Property Overview
3 South Lake Drive is a compact, one-storey home in Winnipeg's Crestview neighbourhood. Its primary appeal lies in being an accessible entry point into the market, offering a renovated basement and a solid, well-maintained structure from 1972. The home is notably smaller (720 sqft) and has a lower assessed value than most comparable properties on its street, in Crestview, and across the city. This positions it clearly as a value-conscious option. The lot is a manageable size, just under average for the area.
This property would suit first-time buyers or downsizers seeking a straightforward, low-maintenance home without major renovations needed. Its below-average price for the street and neighbourhood could also attract investors looking for a rental property with a modernized basement suite. A thoughtful perspective is that while the home ranks low in size and value among its peers, its year-built ranking is among the newest on the street, suggesting a potentially more durable core structure than older neighbours. It represents a practical compromise: you're purchasing a smaller footprint on a modest lot, but gaining a renovated space in a well-established area.
Frequently Asked Questions
1. Is this a good value for the area?
Based on the assessed value and past sale price, this home is priced significantly below the average for both South Lake Drive and the broader Crestview area. This suggests a lower financial barrier to entry for the neighbourhood.
2. What does the "renovated basement" include?
The listing confirms a renovated basement but does not specify the scope. A prospective buyer should clarify the work done, whether it includes a legal suite, and if all permits were obtained.
3. How does the lack of a garage affect daily living?
The property has no garage. Buyers should consider street parking availability, the feasibility of adding a shed for storage, and winter vehicle maintenance without sheltered parking.
4. The home is smaller than average. How does that impact livability?
With 720 sqft of living area, efficient use of space is essential. The renovated basement likely provides crucial additional living or storage space. This layout may work well for one or two people but could feel cramped for a growing family.
5. The home sold for $20.70k in 2019. Why is the assessed value now $22.90k?
The 2019 sale price appears to be an extreme outlier, potentially indicating a non-arms-length transaction or sale under unique circumstances. The current assessed value is a municipal valuation for tax purposes and is a more reliable indicator of its standing relative to other properties.