Property Overview: 2 Faraway Lane, River Park South, Winnipeg
Section 1: Key Characteristics & Appeal
This home at 2 Faraway Lane presents a solid, move-in ready property in the established River Park South neighborhood. Built in 2008, it is notably newer than most homes in Winnipeg, suggesting modern construction standards and potentially lower immediate maintenance needs. With 1,730 sqft of living space, it offers above-average roominess for both the neighborhood and the city, fitting families or those who appreciate more spacious interiors without the footprint of a maximized lot.
Its primary appeal lies in its balanced positioning. The assessed value ($514k) sits comfortably above the Winnipeg average, yet is around the median for its own street, indicating you are buying into a desirable, consistent area without paying a steep premium for the specific address. The lot size (4,394 sqft) is smaller than many on the street, which could mean less yard upkeep—a perk for busy owners—though it may limit expansion possibilities.
This property would suit practical buyers looking for a well-sized, modern home in a mature suburb. It’s ideal for those who value space indoors over extensive outdoor land, and for buyers who find reassurance in a home that performs steadily across key metrics without extreme outliers. The recent sale history shows significant value growth, appealing to those with an eye for stable, long-term investment in a family-friendly community.
Section 2: Frequently Asked Questions
1. How does this home’s value compare to recent sales on the street?
The home last sold in August 2022 for between $550k-$600k, which placed it in the top 8% of sales on Faraway Lane at that time. This indicates a strong market perception and a history of holding value well above the street's average assessment.
2. Is the smaller lot size a concern?
While the lot is below average for the street and neighborhood, it is closer to the citywide average. This typically translates to less maintenance. It’s a trade-off: ideal for those prioritizing interior space and easier yard care, but worth considering if outdoor space or future additions are a priority.
3. What does the "above average" ranking for year built really mean?
Built in 2008, this home is newer than approximately 87% of comparable homes in Winnipeg and 88% in River Park South. This suggests major components like the roof, windows, and mechanical systems are likely in good condition and aligned with more recent building codes, potentially reducing near-term capital costs.
4. Are the assessed value and likely selling price the same?
No. The assessed value ($514k) is for municipal tax purposes. The last sold price range ($550k-$600k in 2022) is a better indicator of market value, though current conditions must be considered. The assessment being lower than the past sale price is common and doesn't necessarily predict the next sale price.
5. How can I verify the exact past sale price?
Due to data display regulations, only price ranges are shown publicly on the site. You can request the exact historical sale figures by emailing the platform directly for a manual lookup, which they provide without using your email for marketing.