Property Overview: 63 Paddington Road, River Park South, Winnipeg
Section 1: Key Characteristics & Appeal
This 1,000 sqft bungalow, built in 1984, presents a compelling case for value-focused buyers. Its standout feature is the land: at 5,301 sqft, the lot is exceptionally large for Paddington Road, ranking in the top 4% on the street. This offers rare potential for expansion, gardening, or outdoor living in this established neighborhood. The home’s assessed value of $404k is notably above the street average, suggesting official recognition of its underlying value, likely tied to its premium lot size.
The appeal here is grounded in practicality and potential. The living space is modest—below area averages—making it best suited for smaller households, first-time buyers, or downsizers. Its true draw is the opportunity it represents: a home on a substantial lot in a stable, mature community like River Park South. A buyer with renovation savvy or long-term plans to capitalize on outdoor space will find the most value. It’s a property that trades sheer interior size for a more valuable and scarce asset: land.
Section 2: Frequently Asked Questions
1. Is the assessed value a reliable indicator of the likely selling price?
The assessed value ($404k) is above the street average, which often reflects stable municipal valuation. However, the last known sale was between $350k-$400k in late 2020. Market conditions, property condition, and updates since then will ultimately determine the price.
2. How does the smaller living area impact livability and value?
At 1,000 sqft, the home is functionally smaller than many in the neighborhood. This makes it efficient and affordable to maintain, but may require creative use of space. The value is balanced by the large lot, which offers future expansion possibilities that smaller-lot homes in the area cannot.
3. What does the "elite" lot ranking actually mean for me?
Ranking in the top 4% for lot size on Paddington Road means you have significantly more outdoor space than most direct neighbors. This translates to greater privacy, room for additions like a garage or sunroom, and a more generous yard for recreation or landscaping.
4. The home is older. What should I budget for updates or maintenance?
Built in 1984, the property is newer than the Winnipeg average but is now 40 years old. Key systems like the roof, windows, furnace, and plumbing should be carefully inspected. Budgeting for modernizing updates is prudent, though the newer build year compared to many city homes is a relative advantage.
5. Can I get the exact historical sold prices for this home?
The public data shows a sold price range from December 2020. For fully verified and exact transaction figures, you must request a manual lookup from the site via email, as they do not have access to MLS sales records.