Property Overview & Key Characteristics
728 Waverley Street is a classic two-storey home built in 1958, situated on a large, approximately 6,000 sqft lot in the established South River Heights neighbourhood. Its primary appeal lies in its solid foundation and potential. With a living area of 1,274 sqft and an unrenovated basement, it presents a clear opportunity for buyers looking to add value through updates and personalize a space to their own taste. The lot size is a significant asset, ranking well above average for the street and offering ample outdoor space rarely found in newer developments.
This property is best suited for practical buyers such as renovators, investors, or first-time homeowners with a vision and a realistic budget for improvements. Its assessed value is notably modest compared to some similar-sized homes in the area, suggesting it may be priced for its current condition rather than future potential. A thoughtful perspective is that while the home itself is average in size for Winnipeg, the generous lot provides a rare commodity: space for gardens, play, or future expansion, which is increasingly valuable in mature neighbourhoods. It’s a property that asks for sweat equity in exchange for a prime location and land.
Frequently Asked Questions
1. What does "unrenovated basement" typically mean for a home of this era?
It generally indicates the basement remains in its original or largely untouched state. Expect older finishes, possibly concrete floors, and basic utility spaces. It’s a blank canvas but will require inspection for moisture management and foundational integrity before planning any finished living space.
2. How significant is the lot size compared to other properties?
Very significant. At nearly 6,000 sqft, the lot is larger than over 70% of properties on the same street. This is a key differentiator, offering more privacy, green space, and potential than many standard city lots.
3. The assessed value seems low compared to some similar homes. Why?
Municipal assessed value for taxation purposes doesn't always directly correlate with market value. A lower assessment can reflect the home's current, unupdated condition. However, it can also indicate a potentially lower property tax burden, which is an ongoing cost savings for the buyer.
4. Is the lack of a garage a major drawback?
It depends on the buyer's needs. Many older homes in central neighbourhoods lack garages. The large lot does offer potential for adding a garage or a dedicated parking pad, subject to local zoning regulations. On-street parking is common in the area.
5. Who is the typical buyer for a property in this condition?
It attracts buyers who see beyond current finishes. This includes renovators looking for a project, investors considering a hold-and-renovate strategy, or budget-conscious families willing to live in the home and make gradual improvements over time. It is less suited for someone seeking a move-in-ready home.