Property Summary: 7 Woodview Bay, Winnipeg
Key Characteristics & Appeal
This 1982-built, one-storey home in Elmhurst offers a practical and low-maintenance living arrangement on a generous 4,828 sqft lot. Its key appeal lies in its recent, above-assessment sale price, suggesting strong buyer interest and perceived value in the current market. The 1,120 sqft living space is complemented by a finished basement, adding functional area without the upkeep of a larger footprint. Notably, it lacks a garage and pool, which simplifies maintenance and reduces associated costs.
The property suits first-time buyers or downsizers seeking an established neighbourhood with a manageable yard and home. Its competitive rankings—particularly outperforming 78% of Winnipeg in its recent sale price—indicate it’s seen as a solid asset, possibly appealing to value-oriented buyers who track market momentum. The significant price increase since 2019 also makes it a point of study for buyers interested in neighbourhood trends and long-term value.
Frequently Asked Questions
1. Why did it sell for significantly more than its assessed value?
The recent sale at $472,000, well above the $373,000 assessment, typically reflects strong buyer demand, specific property condition, or market trends that the formal assessment hasn’t yet captured. Assessments are for taxation and often lag behind rapid market shifts.
2. Is the lack of a garage a major drawback?
It depends on buyer priorities. While it limits sheltered parking and storage, it also means lower utility costs, less maintenance, and a simpler layout. For those who prioritize lot space over vehicle storage, it can be an acceptable trade-off.
3. How does its age (44 years) affect the purchase?
Built in 1982, major components like the roof, windows, and mechanical systems may be at or beyond their typical lifespan. A thorough inspection is crucial, but homes of this age also often feature more established landscaping and settled construction.
4. What do the "ranking" percentages actually mean?
They show how this property compares to others in the area for specific metrics. For example, ranking "in the top 22% in Winnipeg" for its sale price means it sold for more than 78% of Winnipeg properties, indicating a strong market performance relative to the city.
5. The lot is large, but the house is modest. Is there expansion potential?
The 4,828 sqft lot offers a good ratio of outdoor space to living area. While any expansion would require checking zoning bylaws and permits, the lot size provides flexibility for future gardens, sheds, or even an addition compared to more densely built properties.