Property Overview & Key Characteristics
This condominium at 603-280 Waterfront Drive is a standout, high-value property in Winnipeg’s historic Exchange District. Its primary appeal lies in its exceptional scale and premium valuation. With over 2,000 square feet of living space, it ranks in the top 4% of homes on Waterfront Drive and the top 1% city-wide for size, offering a rare amount of interior space for a condo. This is complemented by a high assessed value of $860,000, placing it in the top 5% locally and the top 1% across Winnipeg.
The unit is situated in a building from 2007, which is modern by Exchange District standards—a neighbourhood known for its heritage character. This offers a balance of contemporary comforts within a historic setting. The property last sold in 2016 for $1.2M, indicating a history of high-market transactions.
It would best suit buyers who prioritize spacious, urban living without compromise, such as empty-nesters seeking a luxurious downtown footprint or professionals desiring a true "home in the sky" with room for a dedicated office and entertainment space. Its elite metrics suggest it’s for those viewing real estate as a long-term investment in a premier location, not just a simple purchase.
Frequently Asked Questions
1. What does the "Elite" ranking mean for living area?
It means this condo's square footage is larger than approximately 96-99% of all comparable homes in Winnipeg, making it exceptionally spacious for a downtown property.
2. The building was built in 2007. Is that considered old for a condo?
Not in this context. While it's around average for its immediate street, it's actually a very modern building compared to the broader Exchange District, where the average comparable home was built in 1925. This means you get newer construction systems and amenities while being in a historic neighbourhood.
3. Why is there such a large difference between the assessed value ($860k) and the last sale price ($1.2M in 2016)?
Assessed value is for municipal tax purposes and often lags behind the market. The 2016 sale price reflects what a buyer was willing to pay at that time, and it highlights the property's established position in the premium market segment.
4. What are the condo fees, and what do they include?
This information is not provided in the current data. A review of the condo corporation's financial statements, reserve fund study, and bylaws is essential to understand monthly fees, included amenities (like heat, water, building insurance), and the long-term health of the building.
5. The nearby properties listed are all in the same complexes. What does this indicate?
It shows this address is part of a concentrated, modern residential development along the waterfront. This can foster a consistent neighbourhood feel but also means value and livability are closely tied to the management and upkeep of these specific buildings.