Property Summary: 50 East Lake Drive, Waverley Heights
Key Characteristics & Appeal
This 1979 bi-level home at 50 East Lake Drive presents a practical opportunity in the established Waverley Heights neighbourhood. Its key feature is a renovated basement, adding immediate liveable space to the 809 sqft main living area. The property sits on a 3,465 sqft lot, which is above average for its street, offering decent outdoor space relative to nearby homes.
The appeal here is value-driven and grounded in its position within a mature community. While the living area is compact, the renovated basement effectively expands the functional footprint. The home’s recent sale history (sold in June 2023 for $32.5k above the current assessed value) suggests a market-recognized premium, possibly for updates or its location. It suits first-time buyers seeking an entry point into a solid neighbourhood, downsizers looking for a manageable property with updated elements, or investors interested in a home with recent turnover and a finished basement. A thoughtful perspective is that this property may represent a "right-sized" option—enough space for essentials without the upkeep of a larger, older home, in a neighbourhood where it ranks newer than 85% of surrounding houses.
Frequently Asked Questions
1. How does the living space compare to nearby homes?
At 809 sqft, the main living area is notably smaller than most comparable listings in Waverley Heights, which typically range from 1,100 to 1,400 sqft. However, the renovated basement provides additional finished space not reflected in that primary square footage.
2. What does the "Top 97%" rank for year built on its street mean?
This statistic indicates this home, built in 1979, is newer than 97% of the other 31 homes on its street. On a street with many homes built in the late 1970s, this suggests it is one of the newest, potentially meaning somewhat newer building materials or systems.
3. Is the lack of a garage a significant concern?
The home has no garage, which is common for many bi-levels of this era. Buyers should consider on-street parking availability and the practicality of driveway use for their needs, especially during Winnipeg winters.
4. Why was it sold fairly recently in 2023?
The property changed hands in June 2023. While the specific reason isn't provided, such a quick turnaround can be due to various personal circumstances, an investor flip, or a relocation. The renovations may date from this period.
5. How does the assessed value relate to the expected listing price?
The home is currently assessed at $31,100. However, it last sold for $32,500 in 2023, indicating the market price recently exceeded the assessed value. The listing price will be set based on current market conditions, recent sales of comparable homes, and the condition of the renovations.