Property Overview: 221 Lake Village Road, Winnipeg
Key Characteristics & Appeal
This 1,156 sqft home, built in 1978, presents a compelling mix of above-average living space within its immediate context and a value-oriented position in the broader market. Its primary appeal lies in being a well-sized, modern home for its specific street in the Waverley Heights area. While the living area is elite compared to direct neighbors (top 1% on Lake Village Road), it becomes more average when compared to the wider neighborhood and city. This suggests a street of cozier homes where this property stands out for its roominess.
The assessed value of $300K is consistently below average at the street, neighborhood, and city levels. This creates a notable value proposition: you acquire one of the newer and more spacious homes on the block at a price point below area averages. The lot size is modest, particularly for Waverley Heights, which may mean lower maintenance.
This property would suit a pragmatic buyer looking for a move-in ready home from the late 70s, who prioritizes interior space over a large yard. It’s ideal for someone who wants to live on a established street where this home is considered one of the larger and newer offerings, while benefiting from a tax assessment that is favorable relative to its immediate attributes.
Frequently Asked Questions
Q: How does the below-average assessed value affect property taxes?
A: A lower assessed value typically results in lower municipal property taxes compared to similar-sized homes in the area with higher assessments. This is a tangible, ongoing financial benefit.
Q: The living area is top 1% on the street but only average for the neighborhood. What does this mean?
A: It indicates Lake Village Road is primarily lined with smaller homes. You get a relatively spacious home compared to your direct neighbors, but won't be an outlier in the broader Waverley Heights community.
Q: Is the 1978 build year a positive?
A: Yes, notably. It's the newest home on its street (top 1%) and newer than most in Waverley Heights. This often means updated building standards, materials, and potentially less immediate need for major system replacements compared to older area homes.
Q: The lot size is below area averages. What are the implications?
A: It suggests lower maintenance for landscaping and yard work, which can be a plus. However, it may offer less privacy, expansion potential, or green space than is typical for the Waverley Heights neighborhood.
Q: Does the "below average" valuation suggest the home is overpriced?
A: Not necessarily. The data compares it to all comparable homes in each scope. Its valuation is below averages, but it also has a smaller lot and is on a street of generally lower-valued homes. This profile often indicates a fairly priced home that may offer good value for its specific living space and modern build.