Property Overview: 65 Coral Reef Cove, Island Lakes, Winnipeg
Key Characteristics & Appeal
This two-storey home in Island Lakes is a practical, renovated property that stands out for its value proposition within the wider city context. Built in 1999, it is a relatively newer home compared to the Winnipeg average. The 1,410 sqft living space is modest for the immediate street and neighbourhood, placing it below local averages, but it is close to the typical size citywide. Its key updated feature is a renovated basement, adding functional living space. The lot is a standard suburban size at just over 6,200 sqft.
The primary appeal lies in its efficient use of space and its position as a more affordable entry point into the established, family-friendly Island Lakes community. While it ranks below average in size and assessed value within its own cul-de-sac (Coral Reef Cove), its citywide rankings tell a different story: it sits above average for assessed value and year built compared to all Winnipeg homes. This creates a unique dynamic—it’s a smaller home on its street, but a competitively priced and modern one in the broader market. It would suit first-time buyers, downsizers, or value-focused families who prioritize location in a mature neighbourhood with amenities over a maximized floor plan. The renovated basement adds flexibility for a home office, gym, or extra living area.
Frequently Asked Questions
1. How does this home’s value compare to others in Winnipeg?
Citywide data shows this home’s assessed value ranks in the top 29%, meaning it is valued higher than about 71% of homes in Winnipeg. This indicates strong underlying value for a property of its age and type across the city.
2. Is the living space smaller than other homes nearby?
Yes. At 1,410 sqft, the living area is below the average for both Coral Reef Cove and the wider Island Lakes neighbourhood. This suggests a more compact, efficient layout compared to many neighbouring houses.
3. What does the sold price history indicate?
The home has sold twice in recent years (2020 and 2023). The increase in sold price range between those dates aligns with broader market trends, showing appreciation. The most recent sale price range was moderately below the assessed value averages for the street and area at that time.
4. How does the lot size compare?
The 6,212 sqft lot is fairly standard. It is close to the citywide average and is a typical size for the Island Lakes area, offering a balanced yard space without being excessively large to maintain.
5. What is the significance of the “renovated basement”?
This is a key feature, as the basement finish adds usable square footage not fully reflected in the main living area statistics. It provides additional flexible space, which is a practical advantage in a home with a more modest main-floor footprint.