Property Overview
This bi-level home at 502 Ferry Road presents a specific and compelling value proposition in Winnipeg's King Edward neighbourhood. Its appeal is rooted in a modern build within an established area, offering a low-maintenance lifestyle without the premium often associated with newer construction.
Key Characteristics & Ideal Buyer
The home's primary strength is its contemporary foundation. Built in 2016, it is significantly newer than most homes on its street and in the wider city, suggesting modern building standards, systems, and less immediate concern for major repairs. It features a renovated basement and a detached garage. With 972 sqft of living space, it is comfortably sized for the local area, though its lot of 2,436 sqft is notably compact. This smaller parcel translates to minimal yard upkeep—a key perk for some, but a limitation for those wanting extensive outdoor space.
Its financial profile is distinctive. The assessed value ranks in the top 5% for King Edward, indicating the market recognizes a premium for its newness in this context. However, its last known sold price (2019) was modest. This contrast suggests a property that has been thoughtfully maintained or improved, accruing value in an area where older homes dominate.
This property would best suit a first-time buyer, downsizer, or pragmatic investor seeking a modern, move-in-ready home without the footprint or maintenance demands of a larger lot. It’s for someone who values interior condition and modern mechanics over expansive outdoor space, and who appreciates being in an established community without inheriting an older home’s potential issues.
Frequently Asked Questions
Q: The assessed value seems high for the area. Why is that?
A: The assessment reflects the home's relatively recent construction year (2016) compared to the neighbourhood average, which dates to the late 1950s. The modern build, renovated basement, and overall condition command a premium valuation in this specific market.
Q: What are the implications of the smaller lot size?
A: The compact lot (under 2,500 sqft) means very low yard maintenance, which is a bonus for those seeking a lock-and-leave lifestyle. However, it limits potential for additions, large gardens, or extensive private outdoor recreation space. Parking or storage beyond the detached garage may also be limited.
Q: The home sold in 2019. What can that price tell me?
A: The 2019 sale price provides a historical benchmark, but it should not be used as a direct indicator of current value. Market conditions, interest rates, and any updates made by the current owner since then will significantly influence today’s price.
Q: As a newer home in an older area, are there any less obvious considerations?
A: Yes. While the home itself is modern, the surrounding infrastructure (mature trees, street layout, utility connections) is that of an older neighbourhood. It’s wise to inquire about the condition of any shared fencing with older properties and to understand the typical age and style of neighbouring homes.
Q: Who would this property not be ideal for?
A: It would likely not suit buyers who prioritize a large, private yard for children or pets, those interested in future expansions like a sunroom or large deck, or buyers seeking a character home with traditional architectural details common in older Winnipeg neighbourhoods.