Property Overview
This 1973 bungalow at 332 Wales Avenue in Meadowood presents a practical opportunity in Winnipeg's housing market. Its key appeal lies in the balance between a modest, efficiently sized home and a lot that offers room to breathe. With 896 square feet of living space, the house itself is compact, ranking below average in size for the street, neighborhood, and city. This suggests a home suited for essential living without excess. However, its 5,203 square foot lot is notably larger than most on Wales Avenue, placing it in the top quarter for land size on the street. This creates a valuable contrast: a manageable home to maintain with a yard that provides private outdoor space and potential for gardening, expansion, or future development.
The property’s assessed value is positioned around the city-wide average, indicating a stable, mid-market entry point. It would best suit first-time buyers, downsizers, or investors looking for a straightforward property with a good land-to-building ratio. Its value is more in its foundational attributes—the generous lot and location—than in its current finishes or size. A thoughtful perspective is recognizing this as a "canvas property": its worth is tied not just to its present condition but to the latent value of its land and the possibility of gradual updates or additions over time.
Frequently Asked Questions
1. How does the home's smaller living area impact its value?
While the living space is below average, this often translates to a lower purchase price and reduced ongoing costs for utilities and maintenance. The value here is partially offset by the larger-than-average lot size for the street, which is a fixed asset with its own value.
2. Is the 1973 build date a concern?
Built in 1973, the home is of an age where major components like the roof, windows, furnace, or electrical system may be at or beyond their typical lifespan. A thorough inspection is crucial to understand what immediate or near-future updates may be required.
3. What does the "around average" assessed value indicate?
It suggests the property is priced within the core of the market, not at an extreme high or low. This can mean less volatility and a realistic reflection of its current market worth based on its characteristics, providing a stable foundation for purchase.
4. Who would this property not be suitable for?
It may not suit buyers seeking a move-in-ready home with modern, open-concept layouts or those needing substantial space for a growing family. The appeal is geared more towards those comfortable with a functional, older layout who value the land potential.
5. How reliable are the sold price ranges shown?
The provided sold price ranges are estimates based on public data. To obtain the exact historical sale price for this property, you must request it via email, as the service manually verifies and supplies this specific information.