Property Overview
This two-storey home at 38 Gaitwin Cove is a well-sized family property in Winnipeg's Dakota Crossing neighbourhood. Built in 1998, it offers 2,180 sqft of living space and sits on a generous 8,702 sqft lot, with an attached garage and an unfinished basement. Its last recorded sale was in May 2021 for $505,000, with a current assessed value of $544,000.
Key Characteristics & Appeal
The primary appeal of this home lies in its space and established neighbourhood setting. With a living area ranking in the top 12% on its street and the top 5% within Dakota Crossing, it offers above-average room for a growing or multi-generational family. The lot size is a significant asset, placing in the elite top 5% of the neighbourhood, providing ample outdoor space for play, gardening, or future expansion like a deck or shed.
Its value proposition is nuanced. While its assessed value is above average city-wide and for Dakota Crossing, it is below average specifically for Gaitwin Cove. This could suggest an opportunity for a buyer in a desirable location, where the home itself may have room for updates. The unfinished basement presents a blank canvas for customization.
This property would best suit practical buyers who prioritize indoor and outdoor space over a turn-key, renovated home. It’s ideal for a family looking to put their own stamp on a property, or for those who value a larger lot in a mature neighbourhood, understanding that some modernization may be part of their future plan.
Frequently Asked Questions
1. How does the assessed value compare to the last sale price?
The home sold for $505,000 in May 2021 and is now assessed at $544,000. This increase reflects broader market trends and the property’s characteristics, but the final sale price is always determined by the current market.
2. What does the "below average" assessed value ranking on its own street mean?
On Gaitwin Cove, this home’s assessed value ranks 14th out of 17 comparable homes. This indicates that on its specific street, it is valued lower than most peers. This isn’t necessarily negative; it could reflect the home’s original condition or present a relative value opportunity in a good location.
3. Is the basement usable in its current state?
The listing confirms the basement exists but is "not renovated." It is unfinished, meaning it has raw space that can be customized but will require investment to become livable finished rooms.
4. How does the lot size compare to typical Winnipeg lots?
The lot of 8,702 sqft is substantially larger than average, ranking in the top 9% city-wide. It is over 2,000 sqft larger than the average lot in Dakota Crossing, offering significant private outdoor space.
5. What is the context of the "Elite" and "above average" rankings?
These rankings compare the home to specific groups. For example, its living area is "Elite" (top 5%) within the Dakota Crossing neighbourhood, showing it's notably larger than most homes in the area. Its city-wide rankings for size and lot are consistently "above average," confirming it is a spacious property by general Winnipeg standards.