Property Overview: 47 Forest Lake Drive
Key Characteristics & Appeal
This 1975-built home in Waverley Heights presents a compelling opportunity centered on value and lot size. With 1,176 sqft of living space, the home itself is more compact than most on its street, ranking in the top 6% for smaller size on Forest Lake Drive. This is reflected in its assessed value of $393k, which is notably below the street average. The appeal here is twofold. First, the 6,432 sqft lot is a significant asset, offering above-average outdoor space citywide. Second, its position as a smaller, more affordable home on a street of larger, higher-value properties suggests potential for future value growth through updates or expansion.
It would suit practical first-time buyers or downsizers seeking a manageable home with a generous yard in an established neighborhood. It’s also a strategic fit for value-oriented investors or renovators who see potential in the gap between this home’s current assessment and the higher averages on the street and in the area.
Frequently Asked Questions
1. Is this a small house?
Yes, at 1,176 sqft, the living area is below the average for both the immediate street and the wider Waverley Heights neighborhood. It is a more compact, single-story layout.
2. Why is the assessed value lower than the street average?
The assessment aligns with the home’s smaller size and older construction date relative to many neighbors. The average value on Forest Lake Drive is pulled up by several larger, higher-value homes.
3. What is the standout feature of this property?
The lot size. At over 6,400 sqft, it provides substantial outdoor space that is larger than the typical Winnipeg lot, offering room for gardens, recreation, or future additions.
4. How does the home’s age compare to others?
Built in 1975, it is around average for its street but is actually newer than many homes in the broader Winnipeg comparison group. Major systems like roof, furnace, and windows should be verified for age and condition.
5. What does the ranking data mean for a buyer?
The rankings show this property is an "outlier" on its own street in terms of size and value, but fits more closely to neighborhood and city averages. This can indicate an entry point into a desirable street, but the home may require modernization to match surrounding properties.