Property Overview
1014 Waller Avenue is a 1931-built home in Winnipeg's Maybank neighbourhood. With 864 square feet of living space on a 5,108 square foot lot, it presents a classic, compact footprint. Its recent sale price (2024) fell in the $350k-$400k range, while its city assessment is notably lower at approximately $36,200.
Key Characteristics & Appeal
This home’s primary appeal lies in its value proposition and lot potential. The living area is modest—ranking below average for its street and city—making it best suited for a first-time buyer, downsizer, or an investor seeking a manageable property. The assessed value, however, is firmly average against local comparisons, suggesting the price is driven more by the land and market conditions than the size or condition of the house itself.
A thoughtful perspective is the opportunity it presents. The lot size is typical for the area, offering room for expansion or landscaping for a future owner. Its age (95 years) means it likely has character but also requires a buyer comfortable with the maintenance or update needs of an older home. It would suit a pragmatic buyer who sees value in the location and the canvas the property provides, rather than someone seeking a modern, move-in-ready space.
Frequently Asked Questions
1. Why is there such a large gap between the recent sale price and the assessed value?
Assessed value for municipal taxes often lags behind current market values, which are influenced by buyer demand, interest rates, and recent sales of comparable homes.
2. What does the "below average" ranking for living area mean for daily life?
The home’s 864 sqft layout will be compact. It likely accommodates one or two occupants comfortably and emphasizes efficient use of space over spacious rooms.
3. Are older homes like this a concern?
A 1931-built home comes with character but may have older electrical, plumbing, or insulation. A thorough inspection is essential to understand any needed updates or maintenance costs.
4. How does the lot size compare, and what can I do with it?
At just over 5,000 sqft, the lot is standard for the area. It provides good outdoor space for a garden, patio, or future addition, subject to local zoning rules.
5. Who are the most likely buyers for this property?
It’s well-suited for first-time homeowners entering the market, investors looking for a rental property, or downsizers seeking a smaller footprint without leaving the neighbourhood.