Property Overview: 265 Island Lakes Drive
Key Characteristics & Buyer Profile
This is a well-maintained, single-storey home built in 1991, featuring an attached garage and a renovated basement. With 1,143 sqft of living space on a 4,416 sqft lot, its size is modest for the Island Lakes neighbourhood but aligns closely with the Winnipeg city average. The home’s assessed value is notably below average for the immediate street and area, yet sits around the city-wide median, suggesting it represents a more accessible entry point into this established community.
Its primary appeal lies in its balance of updates and location. The renovated basement adds functional living space, while the 1991 build date means major components are younger than many city homes. It suits first-time buyers or downsizers seeking a manageable, single-level layout in a desirable neighbourhood without the premium price tag of a larger Island Lakes property. A thoughtful perspective is that its "below average" metrics for the area could be seen as an opportunity for value-conscious buyers to secure a home in a mature community where the land and location carry significant inherent value.
Frequently Asked Questions
1. How does this home’s size compare to others in Island Lakes?
It is smaller than most homes in the neighbourhood, ranking in the bottom 10% for living area within Island Lakes. This is a key factor in its more accessible price point for the area.
2. What does the assessed value tell me about the price?
The assessed value is below the average for both the street and Island Lakes as a whole, but is near the city-wide average. This typically indicates the home may be priced more competitively within its own desirable neighbourhood.
3. Is the lot size a drawback?
The lot is under 5,000 sqft, which is below average for Island Lakes where many properties are larger. However, it is close to the average lot size for the specific street and is very near the city-wide average, offering a standard outdoor space with less maintenance.
4. The home was last sold in 2017 and 2019. What does that indicate?
The two sales within a short period could suggest a previous investment or flip, especially given the mention of a renovated basement. It underscores the importance of a thorough inspection to verify the quality and permits for the renovations.
5. Who would this property not suit?
Buyers seeking a large home or yard by Island Lakes standards may find it too compact. It’s also not suited for those needing multiple bedrooms or bathrooms on the main floor, as the specific layout isn’t detailed here. The value is in the community and the renovated condition, not in expansive square footage.