Property Overview: 62 Quayside Cove, Island Lakes
Key Characteristics & Appeal
This single-storey home at 62 Quayside Cove is a compact, 980 sqft bungalow built in 1988, situated on a roughly 5,770 sqft lot in Winnipeg's Island Lakes neighbourhood. Its key appeal lies in its position as an accessible entry point into a well-established area. While its living space is notably below the average for both the street and the wider neighbourhood, this is reflected in its assessed value, which is also below local averages but aligns more closely with the city-wide median. The home features a renovated basement, adding functional space.
This property would best suit first-time buyers, downsizers, or investors seeking a lower-cost foothold in a mature community. Its smaller scale means lower maintenance and utility costs, which is a significant, practical advantage. A thoughtful perspective for a buyer is to see the below-average metrics not just as a compromise on space, but as a strategic opportunity: you're acquiring the location and community amenities of Island Lakes without paying the premium typically attached to its larger, modern homes. The renovated basement also suggests immediate livability without a major project.
Frequently Asked Questions
1. Is the assessed value the same as the market price?
No, the assessed value (listed as $37,500) is for municipal tax purposes. The recent sold price history shows it transacted in late 2023 for between $365,000 and $395,000, which is a more accurate indicator of its market value.
2. How does the home's size impact daily living?
At 980 sqft of above-ground living area, the floor plan is compact. The renovated basement provides crucial additional space, making the home functional for a small household, but those accustomed to larger, open-concept layouts may find the main floor limiting.
3. What are the benefits of the Island Lakes location?
Island Lakes is a mature southeast Winnipeg neighbourhood known for its extensive pathways, parks, and water features. It offers a strong sense of community, convenience to amenities, and is generally family-oriented.
4. There's no garage. What are the parking options?
The listing indicates no garage. Parking would be via a driveway, and street parking may also be available. This is a common trade-off for older bungalows and should be factored into your planning.
5. The home is older. What should I budget for maintenance?
Built in 1988, major components like the roof, windows, and mechanical systems (furnace, water heater) may be nearing or past their typical lifespans. A thorough inspection is essential, and setting aside a budget for updates and repairs is a prudent step.