Property Overview
This condominium at 3-360 Island Shore Boulevard in Winnipeg's Island Lakes neighbourhood presents a compelling mix of space, value, and location. Built in 2002, it stands out primarily for its generous scale, offering a living area that ranks within the top tier of homes both locally and city-wide.
Key Characteristics & Appeal
The defining feature of this property is its significant size. At 2,380 square feet, it offers substantially more space than the average Winnipeg home, placing it in the top 1% city-wide. This makes it a rare find for a condominium, appealing to buyers who desire a spacious, low-maintenance lifestyle without sacrificing square footage. The appeal lies in this unique combination: the convenience of condo living paired with the roominess typically found in a large detached house.
Its assessed value of $430,000 is considered above average for the city and the Island Lakes area, yet it appears positioned as a value proposition when considered against its exceptional living area. This suggests you are paying more for the space itself rather than an inflated per-square-foot premium. The unit is part of a well-established, mature complex in a sought-after neighbourhood, offering stability and access to local amenities.
This home would best suit downsizers from larger family homes who are reluctant to compromise on space, professionals seeking a premium lock-and-leave property, or anyone who prioritizes extensive living areas over having a private yard. It’s a practical choice for those who want the community and maintenance benefits of condo living but need room for a home office, guests, or personal collections.
Frequently Asked Questions
1. What does the condo fee cover, and what is the amount?
This is the most critical question for any condo purchase. The fee typically covers building insurance, common area maintenance, reserve fund contributions, and potentially some utilities. The exact amount and breakdown are essential for understanding your total monthly costs.
2. How healthy is the condominium corporation's reserve fund?
Given the building's age (24 years), major repairs or replacements for common elements like roofing, paving, or balconies may be upcoming. A well-funded reserve fund indicates the corporation is financially prepared for these projects without imposing special levies.
3. Are there any rental restrictions or pet policies?
Condo bylaws can limit the ability to rent out the unit or impose rules on pets. Clarifying these policies upfront is crucial for investors or pet owners.
4. What is the parking situation?
Confirm the number and type of parking spots included (e.g., underground, surface), and whether there is additional visitor parking readily available.
5. How do the recent sold prices compare to the current assessed value?
The historical sold price data shows a range. Understanding where the current assessed value and asking price sit within that recent history provides context for the market trend and current valuation.