Property Overview
This home at 118 Ravine Drive presents a compelling blend of space and established neighbourhood charm. Built in 1989, it offers generous living space on a good-sized lot, positioned within the desirable Minnetonka area of Winnipeg.
Key Characteristics & Appeal
The primary appeal of this property lies in its above-average scale and its position in a mature, established neighbourhood. With 2,295 square feet of living area, the home is significantly larger than both the city-wide and local area averages, placing it in the top 10% of homes in Minnetonka. This makes it ideal for buyers seeking ample room for a growing family, dedicated workspaces, or simply more expansive living.
The lot size of 6,734 square feet is solid, offering good outdoor space while remaining manageable. A notable and less obvious perspective is the home’s assessed value context. While its $520k assessment is high compared to most of the city and the broader Minnetonka area, it is actually one of the lower assessments on Ravine Drive itself. This suggests the street is a premium enclave, meaning you're buying into a high-calibre location, potentially at a relative value point within that specific micro-market.
This home would best suit buyers who value space over a brand-new build, appreciate the stability of a well-established neighbourhood with larger, older homes, and are savvy about the long-term value of a prime street address. It’s a property for those looking to put down roots in a community with a proven track record.
Frequently Asked Questions
1. How does the assessed value compare to likely market value?
The assessed value of $520k is for municipal tax purposes. Market value is determined by recent sales, buyer demand, and the home's condition. The last recorded sale was between $450k-$500k in 2018. A current market appraisal or comparative market analysis would be needed for an accurate price.
2. What does it mean that the home is "older" on this street?
Built in 1989, the home is slightly older than the average on Ravine Drive (1993). This isn't a significant gap, but it may indicate that some immediate neighbours have undergone more recent renovations or updates. It underscores the importance of a thorough inspection to understand the condition of major systems like roof, windows, and HVAC.
3. Is the lot size a pro or a con?
The 6,734 sqft lot is above the city average but slightly below the average for Ravine Drive. It provides substantial private outdoor space for gardening, play, or entertaining, while likely requiring less maintenance than the largest lots on the street—a balanced offering.
4. Why is the living area considered a standout feature?
The living area is in the top 10% for Minnetonka and top 5% city-wide. This means you are getting significantly more interior space than most homes available, which is a major asset for comfort, functionality, and resale value in a market where space is at a premium.
5. What can the 2018 sale price tell me?
The previous sale price range ($450k-$500k) provides a historical benchmark. The current assessed value being higher suggests municipal assessment increases and general market appreciation over the past seven years. It’s a starting point for understanding the home’s financial history, but not a direct indicator of its present market value.