Property Summary: 254 Lake Village Road, Winnipeg
Section 1: Key Characteristics & Appeal
This 800 sqft home, built in 1977, presents a specific and compelling value proposition within the desirable Waverley Heights neighborhood. Its key appeal lies in its position as a more accessible entry point into a well-regarded area. While the living space and lot size (2,999 sqft) are notably below averages for the street, neighborhood, and city, this is directly reflected in its assessed value of $300,000, which is also below those same benchmarks. This creates a unique dynamic: you are purchasing a home that ranks in the lower percentiles for physical attributes but is priced accordingly, often in a higher percentile for value within its immediate area.
The property would suit practical, value-conscious buyers. It's ideal for first-time homeowners seeking to establish themselves in a strong community without the premium price tag of a larger home, or for downsizers looking to maintain a neighborhood connection with less space to maintain. A thoughtful perspective is that this home offers the benefits of Waverley Heights—like community amenities and perceived stability—while demanding a lower ongoing financial commitment in both mortgage and property taxes, freeing up budget for other priorities. It’s a home for those who prioritize location and financial efficiency over sheer square footage.
Section 2: Frequently Asked Questions
1. Is the below-average living area a major concern?
It depends on your needs. At 800 sqft, the home is compact and efficient. It will suit individuals, couples, or small families who value low-maintenance living. The trade-off for the smaller space is gaining entry into a sought-after neighborhood at a relatively lower price point.
2. Why is the assessed value below average if it's in Waverley Heights?
The assessed value closely correlates with the home's physical characteristics—specifically its smaller size and lot. In high-demand areas, smaller, older homes often have lower assessments, which can mean relatively lower property taxes compared to neighboring larger homes, even while enjoying the same location.
3. The year built (1977) ranks very high on its street. What does this mean?
This indicates the home is actually one of the newer homes on Lake Village Road, where the average build year is also 1977. This suggests the street is an established, mature area, and this property is not a dated outlier but is representative of the street's age profile.
4. How does the lot size impact potential for expansion or outdoor space?
At just under 3,000 sqft, the lot is smaller than typical for the city and neighborhood. This limits potential for large additions or extensive landscaping. However, it also means minimal yard upkeep, which can be a positive for those seeking a low-maintenance outdoor space.
5. Are these rankings a good indicator of resale potential?
They indicate this property occupies a specific niche. Its resale will always be influenced by its size, but its position as a more affordable option in Waverley Heights provides a stable floor of demand. It appeals to a consistent segment of the market looking for location-first affordability.