Property Overview: 550 Waterloo Street, Winnipeg
Key Characteristics & Appeal
This single-storey home on a large 7,240 sqft lot in Central River Heights presents a compelling opportunity. Its primary appeal lies in the combination of a generous, above-average land size for the area and a renovated basement, offering immediate livable space and future potential. Built in 1954, the house itself is newer than many in its immediate neighborhood and provides a spacious 2,011 sqft of living area, which ranks well above local averages.
The property suits two main types of buyers. First, it’s ideal for those seeking a classic River Heights location with the room to grow, whether that means garden space, future additions, or simply more privacy than smaller lots allow. Second, the renovated basement makes it a practical choice for buyers who need move-in-ready space for a family, a home office, or a separate living area without undertaking a major project. A thoughtful perspective is that while the home is a one-storey design, the sizable lot is a long-term asset that provides flexibility rarely found in such central neighborhoods, appealing to both renovators and those planning for future needs.
Frequently Asked Questions
1. What does the "above average" ranking for land area actually mean?
It means the lot is larger than 89% of comparable properties on Waterloo Street and 95% of those in Central River Heights, offering significantly more outdoor space than is typical for the area.
2. The assessed value seems low. What does that indicate?
The assessed value is for municipal tax purposes and is not the market value. Its "above average" ranking compared to nearby homes suggests the city assesses it as a higher-value property within its peer group, but a professional appraisal is needed to determine current market price.
3. Is a one-storey home less efficient on such a large lot?
While a two-storey home might have a larger footprint, the single-storey layout offers main-floor living convenience and the large lot provides options. The configuration may appeal to those looking for accessibility or who prefer a more sprawling, ranch-style home feel.
4. The home was last sold in 2021. What should I consider?
This recent sale history means there is clear, modern data on its market price from just a few years ago, providing a solid benchmark for price appreciation and market activity in the area.
5. How does the year built (1954) compare to area homes?
The home is newer than the average house on its street and in Central River Heights. This can suggest potentially fewer issues with very old infrastructure compared to much older homes, while still offering the established neighborhood character.