Property Overview: 448 Meadowood Drive, Winnipeg
Key Characteristics & Appeal
This 1,080 sqft bungalow, built in 1974, presents a distinct value profile on Meadowood Drive. Its primary appeal lies in its efficient use of space; the living area is notably larger than most immediate neighbours (ranking in the top 1% on its street), offering more interior room than typical homes on the block. This makes it a practical choice for those seeking comfortable living space without an oversized footprint.
The property’s assessed value is significantly below average for both the neighbourhood and the city, which often indicates a lower property tax burden and can represent a value-entry point into the area. The lot, at 2,699 sqft, is compact, suggesting lower maintenance and a focus on the home itself rather than extensive yard work.
This home would suit first-time buyers or downsizers looking for a manageable property with above-average interior space for its immediate locale. It’s also a candidate for value-conscious buyers prioritizing lower ongoing taxes and a home that stands out in its direct vicinity for its roominess, rather than competing on lot size. The 1974 build date is relatively newer for the street, potentially implying updates or systems younger than those in surrounding homes.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
Assessed value is for municipal tax purposes and is influenced by many factors, including lot size, home features, and recent sales in the area. This home’s below-average valuation likely reflects its smaller lot and may result in proportionally lower property taxes.
2. How does the recent sale price (2022: $250k-$300k) relate to the current assessed value?
The assessed value ($25,200) is not a market price. It is a tax assessment figure, typically a fraction of the home’s estimated market value. The 2022 sale price gives a more accurate historical benchmark for its actual market worth.
3. Is the smaller lot size a major drawback?
It depends on your priorities. The lot is below average in size, which limits expansive outdoor space but also reduces maintenance like mowing and gardening. The trade-off is that the home itself offers more living area than others on the street.
4. What does "Top 1%" for living area on the street actually mean?
It means that, compared to 81 similar homes on Meadowood Drive, this home has more living area than 99% of them. Essentially, it’s one of the roomiest houses on the block in terms of interior square footage.
5. Are homes from 1974 likely to have specific maintenance issues?
Homes from this era are often past the lifespan of original major components like roofs, windows, and furnaces. A key consideration would be the update history of these elements, as well as the potential for older plumbing or electrical systems that may not meet modern demands.