Property Summary: 403 Thompson Drive

Key Characteristics & Appeal

This is a well-maintained 3-level split home built in 1961, situated on a notably large lot of over 10,000 square feet in Winnipeg's Booth neighbourhood. Its key appeal lies in the combination of generous outdoor space and a recently renovated basement, offering a balance of classic layout and modernized living areas. The detached garage adds practical storage or workshop potential.

The home’s standout feature is its land size, which ranks in the top tier for its street and neighbourhood, providing rare space for gardening, recreation, or future expansion. While the living area is a comfortable 1,358 sqft, the true value proposition is the lot. It suits buyers looking for a established neighbourhood character, who prioritize private outdoor space over a brand-new build, and who see potential in a home with a solid, updated foundation (the basement) and ample room to grow or customize over time.

A thoughtful perspective: The property’s assessed value has consistently tracked below recent sale prices in the area, suggesting it may be positioned well for value appreciation. Its appeal is likely more to the long-term homeowner or investor who recognizes the inherent value of land, rather than someone seeking a turnkey, modern aesthetic throughout.

Frequently Asked Questions

1. How does the large lot size impact me?
Beyond just space, a lot of this size (ranking in the top 9% of the neighbourhood) offers privacy, room for additions like a deck or shed, and is a scarce commodity in established areas, which can be a significant driver of long-term property value.

2. The home was built in 1961. What should I consider?
While the basement has been renovated, the core structure is from 1961. Buyers should budget for potential updates to major aging components like the roof, windows, or original plumbing and electrical systems, which is typical for homes of this era.

3. What does the "renovated basement" typically include?
The listing notes a renovated basement but does not specify the scope. It’s essential to clarify if this was a cosmetic update or included foundational work like waterproofing, and to check for proper permits. It adds liveable space, but the details matter.

4. The assessed value is lower than the last sale price. Why?
Municipal assessed value for taxes often lags behind the current market. The fact that it sold for $43.8k in mid-2023, above its $39.8k assessment, indicates active market value is likely higher, which is an important data point for your offer.

5. Who are the typical neighbours or buyers in this area?
The Booth neighbourhood shows a mix of long-term residents and younger families, attracted by the mature setting and larger lot sizes. This property would particularly suit those seeking a stable community feel with more yard space than newer subdivisions typically offer.