Property Overview: 306 Moray Street
Key Characteristics & Appeal
This well-situated one-storey home in Winnipeg’s Booth neighbourhood sits on a notably large, 7,700 sqft lot, placing it in the top tier for land size both on its street and city-wide. Built in 1960, it is newer than most homes in the immediate area, offering a relative advantage in potential upkeep. The home features a renovated basement and a detached garage. Its assessed value has remained remarkably stable over recent years, suggesting a solid and predictable market footing in its category.
The primary appeal lies in the combination of a substantial, private lot with a home that has seen key updates, like the basement renovation. It suits practical buyers looking for space and outdoor potential without the premium of a brand-new build. It’s particularly fitting for those who value a established neighbourhood character but want a property that stands out for its land size and relative modernity on the block. A thoughtful perspective is that this property represents a "value-hold" in its area—its consistent valuation and larger lot provide a buffer against market fluctuations that more narrowly built properties might experience.
Frequently Asked Questions
1. What does the "renovated basement" entail?
The listing confirms the basement is renovated, but specifics on finish quality, legal egress, moisture control, or permitted use (e.g., suite potential) are not provided. A professional inspection is recommended to detail the scope and quality of this update.
2. How does the large lot impact costs and potential?
While a 7,700 sqft lot offers excellent space for gardens, recreation, or future expansion, buyers should consider associated costs like higher water bills for lawn maintenance, snow clearing, and potential for higher property taxes relative to neighbouring properties with smaller parcels.
3. The home is newer than most on the street (1960 vs. older builds). What does this mean practically?
This can imply updated building materials, electrical, and plumbing systems compared to much older homes, potentially reducing immediate major repair risks. However, a 66-year-old home will still require thorough inspection, as core systems will be nearing or past their typical lifespans.
4. The assessed value has been very stable. Is this good or bad?
Stability indicates the property isn’t over-inflated and is likely priced close to its municipal assessment, which can be reassuring against buying at a speculative peak. However, it may also suggest slower equity growth compared to hotspots, appealing to buyers seeking a steady, lower-risk investment.
5. Who are the typical neighbours or what is the street vibe?
The proximity of very similar neighbouring properties on Moray Street suggests a consistent, established community. The high rank for lot size on this street indicates 306 Moray is among the more spacious properties locally, offering a bit more privacy and scale than houses directly adjacent.