Property Overview: 80 Coral Reef Cove, Island Lakes, Winnipeg
Section 1: Key Characteristics & Appeal
This two-storey home in Island Lakes is a well-positioned property that stands out for its generous lot size and above-average assessed value within its established neighbourhood. Built in 1999, it offers modern construction relative to the Winnipeg average, with 1,808 sqft of living space and a renovated basement. The home features an attached garage and sits on a notably large, approximately 9,862 sqft lot, placing it in the top 10% for land area on its own street.
The primary appeal lies in its space and established location. The large lot is a significant asset, offering ample room for gardening, recreation, or future expansion—a rarity compared to newer subdivisions. Its consistently high assessed value and solid recent sale history suggest a property that has maintained its worth exceptionally well within the Island Lakes community. This home would suit buyers looking for a move-in-ready family home in a mature area with room to breathe. It’s particularly suited for those who prioritize outdoor space over a brand-new build and appreciate a home that holds strong, above-average value rankings both locally and city-wide.
Section 2: Frequently Asked Questions
1. How does this home’s value compare to its neighbours?
The assessed value of $62.50k is above the street average and ranks in the elite top 5% within the wider Island Lakes area, indicating it is considered a higher-value property in this community.
2. Is the lot size unusual for the area?
Yes. At nearly 10,000 sqft, the lot is significantly larger than the averages for the street, Island Lakes, and the city overall. This is one of the property's most distinctive features.
3. What does the "renovated basement" include?
The listing confirms the basement is renovated but does not specify the scope. This would require clarification with the seller or listing agent regarding the finishes, layout, and whether it includes a secondary suite or legal egress.
4. The home was last sold in late 2024. Why is it back on the market?
While the specific reason isn't provided, the quick resale isn't necessarily a red flag. It could be due to a change in the buyer's circumstances, an investor flipping the property, or a relocation. A title search or discussion with the agent would provide clarity.
5. How does the living space compare to newer homes?
At 1,808 sqft, the living area is above the Winnipeg average but typical for Island Lakes. Buyers should note that space distribution in a 1999 two-storey may differ from modern open-concept designs, but the renovated basement adds functional space.