Property Overview: 22 Waterfront Road, Island Lakes
Key Characteristics & Appeal
This two-storey home in Island Lakes stands out for its generous proportions, both in the home itself and on the lot. With over 2,400 square feet of living space, it ranks in the top tier for size compared to most homes on its street, in the neighbourhood, and across Winnipeg. The property’s most distinctive feature is its large, 15,000+ square foot lot, which is exceptionally spacious for the area—roughly double the size of many neighbouring properties. This offers significant privacy and room for outdoor living, gardens, or expansion.
The home’s appeal lies in this rare combination of a large, renovated basement and a vast, premium lot in a well-established neighbourhood. It suits buyers looking for ample indoor and outdoor space without moving to a rural area. It would particularly fit growing families seeking room to spread out, or those who value gardening, entertaining, and the potential that a sizable yard provides. A thoughtful perspective is that while the home was built in the 1980s, its lot size is a permanent, appreciating asset that newer subdivisions rarely offer, making it a long-term investment in space and privacy.
Frequently Asked Questions
1. Why is the assessed value notably higher than many area averages?
The assessed value reflects the property’s above-average living area, its fully renovated basement, and, most significantly, its very large lot size. These premium characteristics place it in a higher valuation tier.
2. What does the "Elite" ranking for land area mean practically?
It means this property’s lot is among the largest 2-4% of homes in its comparison groups. Practically, you have more privacy, fewer neighbours in direct sightlines, and more flexibility for landscaping, adding a structure like a shed or gazebo, or simply enjoying expansive green space.
3. The home was built in 1986. What should I consider?
While the structure is nearly 40 years old, the basement has been renovated. A pre-purchase inspection is especially important to assess the condition of major aging components, like the roof, windows, and plumbing, which may be due for updates or replacement.
4. There is no garage. Is adding one feasible?
Given the substantial lot size, there is likely physical space to add a garage or carport. You would need to investigate specific setback requirements, utility lines, and obtain the necessary permits from the city.
5. How does the last sold price range compare to the current assessed value?
The home sold in early 2021. The current assessed value is higher, which is common given the strong market trends of recent years and the value placed on the home’s generous lot size. The assessed value is used for tax purposes, while market value is determined by what a buyer is willing to pay in the current market.