires investment to finish, it provides flexible, blank-canvas space for storage, a future rec room, or additional bedrooms. For a buyer planning renovations, it allows for customization without the need to undo previous work.
4. What should I consider about a home built in 1974?
While the structure is proven, prospective buyers should budget for potential updates to major systems (like roof, windows, or HVAC) that may be nearing the end of their typical lifespan, and factor this into renovation plans.
5. Who would this property not suit?
It may not be ideal for someone seeking a turn-key, modern home with no projects. The value here is in the land and the opportunity it presents, requiring a willingness to invest time or capital into the existing structure.