Property Overview: 525 Lyndale Drive, Norwood West, Winnipeg
Key Characteristics & Appeal
This 1,362 sqft home, built in 1941, sits on a generous 6,236 sqft lot in Norwood West. Its key appeal lies in a compelling combination of location, value, and space. While the living area is modest compared to some immediate neighbors, the property stands out for its above-average lot size within the broader neighborhood and city, offering valuable outdoor potential. The assessed value of $489k positions it as a premium property within Norwood West and citywide, suggesting a well-regarded location or property condition relative to broader markets.
The home would suit a buyer looking for a character property in an established neighborhood who values land size over sheer interior square footage. It’s a practical choice for someone willing to potentially update an older home (85 years old) to modernize it, with the trade-off being a lot that provides room for gardens, expansion, or simply more privacy than newer subdivisions typically offer. The data indicates you are paying a premium for the location and land, making it ideal for a buyer whose long-term vision values the lot's potential as much as the existing structure.
Frequently Asked Questions
1. How does the sold price compare to the assessed value?
The home sold in December 2023 for an estimated $500k-$550k. This sale price range aligns closely with its current $489k assessed value, indicating the assessment is in step with recent market activity.
2. Is the lot size unusual for the area?
Yes. The lot is over 6,200 sqft, which ranks in the top 11% of lots in Norwood West. This is a significant feature, as it is substantially larger than the area average of about 5,600 sqft.
3. The home is older than many on the street. Should I be concerned?
The 1941 build date is older than the average on Lyndale Drive. This typically means a greater likelihood of aging components (like plumbing, electrical, or the roof) needing attention or updates. A thorough inspection is essential, but this era of home also often comes with solid construction and character details.
4. Why is the assessed value considered "above average" citywide?
With an assessed value ranking in the top 22% citywide, this property is valued higher than most Winnipeg homes. This reflects a combination of its desirable Norwood West location, the substantial lot size, and the overall property value relative to the broader market.
5. How does the living space compare to nearby homes?
At 1,362 sqft, the living area is slightly below the average for Norwood West (~1,420 sqft) and more noticeably below the average for Lyndale Drive itself (~1,651 sqft). This suggests the home may have a more compact or traditional layout compared to some neighbors, emphasizing the importance of the lot size as a key asset.