Property Overview: 251 Lynn Lake Drive, Meadows, Winnipeg
Key Characteristics & Appeal
This 1,040 sqft bungalow, built in 1985, presents a compelling opportunity defined by its generous lot and strong value proposition within its immediate neighbourhood. The home’s primary appeal lies in its substantial 6,872 sqft land area, which ranks well above average for both the street and the wider Meadows area, offering ample outdoor space and future potential. While the living space is modest and typical for homes of its era, its assessed value stands out as "Elite" on Lynn Lake Drive itself, suggesting it is viewed as a high-value asset relative to its closest neighbours. This combination positions the property as a solid, land-centric investment in a mature community.
The home would suit practical buyers looking for a manageable footprint on a larger lot, such as downsizers seeking private outdoor space or first-time buyers prioritizing future yard utility and neighbourhood equity over a recently built home. Its above-average lot size for the area also makes it a thoughtful choice for those with hobbies, gardening, or long-term redevelopment plans, offering more flexibility than many surrounding properties.
Frequently Asked Questions
1. How does the assessed value compare to the last sold price?
The home sold for an estimated $400k-$450k in 2021. Its current assessed value is $41,100. It’s important to understand that in Manitoba, assessed value is for taxation purposes and is typically a fraction of a property’s market value. The "Elite" ranking refers to its standing relative to neighbours' assessed values, not its market price.
2. Is the living area considered small?
At 1,040 sqft, the living area is slightly below the current average for the city but is generally on par with similar homes on its street and in the Meadows area. It reflects the efficient layouts common in mid-80s bungalows.
3. What does the "above average" land area ranking mean practically?
With a lot size of 6,872 sqft, this property has a significantly larger yard than most homes on its block and in the Meadows neighbourhood. This means more privacy, space for additions like a shed or deck, and less crowding from neighbouring houses.
4. The home is 41 years old. What should I consider?
A home from 1985 will likely have systems (roof, furnace, windows) that are at or beyond their typical lifespan. A thorough inspection is essential. On a positive note, it ranks as "above average" for year built on its street, meaning it is actually newer than many nearby homes.
5. How can I see the exact historical sold price?
The provided sold price is a public data range. The listing service offers to provide the exact figure via a manual email request, which they aim to fulfill by the end of the same business day without using your email for marketing.