398 Moray Street

Property Overview

This well-situated one-storey home in Winnipeg's Booth neighbourhood presents a solid opportunity for a range of buyers. Its primary appeal lies in the combination of a generous, above-average lot size and a home that has seen key updates, offering a balance of space and move-in readiness.

Key Characteristics & Appeal

The standout feature is the land itself. At over 7,600 square feet, the lot is significantly larger than most in the area, ranking in the top third for size on its street. This provides ample outdoor space for gardening, play, or future expansion—a valuable asset that is increasingly rare. The home benefits from a renovated basement, adding functional living space. While the house was built in 1960, its assessed value is firmly in the middle range for the city, suggesting it is well-maintained and in line with market expectations.

This property would suit first-time buyers or downsizers looking for a manageable single-level layout without sacrificing yard space. It also appeals to the practical investor or homeowner who values a larger parcel of land over a newer or larger house, seeing the long-term potential in the lot itself. A less obvious perspective is its appeal to those who prioritize stability; its value metrics are consistently median-to-above for the area, indicating a property that holds its ground without the volatility of being over-improved for the neighbourhood.

Frequently Asked Questions

Q: How does the lot size compare to a typical city lot?
A: At 7,684 sqft, it is substantially larger than many standard urban lots. This extra outdoor space is a key advantage of this property.

Q: What does "renovated basement" imply?
A: It indicates the basement has been updated, likely creating finished living space. Buyers should inquire about the scope of renovations, permits, and the basement's intended use (e.g., recreation room, rental suite potential).

Q: The home was last sold in 2016. Should I be concerned?
A: Not necessarily. The sale eight years ago at a price significantly below the current assessed value suggests the sellers have likely realized solid equity growth, which is a positive market indicator.

Q: The year built is 1960. What should I budget for?
A: While the basement is renovated, a home of this age may require updates to original major systems like roofing, plumbing, or windows. A thorough inspection is essential to prioritize any future investments.

Q: The rankings show it's "Top 87%" for year built on its street. What does that mean?
A: This statistic means the home is newer than 87% of houses on Moray Street. In this context, it's actually a positive, indicating it's one of the more recently built homes in an established neighbourhood.