388 Oak Street

Property Overview: 388 Oak Street, North River Heights, Winnipeg

Key Characteristics & Appeal

This 2023-built home in North River Heights stands out for its modern construction and generous proportions. With 2,277 sqft of living space, it ranks within the top 5-9% of homes citywide and in the neighbourhood for size, offering significantly more interior room than the average Winnipeg house. Its assessed value of $1.22M places it in the elite top 1-2% across all comparison levels, reflecting its premium market position. The lot size of 4,819 sqft is around the neighbourhood average but smaller than many on its specific street.

The primary appeal lies in acquiring a like-new, high-specification home in a mature, established area without the wait or uncertainties of new construction. It perfectly suits buyers who prioritize modern layouts, energy efficiency, and minimal immediate maintenance, and who are willing to pay a premium for a turnkey property in a prime location. A thoughtful perspective is that this home represents a trade-off: you gain a modern interior on a manageable lot, but forego the larger yard space typical of older homes in the area. It’s an ideal fit for professionals or empty-nesters seeking low-maintenance, upscale living without leaving a coveted neighbourhood.

Frequently Asked Questions

1. Why is the assessed value so much higher than neighbouring properties?
The assessment reflects the home's very recent construction (2023) and its substantial square footage. As a modern build with current materials and finishes, it carries a significantly higher value than the older, often smaller homes that dominate the street and area.

2. Is the property tax bill proportionate to the assessed value?
Yes, property taxes are calculated based on the mill rate and this assessed value. Prospective buyers should budget for tax payments that align with this home's elite valuation tier, which will be considerably higher than those for a typical older home in North River Heights.

3. What does "below average" land area for the street mean for outdoor space?
While the lot is near the neighbourhood average, it's smaller than most on Oak Street. This suggests a more efficient yard layout, likely requiring less maintenance, but may limit possibilities for large additions, pools, or extensive landscaping compared to direct neighbours.

4. How reliable is the sold price data from 2020 shown here?
The listed sale from 2020 likely represents the transaction for the vacant lot or a previous structure before the current home was built. It is not indicative of the current home's market value. For verified, exact sales history, you must request a manual lookup via the provided email service.

5. Does this modern design fit with the character of North River Heights?
This is a key consideration. The home offers contemporary comforts in a traditional neighbourhood. Buyers should visit to see if the architecture and scale harmonize with the surrounding streetscape, which typically features older, varied housing styles.