Property Overview: 27 Homewood Drive, Winnipeg
Section 1: Key Characteristics & Appeal
This 1976 bungalow in Meadowood presents a distinct value proposition centered on its generous 6,247 sqft lot, which is notably larger than most in the immediate area and across the neighbourhood. While the living space (947 sqft) is modest compared to local averages, the property’s assessed value of $400k is strong for Meadowood, ranking well above the area average. This suggests the value is anchored more in the land and location than in the size of the home itself.
The primary appeal lies in its established, quiet street and the significant potential of its large lot. It suits a specific type of buyer: those looking for an entry point into a stable neighbourhood who are comfortable with a home that may require updates, or a long-term buyer who values outdoor space for gardening, expansion, or future development. It’s a practical choice for downsizers seeking a manageable single-level layout with a sizable yard, or for investors or handy buyers who see the underlying land value and the opportunity to add value through renovation or expansion over time.
Section 2: Frequently Asked Questions
1. Is the house in need of major updates?
Given its age (built in 1976), buyers should budget for modernizing key systems like plumbing, electrical, or windows. The interior likely reflects its era, so cosmetic updates would be expected to align with contemporary tastes.
2. Why is the assessed value relatively high for a home of this size?
The assessment reflects more than just living area. Its strong ranking in Meadowood is likely driven by the desirable lot size, the established neighbourhood, and recent sold prices on the street, indicating the land itself holds significant value.
3. How does the lot size compare practically?
At over 6,000 sqft, the lot is a standout feature. It offers ample room for additions like a garage, a large deck, or garden space—options that are more limited on standard-sized lots in the area.
4. What do the past sale prices indicate?
The home sold in the $300k-$350k range in both 2019 and 2022. The current $400k assessment suggests a sharp increase in perceived market value over the past few years, consistent with broader market trends.
5. Is the smaller living area a concern for resale?
While below average in size, the home’s layout and flow will be key. For the right buyer—prioritizing lot size, location, and value over sheer square footage—it remains competitive. Its appeal is niche but clear in a market where large lots are increasingly scarce.