Property Overview
26 Tranquility Cove is a well-situated home in Winnipeg's River East neighborhood, presenting a compelling case for a specific type of buyer. Built in 1972, the 832 sqft house sits on a 5,500 sqft lot and carries an assessed value of $346,000. Its recent sale in late 2024 fell within the $400,000–$450,000 range.
Key Characteristics & Appeal
The primary appeal of this property lies in its position as a relative standout on its own street, despite its smaller size. While its living area is below local and city averages, it ranks highly in other key metrics on Tranquility Cove: it has the newest construction on the street, an above-average assessed value, and a larger-than-average lot for the immediate area. This suggests a well-maintained or updated home that offers good value within its micro-market.
It would ideally suit first-time buyers, downsizers, or investors seeking a manageable, single-level home in an established neighborhood. The buyer is likely someone who prioritizes location and lot potential over sheer interior space, seeing value in a home that outperforms its direct neighbors. A thoughtful perspective is that this property represents an efficient entry into a stable area—you’re paying for land and condition rather than square footage, which can be a smarter long-term hold in a mature neighborhood.
Frequently Asked Questions
1. Is the house too small?
At 832 sqft, the living space is notably below the neighborhood and city averages. It’s a compact layout best suited for individuals, couples, or small families who value efficient living and lower utility costs.
2. Why is the assessed value higher than the street average?
The assessed value of $346k ranks in the top 18% on Tranquility Cove. This typically indicates the property has features, updates, or a condition that the municipal assessor views as superior to many neighboring homes.
3. What does the sold price range tell us?
The home sold for between $400,000 and $450,000 in late 2024, a premium over its assessed value. This strong sale price confirms that market buyers saw value beyond the municipal assessment, likely due to updates, desirability of the lot, or interior finishes.
4. How does the lot size compare?
The 5,500 sqft lot is above average for the street but below the broader neighborhood average. It offers good outdoor space for the immediate area, providing room for gardening, recreation, or potential expansion, which is a key asset.
5. Is the age of the home a concern?
Built in 1972, it is the newest home on its street. While this is a positive, any home of this age will require due diligence regarding major systems like roof, windows, and plumbing, which may be original or nearing the end of their lifespan.