Property Overview
256 Wakopa Street is a 845 sqft bungalow built in 1975, situated on a 5,498 sqft lot in Winnipeg's Meadowood neighbourhood. The home presents a specific value proposition, defined by its compact size and below-average municipal assessment, which positions it distinctly within its local market.
Key Characteristics & Appeal
This property’s primary appeal lies in its affordability and manageability. With a living area significantly smaller than most homes on its street and in the broader city, it is not a typical family-sized home. Instead, it suits first-time buyers, downsizers, or investors seeking an entry point into the Winnipeg market with lower property taxes (based on its $36,500 assessed value). The lot size is fairly standard for Meadowood, offering adequate outdoor space without being overwhelming.
A thoughtful perspective is its "middle-of-the-pack" positioning within the wider Meadowood area for key metrics like assessed value and year built. This suggests it aligns with the neighbourhood's core character rather than standing out as an outlier, potentially offering stability. Its sale in the $350k-$400k range in 2023, which ranked highly within the local area, indicates that its practical value in a liveable neighbourhood can outweigh its statistical shortcomings on paper.
Ideal Buyer Profile: This home would best suit a minimalist, a budget-conscious first-time buyer comfortable with a cozy layout, or an investor looking for a straightforward rental property. It is less suited for those requiring ample indoor space or seeking a premium, modern build.
Frequently Asked Questions
1. Why is the living area so much smaller than neighbouring homes?
At 845 sqft, this is a compact bungalow. The data shows it is among the smallest homes on Wakopa Street, which is lined with larger properties. This is the defining characteristic of the home and the main driver of its lower assessed value.
2. How can the assessed value be so much lower than the city-wide average?
The city-wide average assessed value includes all property types and sizes across Winnipeg. This home’s assessment reflects its smaller size and older age. It's more instructive to note that its assessment is near the average for the Meadowood area itself.
3. What does the 2023 sale price tell us about its market value?
The home sold for an estimated $350,000-$400,000, which placed it in the top 22% of sales for the Meadowood area at that time. This suggests that while its physical attributes are modest, its desirability in a practical, established neighbourhood supported a strong sale price.
4. Is the lot size a positive feature?
The 5,498 sqft lot is slightly below average for the street but very typical for Meadowood. It provides a decent yard space that is manageable without requiring excessive maintenance, which can be a plus for the target buyer.
5. How does the year built (1975) affect this property?
Built 51 years ago, the home is older than most on its street but typical for the neighbourhood and city. Buyers should budget for potential updates common to houses of this era, but its age is not unusual for the area.