Property Overview: 506 River Road, Winnipeg
Key Characteristics & Appeal
This home at 506 River Road in Minnetonka presents a practical and competitively positioned offering. Built in 1983, it is a newer construction compared to many homes on its street and in the immediate area, which may suggest updated building materials or systems. With 1,321 sqft of living space, it offers a manageable size that is very close to the Winnipeg city average, fitting well for those seeking a home without excessive upkeep.
The property’s appeal lies in its balance and value proposition. Its assessed value is above average citywide, indicating it is viewed favorably relative to a broad market, while remaining around average within its own neighbourhood. This can signal a solid investment in a well-regarded area without a premium price tag. The lot, at 5,896 sqft, is smaller than most in Minnetonka but is near the citywide average, offering a lower-maintenance yard—a potential benefit for busy professionals or those looking to minimize outdoor work.
This home would suit first-time buyers or downsizers seeking a move-in-ready property in an established neighbourhood. It’s also a sensible fit for value-oriented buyers who prioritize a newer build date and a city-competitive assessment over having a large lot.
Frequently Asked Questions
1. How does the lot size impact the property?
While the land area is below average for Minnetonka, it is close to the Winnipeg average. This typically means less yard maintenance and lower exterior costs, which can be a practical advantage for many buyers.
2. What does the "above average" year built ranking mean?
Built in 1983, this home is newer than approximately 79% of homes on River Road. A newer build can often correlate with more modern electrical, plumbing, and insulation standards, potentially reducing immediate renovation needs.
3. Why is the assessed value higher citywide than in the local area?
The assessment is above average compared to all Winnipeg homes but around average within Minnetonka. This often reflects that the neighbourhood as a whole holds stronger property values than many other city areas, and this home sits squarely within that desirable market.
4. What can the 2022 sale price range tell me?
The prior sale in the $500k-$550k range placed the home in the top 12-18% of sales citywide at that time. This historical data points to the property’s strong market performance and enduring appeal in recent years.
5. Who should request the exact sold price history?
The precise sale price is provided manually via email. This service is most useful for serious buyers conducting detailed financial comparisons or for those verifying specific market trends before making an offer.