407 Hudson Street

Property Overview & Key Characteristics

This 1959 one-storey home in Maybank presents a classic Winnipeg opportunity centered on land and location. Its primary appeal lies in its exceptionally large, 10,140 sqft lot, which ranks in the top 2% of the neighbourhood. This offers significant space for gardening, recreation, or future expansion. The house itself is a manageable 1,037 sqft bungalow with a detached garage and an unrenovated basement, representing a straightforward, no-frills canvas. Its assessed value is stable and closely aligned with recent sale prices, suggesting a fair market entry point.

The property is best suited for a value-driven buyer who prioritizes land size over a move-in-ready home. It’s ideal for someone comfortable with gradual updates, a DIY enthusiast, or a planner looking for a long-term property where the lot itself is the key asset. Its appeal is more foundational than cosmetic, offering a chance to build equity through sweat equity and strategic improvements over time.

Frequently Asked Questions

1. What does "unrenovated basement" typically mean for a house of this era?
It usually indicates original or largely untouched conditions. Expect foundational elements like the concrete floor, walls, and ceiling to be in place but finished minimally, if at all. It may house the mechanical systems (furnace, water heater) and offer ample raw storage or workshop space, with significant potential for future development.

2. The lot is large, but are there any restrictions on how it can be used?
While the lot size is a major asset, its use is governed by local zoning bylaws. You should verify with the city if there are any easements, heritage designations, or specific rules regarding subdividing the lot, building additions, or constructing secondary structures like a large shed or garage.

3. How does the age of the home (1959) affect maintenance?
Homes from this period often have solid construction but may have original components nearing the end of their service life. A focused inspection should look at the roof, original windows, plumbing (especially if still galvanized), electrical wiring, and the foundation for any age-related settling or moisture issues.

4. The home ranks highly for lot size but lower for year built. Is that a concern?
Not necessarily. This ranking simply quantifies that the lot is larger than most, while the house is older than many in Winnipeg. For the right buyer, this is the trade-off: you are acquiring a premium-sized property with a home that likely requires modernization. The value is in the land and the home's potential.

5. The assessed value is slightly lower than the 2023 sale price. What does that indicate?
This is a common and minor variance. Assessed values for taxation purposes often lag behind current market fluctuations. The close alignment generally suggests the market price is reasonable and the property isn't dramatically overvalued. It's always wise to research recent sales of comparable properties in Maybank for the most current market context.