Property Overview
384 Wales Avenue is a 988 sqft bungalow built in 1972, situated on a 5,199 sqft lot in Winnipeg's Meadowood neighbourhood. Its key appeal lies in its position as a practical, no-frills home that offers solid value. The living space is modest but in line with the immediate area, and the lot size is slightly larger than many on its street. The home’s assessed value is notably below average for Meadowood, suggesting a potentially lower property tax burden and an accessible entry point into the market.
This property would suit first-time buyers or practical investors looking for a functional home without premium pricing. Its below-average assessment for the area could be attractive to those mindful of ongoing costs. The 1972 build date means major components like the roof, windows, and mechanical systems are likely at an age where their condition and any updates should be carefully evaluated.
Frequently Asked Questions
1. Why is the assessed value so much lower than neighbouring homes?
The assessed value is significantly below the averages for both Wales Avenue and the broader Meadowood area. This can be due to a variety of factors, including the home's size, condition, and specific market adjustments. A lower assessment often translates to lower property taxes, which is a tangible financial benefit for the owner.
2. How does the 988 sqft living area feel for a family?
At just under 1,000 square feet, the living space is compact. It is comparable to other homes on the street but below the city-wide average. It would suit a small family, a couple, or a single buyer comfortably, but may require creative use of space for larger families or those needing a dedicated home office or multiple living areas.
3. What should I consider about a home built in 1972?
A home of this age may have original or aging components. A thorough inspection is crucial to understand the condition of the roof, foundation, plumbing, electrical systems, and insulation. This isn't necessarily a drawback—many homes from this era are solidly built—but it does mean budgeting for maintenance or updates is a key part of the decision.
4. The sold price in 2024 was between $350k-$400k. What does that tell me?
This recent sale price provides a concrete market benchmark. It shows the home trades at a value-oriented price point for the city. Comparing this sale price to the current assessed value can offer insight into how the market values the property versus the city's assessment for tax purposes.
5. How does the lot size compare, and what are the advantages?
At over 5,000 sqft, the lot is actually larger than many on Wales Avenue and in Meadowood. This provides more outdoor space than is typical for the immediate vicinity, which could be used for gardening, recreation, or future expansion, subject to local zoning regulations.