Property Overview
This home at 1152 Markham Road in Winnipeg's Waverley Heights neighborhood presents a distinct value proposition. Its key characteristic is a significant disparity between its physical attributes and its assessed value. At 988 sqft, the living space is notably below averages for the street, neighborhood, and city. Similarly, the lot size of 2,932 sqft is smaller than most comparable properties in the area. However, this is balanced by a very low assessed value of $285k, which ranks in the top 5% of the street and top 1% of the neighborhood, meaning it is assessed far lower than surrounding homes. The home was built in 1975, making it newer than most on its specific street.
The appeal lies in its position as a potential entry point into the market. It suits first-time buyers or investors seeking a lower-cost foothold in a established neighborhood, where they might be willing to accept a smaller home or lot in exchange for the location and a potentially lower tax burden based on the assessment. A thoughtful perspective is that this property could represent a "value-add" opportunity; the below-average metrics in size and condition (implied by the low assessment relative to area averages) might allow a buyer to renovate or expand while still having a purchase price well below area norms.
Frequently Asked Questions
1. Why is the assessed value so much lower than the neighborhood average?
The assessed value is based on the property's specific characteristics, including the size of the home and lot, its condition, and recent sales of comparable properties. Its ranking in the 99th percentile for the neighborhood indicates it is among the very lowest assessed homes in Waverley Heights, likely reflecting its smaller footprint and potentially requiring updates.
2. Is the smaller living space a concern?
It depends on your needs. The 988 sqft layout is efficient and may be ideal for a smaller household or someone looking to minimize maintenance. It's important to view the floor plan to see if the space is configured effectively, as the overall square footage is below common expectations for the area.
3. What does the "Elite" ranking for year built on the street mean?
Built in 1975, this home is actually newer than the average home on Markham Road (built ~1974). This "Elite" ranking is relative only to its immediate street and suggests it might have more modern core systems than some direct neighbors, though it is still an older home overall.
4. How might the smaller lot size affect me?
The 2,932 sqft lot requires less yard maintenance, which can be a benefit. However, it also means less private outdoor space and potentially less room for future expansions like a large deck or addition, which would be subject to zoning setback regulations.
5. Are there any red flags with such a low assessment?
A low assessment itself is not a red flag but a reflection of the property's current market value as determined by the assessor. It should, however, prompt closer investigation during a viewing and inspection. The focus should be on the condition of the roof, foundation, windows, and major mechanical systems to understand what maintenance or investments may be needed.