Property Overview
124 Paddington Road is a well-situated home in Winnipeg's River Park South neighborhood. Built in 1983, it offers 1,343 sqft of living space on a 3,100 sqft lot, with a current assessed value of $347,000. The home presents a balanced profile, offering solid value within its immediate area while standing out in specific ways against broader comparisons.
Key Characteristics & Appeal
This home’s primary appeal lies in its efficient use of space and its position as a value-conscious option in a desirable neighborhood. Its living area is notably above average for Paddington Road itself, suggesting a home that offers more interior space than many of its direct neighbors. However, its assessed value is below the neighborhood average for River Park South, which could indicate a potential value opportunity for a buyer compared to other area homes.
The lot size is smaller than both neighborhood and city averages, which translates to lower maintenance—a practical perk for those seeking a manageable yard. The home’s age is typical for the street, placing it in a mature, established setting.
This property would suit first-time buyers or downsizers looking for a comfortable, move-in-ready home in a stable community without a premium price tag. It’s also a sensible choice for value-focused buyers who prioritize interior space over a large yard and see the below-average assessment for the area as a strategic entry point.
Frequently Asked Questions
1. Is this home a good value compared to others on the street?
The data suggests it could be. The living area is in the top 19% on Paddington Road, meaning it's larger than most comparable homes on the same street, yet its assessed value ranks around the street's average. This disconnect between space and assessed price can indicate good relative value.
2. How does the lot size impact the property?
At 3,100 sqft, the lot is smaller than most in River Park South and Winnipeg overall. This means less outdoor maintenance, which is a benefit for many, but also less private outdoor space for gardening or recreation.
3. What does the below-average assessment for the neighborhood mean?
While the home’s assessment is around average city-wide, it ranks in the top 90% for River Park South (meaning 90% of area homes have a higher assessed value). This could signal that the property is assessed at a lower value than many in the neighborhood, but it's essential to verify current market conditions and the property's specific condition.
4. The home sold between $250k-$300k in 2016. How relevant is that price today?
It serves as a historical benchmark, showing significant equity growth if that sale price was accurate. However, the market has evolved considerably since 2016, and the current assessed value of $347k is a more relevant starting point for understanding its present valuation.
5. Who might this property not suit?
Buyers seeking a large, sprawling yard or a brand-new home may find it less ideal. Similarly, investors or buyers strictly focused on properties with above-average lot sizes for future expansion might see the smaller lot as a limitation.