Property Overview
This home at 7 Collett Cove is a well-established, two-story cabover design built in 2002, situated on a generous, nearly 6,000 sqft lot in Varsity View. Its key appeal lies in offering a balanced, move-in-ready package with a finished basement and attached garage. The data suggests a property that outperforms most of Winnipeg in terms of assessed value and lot size, indicating a solid investment in a desirable location. It particularly suits buyers looking for a family home in a mature neighbourhood who value space and stability over brand-new construction, and who appreciate a home that has held its value well relative to the broader market.
Key Characteristics & Suitability
- Spacious & Established: The nearly 6,000 sqft lot provides ample outdoor space, a rarity compared to many newer developments. The 1,866 sqft of living space is comfortably above average for Winnipeg, complemented by the additional finished basement area.
- Value & Stability: With an assessed value significantly higher than its 2019 purchase price and ranking in the top 5% of Winnipeg for assessment, this home appears to have appreciated well. It represents a stable asset in a sought-after community.
- Neighbourhood Appeal: Located in Varsity View, it offers the convenience of mature landscaping, established amenities, and proximity to the University of Manitoba. The rankings show the home is newer and larger than most in its immediate community, giving it a competitive edge.
- Ideal Buyer Profile: This property is an excellent fit for growing families or professionals seeking a turnkey home with room to grow, both indoors and out. It would also appeal to value-conscious buyers who recognize the long-term benefit of a larger lot and a home that has demonstrated strong market performance.
Frequently Asked Questions
1. What does "cabover" (CABOVER) mean for the home's layout?
A cabover design typically features a prominent front-facing garage with living space built directly over it. This often results in a distinctive street presence and can allow for efficient use of the lot depth.
2. How should I interpret the various ranking percentages provided?
These rankings compare this specific property against others on its street, in Varsity View, and across all of Winnipeg for metrics like lot size, age, and assessed value. For example, ranking in the top 5% of Winnipeg for assessed value is a strong indicator of its perceived worth relative to the market.
3. The 2019 sale price seems much lower than the current assessment. What does this indicate?
This suggests significant market appreciation over the past five years. It highlights the importance of a current professional appraisal and market analysis to understand today's fair market value, which can differ from the municipal assessment used for tax purposes.
4. What are the advantages of a home built in 2002 versus an older or newer one?
A 2002 build offers a modern floor plan and infrastructure (like wiring and plumbing) while being past the initial "shrinkage" settling period of brand-new homes. Major components like the roof or furnace may be nearing their typical lifespan, so a thorough inspection is advised.
5. The lot is large, but is the backyard usable space?
While the total lot is nearly 6,000 sqft, the cabover design and front garage consume a portion of it. Prospective buyers should view the property to gauge the actual size, layout, and sun exposure of the private backyard space for gardens, play areas, or entertaining.