Property Overview: 262 Cheema Drive, Winnipeg
Key Characteristics & Appeal
This is a modern, low-maintenance home built in 2023, offering a move-in-ready condition with the benefits of a new build, such as contemporary building standards and likely remaining warranty coverage. With 1,615 sqft of living space, it provides ample room for a small family or couple, ranking above the city-wide average for interior size.
The primary appeal lies in its balance of new construction and value. The assessed value of $410k is notably below the street average, potentially presenting a value opportunity within a street of newer, higher-valued homes. This creates an interesting dynamic: you're acquiring one of the newest homes in the entire city (top 1% city-wide for year built) in a developing area, but at an assessed value that sits in a lower tier on its own street.
The property suits practical buyers seeking a modern home without a premium price tag. It’s ideal for those who prioritize a new, efficient interior over a large yard, as the lot size is compact compared to most in the city. This could appeal to first-time buyers, small families, or investors looking for a newer rental property in the North Inkster Industrial area.
A less obvious perspective is the neighbourhood context. Being "below average" for lot size on this street suggests a higher-density, more community-focused development style. For buyers tired of extensive yard work, this is a feature, not a drawback. Additionally, its sale history (sold in 2023 for an estimated $450k-$500k) indicates it may be a recent resale, which could be worth exploring for motivation.
Frequently Asked Questions
1. Why is the assessed value lower than the street average?
While the home is modern, its assessed value of $410k ranks in the bottom tier (95%) on Cheema Drive, where the average is over $500k. This could be due to its more compact lot size, specific finishing details, or the assessed value simply not yet reflecting the full market pace of the area. It warrants a closer look to understand the cause.
2. How does the compact lot size affect living here?
The land area is 2,429 sqft, which is significantly smaller than typical Winnipeg lots. This means minimal yard maintenance, but also limited private outdoor space. It reflects a more efficient, modern land use common in newer developments.
3. What does the "Elite" ranking for year built mean?
Built in 2023, this home is newer than 99% of homes across Winnipeg and 96% in the local area. This translates to modern layouts, current building codes, energy efficiency, and likely remaining coverage on builder warranties for major components.
4. The home sold recently in 2023. What should I consider?
As a potential resale after only a short period, it's prudent to ask why the seller is moving. It also means the previous sale price (estimated $450k-$500k) is a very recent and relevant market data point for comparison.
5. How can I get the exact historical sold prices?
The provided sold price is an estimated range. Due to industry rules, exact MLS sold records are not displayed. You can request the precise transaction history by emailing the site directly for a manual lookup, which they provide without using your email for marketing.