Property Summary: 506 Ferry Road, Winnipeg
Key Characteristics & Appeal
This 872 sqft bi-level home at 506 Ferry Road presents a practical and modern living option within Winnipeg's King Edward neighbourhood. Built in 2015, its primary appeal lies in its relative newness compared to most area homes, which typically date back to the mid-20th century. This suggests updated building systems and potentially lower immediate maintenance. The home features a renovated basement, adding functional living space.
The property stands out on its street and in the local area for its above-average assessed value, indicating it is viewed favorably relative to its immediate peers. However, its lot size is notably compact, even for the neighbourhood, which is a trade-off for its modern construction in an established area. This combination makes it particularly suited for first-time homebuyers, downsizers, or investors seeking a newer, low-maintenance property without a large yard to manage. Its appeal is one of efficient, modern convenience in a mature community, rather than spaciousness or land value.
Frequently Asked Questions
1. What does the assessed value ranking mean?
The home’s assessed value is in the top 19% on its street and top 9% in the King Edward area, meaning it is valued higher than most comparable nearby properties. City-wide, it sits around the median. This suggests the property is considered a premium offering in its immediate locale.
2. How does the living space compare?
At 872 sqft, the living area is close to the average for both Ferry Road and the King Edward neighbourhood. However, it is below the city-wide average, confirming this is a more compact, efficiently designed home.
3. What are the implications of the smaller lot size?
The land area is in the bottom 10% for the street and neighbourhood, meaning outdoor space is limited. This reduces yard maintenance but also limits potential for expansions, additions, or extensive outdoor living areas.
4. Why is the year built a significant point?
Built in 2015, this home is significantly newer than most in the area (where average build years are 1958-1966). This is a key advantage, typically implying newer construction standards, modern materials, and likely more recent major components like roof, windows, and HVAC.
5. Who would this property not suit?
It may not be ideal for buyers prioritizing a large private yard, space for extensive gardening, or those needing significant room for future horizontal expansion. Families requiring multiple large bedrooms or abundant indoor living space might find it too compact.