Property Overview
288 Wallasey Street is a classic one-storey home built in 1958, situated on a notably large lot in Winnipeg's Booth neighbourhood. It recently sold for $300,000. The home's primary appeal lies in its substantial, 8,882 sqft land area, which ranks within the top 17% of its neighbourhood, offering significant potential for expansion, gardening, or outdoor living. With a living area of 1,216 sqft and an unrenovated basement, it presents itself as a solid canvas. The property suits buyers looking for a value-oriented entry into the market with a focus on land size over a modernized interior, ideal for those with renovation plans, multi-generational living possibilities, or a desire for generous outdoor space.
Key Details & Suitability
- Key Characteristics: The home features a one-storey layout, an unrenovated basement, and no garage. Its most defining characteristic is the very large lot, which is significantly above average for the area. The house itself is of average size for its locale and retains its original mid-century character.
- Primary Appeal: The appeal is firmly rooted in the land. The lot size is a rare find in the city, ranking in the top 9% across Winnipeg. This offers privacy, space for additions like a garage or workshop, and room for landscaping that newer subdivisions rarely provide. Its recent sale at $300,000 suggests it was positioned as a land-value opportunity.
- Ideal Buyer: This property is best suited for practical buyers with a vision. It's a match for DIY enthusiasts, builders looking for a tear-down-and-rebuild candidate, or families seeking space for children and pets. It may also appeal to investors considering a hold strategy for the land or a future subdivision, given the lot's high ranking.
Frequently Asked Questions
1. What does "unrenovated basement" typically imply?
It generally means the basement is in original or functional condition, but not updated with modern finishes. Buyers should budget for potential updates to flooring, lighting, and possibly moisture management, but it also offers a blank slate for customization.
2. How does the lack of a garage affect value and daily life?
While it reduces immediate convenience and storage, the large lot provides ample space to add a garage or carport. For some buyers, this is seen as an opportunity to build a structure that perfectly suits their needs, rather than adapting to an existing one.
3. The home is older; what should I be most mindful of?
Given its 1958 construction, key systems like plumbing, electrical, and the roof should be a focus for inspection. The age, however, often comes with solid construction materials and the character that newer homes lack.
4. The lot is large, but are there any restrictions on what I can build?
This is a critical question. Buyers should consult with the City of Winnipeg's planning department to understand zoning bylaws, which will dictate permissible structures, setbacks, and the potential for subdividing the lot in the future.
5. The sold price is significantly higher than the assessed value. Why?
Municipal assessed value is for tax purposes and often lags behind the market. The sale price reflects current market demand, which in this case strongly favoured the property's exceptional lot size and location over the assessed value of the building itself.