Property Overview
This two-storey home at 254 Island Lakes Drive is a well-situated property in a mature Winnipeg neighbourhood. Built in 1991, it offers 1,554 sqft of living space with an attached garage and an unfinished basement. The appeal lies in its above-average living space for both the immediate street and city-wide context, paired with a relatively modest assessed value. It presents a practical opportunity in a sought-after area, particularly for buyers who prioritize interior space over a large yard, as the lot is more compact than many in Island Lakes. The home suits value-conscious buyers looking for a solid foundation in a convenient location—a "blank canvas" type of property where future renovations can add significant personal and financial value.
Key Considerations & FAQs
What is the property’s main value proposition?
The home offers more living space than many comparable properties on its street and across Winnipeg, while its assessed value is positioned below the neighbourhood average. This suggests you are getting more house for your dollar here than in much of Island Lakes, though the trade-off is a smaller lot.
How does the lot size impact the property?
The land area is notably smaller than most in the Island Lakes area. This means lower maintenance, but also less private outdoor space compared to neighbours. It’s a practical choice for those who prefer a low-maintenance yard but may not suit those wanting extensive gardening or outdoor recreation space.
What does "above average" for year built mean?
Built in 1991, the home is newer than most in Winnipeg and on its specific street. In a neighbourhood of similar-aged homes, this is a slight positive, indicating potentially fewer concerns related to very aged components compared to the city's older housing stock.
Is the unfinished basement a drawback or an opportunity?
The unrenovated basement is a key consideration. It requires investment to finish but offers the chance to add significant value and customize the extra space to your needs, without paying a premium for someone else’s finished layout.
How stable has the property’s value been?
Based on available data, the home sold in the $355k-$385k range in mid-2019. Its current assessed value is consistent with that general price point, indicating stable value in its market segment over the past several years.