Property Overview

This one-storey home at 290 Moray Street in Winnipeg's Silver Heights neighbourhood presents a solid, grounded opportunity. Built in 1960, it sits on a notably large lot of over 7,700 square feet, which is a standout feature placing it in the top tier for land size both on its street and city-wide. The home itself offers 1,423 sqft of living space and features a renovated basement and a detached garage. It recently sold in July 2024 for $350,000, which is significantly above its assessed value, indicating strong market appeal and potential perceived value beyond the official valuation. Its rankings suggest it is a property that outperforms many peers in its immediate area on key metrics like lot size and the relative newness of the build.

Key Characteristics & Appeal

The primary appeal of this property lies in its generous land footprint—a rare commodity that offers immediate utility and long-term potential. The renovated basement adds functional living space, a key update for a home of this era. It suits practical buyers who value space over flash, such as small families seeking room to grow outdoors, DIY enthusiasts with projects in mind, or investors attracted by the underlying land value in a stable neighbourhood. A less obvious perspective is its appeal to those seeking a "blank slate"; the large lot and straightforward one-storey layout provide a solid foundation for future expansions, gardens, or landscaping projects that a smaller, more built-up lot would not permit. It’s a property that offers more "what could be" than a turnkey, finished product.

Frequently Asked Questions

Q: The sale price is much higher than the assessed value. What does this mean?
A: This typically indicates that buyers in the market perceived value beyond the municipality's assessment, often due to factors like the renovated basement, the desirable lot size, or current market conditions. It suggests the property was in demand.

Q: How does the large lot size benefit me practically?
A: Beyond simple outdoor space, a larger lot provides more privacy from neighbours, greater potential for additions like a shed or workshop, ample gardening space, and room for children or pets to play. It also often means a more attractive ratio of home size to land.

Q: What are the implications of a detached garage versus an attached one?
A: A detached garage offers flexibility; it can be used as a workshop or studio without noise or fumes affecting the main house. The trade-off is convenience, as you'll need to go outside to access your vehicle, which can be a consideration during Winnipeg winters.

Q: The home is older. What should I be mindful of?
A: While the basement has been renovated, it's wise to investigate the condition of major aging components common to homes from the 1960s, such as the roof, original plumbing, electrical systems, and foundation. A thorough inspection is key.

Q: The rankings show it's "top" in some areas but not others. How should I interpret this?
A: These rankings are useful for quick comparison. They show this property excels in lot size and is relatively newer than many on its street, while being average or above in living space for the area. Focus on the metrics most important to you, like the standout land area.