Property Overview: 504 Leola Street, Winnipeg
Section 1: Key Characteristics & Appeal
This bi-level home at 504 Leola Street in Kern Park presents a specific and practical value proposition. Its key characteristic is its modern build date (2006), making it significantly newer than most homes on its street and in the wider neighbourhood. This suggests updated building systems and potentially lower immediate maintenance needs compared to older stock. The home is compact, with 848 sqft of living space and a renovated basement, catering to efficient, low-maintenance living. The lot size is also smaller than area averages.
The appeal lies in its financial accessibility and modern foundations. It has an above-average assessed value for its immediate area, indicating it is viewed as a solid asset within Kern Park. This property would suit first-time buyers seeking an entry point into homeownership with a newer build, downsizers looking to simplify without sacrificing modern comforts, or pragmatic investors interested in a relatively contemporary rental property with a clear valuation history.
A less obvious perspective is that its smaller scale and newer age could mean lower utility costs and a more manageable upkeep burden, freeing up time and budget. Its value standing high within a modest neighbourhood also suggests it may hold its worth well locally, even if it's not a large or luxurious home by city-wide standards.
Section 2: Frequently Asked Questions
1. Is the smaller living space a significant drawback?
While below average in size for the area, the efficient bi-level layout and renovated basement effectively expand the usable living area. It’s designed for simpler living rather than large families.
2. Why is the assessed value above average for the street and neighbourhood?
The primary driver is likely the home’s age (2006). Being decades newer than most comparable homes around it adds a premium for modern construction, systems, and condition.
3. What does the sold price history tell us?
The home sold in early 2020 for between $285,000 and $315,000. This recent transaction provides a concrete benchmark, showing its market value trajectory relative to its current assessment.
4. Who are the most likely neighbours or comparable properties?
The most direct comparables are other homes on Leola Street and in Kern Park with similar assessed values, which are typically older. This home offers a newer alternative within that same price tier.
5. Are there any major red flags from the public data?
The public metrics show no immediate red flags; in fact, the modern year built is a standout positive. As with any purchase, a thorough inspection is recommended to verify the condition of the renovation and all home systems.