Property Overview: 501 Waverley Street, Winnipeg
Key Characteristics & Appeal
This is a 1,184 sqft bungalow built in 1947, situated on a 5,308 sqft lot in North River Heights. Its core appeal lies in its position as a more accessible entry point into a well-established neighbourhood. The home’s assessed value of $310k is notably below the averages for both its street and immediate area, suggesting a price point that stands out in this location. While the living space is compact compared to many neighbouring homes, the lot size is above average for North River Heights, offering valuable outdoor space and potential.
The property would suit practical, value-conscious buyers—perhaps first-time homeowners or downsizers—who prioritize location and land over square footage. It presents an opportunity to secure a lot in a mature neighbourhood without the premium typically attached to larger homes on the street. The data indicates a recent sale (October 2024) in the $300k-$350k range, confirming its market position as a relative value play for the area. A thoughtful perspective is that this home may appeal to those viewing it as a long-term foundation, where the land represents the primary asset with the house itself offering functional living space or future renovation potential.
Frequently Asked Questions
1. Why is the assessed value so much lower than other homes on the street?
The assessed value is based on factors including the home's size, age, and characteristics. At 1,184 sqft, this home has significantly less living area than the street average (~1,692 sqft), which is a major contributor to its lower assessment.
2. Is the lot size a positive feature?
Yes. At 5,308 sqft, the lot is larger than the average for North River Heights (~5,054 sqft). This provides more private outdoor space than many area properties and is a key asset.
3. What does the recent sale price tell us?
The home sold between $300k and $350k in October 2024. This aligns with its assessed value and confirms it trades at a discount to the neighbourhood's typical home price, reflecting its smaller size.
4. How does the age of the home (1947) compare?
It's newer than many homes in North River Heights, where the average year built is 1937. This could imply somewhat newer construction materials or systems, though a full inspection is always recommended.
5. How can I find out the exact sold price?
The precise sale figure is not publicly displayed due to data source rules. You can request the exact sold price history by emailing the site via the "Request exact figures by email" button; they will provide it manually.