Property Overview: 480 Ferry Road, Winnipeg
Key Characteristics & Appeal
This bi-level home at 480 Ferry Road is a study in contrasts, offering a very modern build within a well-established Winnipeg neighbourhood. Built in 2020, it is a notably newer construction compared to most homes on its street, in King Edward, and across the city. With 972 sqft of living space, it sits around the average for its immediate area, making it a comfortable size for smaller households. The property’s assessed value is strong for the neighbourhood, ranking well above local averages, which suggests a quality build and desirable features for the area.
Its primary appeal lies in the opportunity to own a modern, low-maintenance home without the premium often associated with new construction in newer suburbs. The unrenovated basement presents a clean slate for future expansion or customization. The lot is compact (2,442 sqft), which translates to less yard upkeep—a plus for busy professionals or those seeking a lock-and-leave lifestyle. This property would suit first-time buyers looking for a move-in-ready newer home, downsizers wanting modern conveniences without extensive maintenance, or investors attracted by a newer asset in a mature community with stable values.
Frequently Asked Questions
1. What does "above average assessed value" in an older neighbourhood mean?
It typically indicates that the property, due to its new construction (2020), is assessed more highly than the neighbourhood's older housing stock. This can reflect modern building standards, materials, and systems, but it's wise to understand how this affects your property taxes compared to neighbouring homes.
2. The basement is noted as "not renovated." What condition is it in?
As a newer build, the basement is likely unfinished but should be structurally complete with proper insulation, vapour barriers, and a concrete floor. It represents potential future living space but requires a full build-out.
3. Is the compact lot size a disadvantage?
It depends on your lifestyle. The lot is significantly smaller than typical Winnipeg lots, limiting extensive gardening or large outdoor recreation space. However, it minimizes yard work and can make the property feel more manageable and affordable to maintain.
4. There is no garage. What are the parking options?
The listing notes no garage, so parking would be via a driveway (if present) or on-street. It's important to verify the specific parking situation at the property.
5. How does the sold price history help me?
The listed sale from late 2020 (~$27.5k-$30.5k) provides a historical benchmark, but market conditions have likely changed. The key takeaway is the property's value trajectory relative to its assessed value and recent sales of comparable homes in King Edward.