Property Overview: 277 Wales Avenue, Meadowood, Winnipeg
Key Characteristics & Appeal
This home presents a distinct value proposition centered on its generous lot. Built in 1959, it is one of the older homes on its street and in the Meadowood area, which suggests potential for updates but also a well-established neighbourhood feel. The living space of 1,065 sq ft is comfortably in line with area averages.
The primary appeal lies in its substantial 6,108 sq ft land area, which ranks well above average for both the immediate street and the wider Meadowood community. This offers significant outdoor space for gardening, recreation, or future expansion—a feature becoming rarer in many city neighbourhoods. The assessed value is modest relative to the street and city, which can indicate a more accessible entry point into homeownership, though it may also reflect the home's age and condition.
This property would suit a practical buyer who values space over turn-key perfection. It’s a strong candidate for a first-time homeowner comfortable with gradual improvements, a household seeking a large yard, or an investor looking for a property with solid land value in a stable area. Its profile suggests you’re purchasing the location and the lot, with the house itself offering functional space.
Frequently Asked Questions
1. What does the "below average" ranking for Year Built really mean?
It confirms this is one of the older homes in the immediate area. While the structure is sound and from a period of solid construction, buyers should anticipate elements like windows, roofing, or mechanical systems being nearer to or past their typical lifespan, factoring potential updates into their planning.
2. How significant is the lot size advantage?
Very. Ranking in the top 20% in Meadowood for land area means you're getting a property with significantly more outdoor space than most local listings. This isn't just a bigger backyard; it provides privacy, flexibility for outdoor living, and is a long-term asset that underpins the property's value.
3. The assessed value seems low. Is this a concern?
Not necessarily. Municipal assessed value for taxation purposes often lags behind market value and is based on mass appraisal techniques. The more relevant figure is the 2022 sale in the $300k-$350k range. The assessment suggests property taxes may be relatively manageable for the area.
4. What can nearby "comparable" sales tell me?
The listed nearby properties (e.g., 261 Wales Ave, 23 Woodford Bay), while similar in assessed value, are newer (1973) but have less living area. This highlights a trade-off: at this price point in Meadowood, you may choose between a newer, smaller home or an older one on a much larger lot.
5. Are there any obvious red flags from this data?
The data itself doesn't show red flags, but it clearly frames a trade-off. The home's age and modest assessment suggest it is not a recently renovated showcase property. The appeal is balanced: you gain a large lot and enter the market at a relatively accessible point, but likely assume a project of some scale, whether immediate or over time. A thorough inspection is essential.