Property Overview: 398 Paddington Road, River Park South, Winnipeg
Section 1: Key Characteristics & Appeal
This 1,216 sqft bungalow, built in 1981, presents a practical opportunity in Winnipeg's River Park South neighborhood. Its core appeal lies in its relative affordability and efficient use of space. With an assessed value of $307k, it sits notably below the neighborhood average, potentially offering entry into a well-established area at a lower price point. The home's living area is above average for its specific street, suggesting a comfortable interior size compared to immediate neighbors.
The property would suit first-time buyers or downsizers seeking a manageable home without a large yard, as the lot is significantly smaller than typical for the area and city. Its value proposition is straightforward: you trade land size for location and a lower assessed value. A thoughtful perspective is that this smaller lot could mean lower maintenance costs and less time spent on yard work, which some buyers may see as a benefit. It’s a home that prioritizes the dwelling itself over the land it sits on, appealing to those who value interior space and neighborhood amenities over extensive outdoor space.
Section 2: Frequently Asked Questions
1. Is the assessed value a reliable indicator of the likely selling price?
While the assessed value of $307k is a key municipal benchmark for property taxes, market conditions ultimately determine sale price. This property's assessed value is below area averages, which can be attractive, but a professional market evaluation is essential.
2. How does the smaller lot size impact living here?
The land area is smaller than most homes in River Park South and across Winnipeg. This means less private outdoor space but also typically translates to less maintenance. It's important to personally gauge if the yard meets your needs for recreation, gardening, or privacy.
3. The home was last sold in early 2017. Why is the exact sold price not shown?
Due to industry regulations, precise historical sale prices from MLS are not published on public sites. The data shown indicates it sold in the $250k-$300k range. For verified, exact historical figures, you must request them directly from the site via email.
4. How does this home compare to others on Paddington Road?
The home ranks well for living area (top 27% on the street) but has a lower assessed value and a smaller lot than street averages. This suggests it may be a more compact, value-oriented option compared to larger, higher-valued homes on the same block.
5. What are the implications of the home's age (built in 1981)?
Built in the early 1980s, the home is of average age for its street but older than many in the broader neighborhood. This typically means potential updates may be needed (like roofing, windows, or mechanical systems), which should be factored into budgeting and inspections.