Property Overview: 1026 Waller Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This home at 1026 Waller Avenue in the Maybank neighbourhood is a property defined by its practicality and potential. Built in 1937, it is a smaller, character home with 676 square feet of living space, situated on a generously sized lot of just over 5,100 square feet. Its official assessed value is notably low, yet recent sold price data suggests a much higher market value, indicating it is viewed as a land-value proposition or a renovation opportunity.
The primary appeal lies in its lot size and location. The lot is larger than many in the city and is average for its immediate street and area, offering valuable outdoor space or future expansion potential in a mature neighbourhood. It suits a specific type of buyer: the hands-on individual or investor looking for an affordable entry point into the market. This could be a renovator seeking a project, someone looking to build new on an established lot, or an investor considering the long-term value of the land. It is less suited for those seeking a move-in-ready, spacious home without renovation work.
A less obvious perspective is the financial narrative. The significant gap between the low assessed value and higher recent sale prices highlights a property whose value is driven more by its land and location than by its current structure. This creates a unique tax situation and underscores that its worth is judged by the market for its potential, not its present condition.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than recent sale prices?
The assessed value is primarily based on the existing structure and its condition. Sale prices reflect what the market is willing to pay for the combined value of the land and the property's potential, which in this case is significantly higher.
2. What does the lot size allow for?
At over 5,000 square feet, the lot is larger than the city average. This provides ample yard space and may offer potential for additions, a garden suite (subject to zoning approval), or future redevelopment.
3. Who would this property be most suitable for?
It is best suited for buyers comfortable with a project, such as renovators, builders, or land-banking investors. It is likely not ideal for first-time buyers seeking a turn-key home or those unable to manage renovations.
4. How does the living area compare to nearby homes?
At 676 sqft, the living area is significantly below average for the street, the Maybank area, and Winnipeg overall. This confirms the home is compact, with the value focused on the land.
5. What is the neighbourhood like?
Located in Maybank, it is a mature, established neighbourhood. The proximity of similar-aged homes on Waller Avenue and nearby streets like Radisson Avenue suggests a stable, residential setting.