Property Overview: 4 Rillwillow Place, Winnipeg
Section 1: Key Characteristics & Appeal
This 1,152 sqft home in River Park South, built in 1978, presents a distinct value profile. Its primary appeal lies in offering above-average interior space for its immediate street at a below-average price point. On Rillwillow Place itself, the home ranks #1 for living area, being notably larger than the street's 908 sqft average, yet it carries the lowest assessed value on the street. This creates an opportunity for buyers seeking more square footage per dollar in a mature neighborhood.
The property suits practical, value-conscious buyers. It's ideal for a first-time homeowner who prioritizes interior space over a large yard, as the lot is compact. It could also appeal to an investor or downsizer looking for a manageable property with a relatively low tax assessment. A less obvious perspective is its potential as a long-term hold in an area where the home's larger-than-street-average size could be a future advantage if the street sees renewal or upgrades. However, buyers should be comfortable with a property that, while spacious inside, sits on a smaller lot and has an assessed value below broader area averages.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the neighborhood average?
The assessed value of $265k is significantly below the River Park South average ($447.2k). This is likely due to a combination of the home's smaller lot size (one of the smallest in the area), its age, and potentially its condition or specific features relative to other homes in the wider neighborhood.
2. How does the sold price range compare to the assessment?
The home sold recently for an estimated price between $250,000 and $300,000. This suggests the sale price was very close to or slightly above its $265k assessed value, which is typical. The sale ranked in the top 87% for value in the area, meaning it was a comparatively affordable purchase for River Park South.
3. What does the "top 2% for living area on its street" actually mean?
It means that, compared to 41 similar homes on Rillwillow Place, this home has more interior space than 98% of them. With 1,152 sqft versus a street average of 908 sqft, it offers substantially more living space than most of its direct neighbors.
4. Is the smaller lot size a major drawback?
That depends on your lifestyle. The 1,979 sqft lot requires less maintenance, which can be a benefit. However, it offers limited private outdoor space and less potential for expansions like large decks or additions compared to homes on standard lots in the area.
5. The home was built in 1978. What should I consider?
Built in 1978, the home is older than the neighborhood average (1990). This typically means crucial systems like the roof, windows, plumbing, and electrical may be at or beyond their expected lifespan and should be carefully inspected. Its construction date is average for Winnipeg overall.