Property Overview: 23 Lake Green Place
Section 1: Key Characteristics & Appeal
This well-situated Waverley Heights home presents a unique value proposition within its established neighbourhood. Built in 1977, the 1,176 sqft bungalow sits on a generous 6,795 sqft lot—a standout feature that is larger than most lots both in Winnipeg and the immediate area. While the living area is modest compared to others on its street, it aligns closely with neighbourhood and city averages for similar homes.
The primary appeal lies in its land value and location. The lot offers significant space for gardening, recreation, or future expansion, providing a suburban feel within the city. With an assessed value of $427k, the property is positioned below the street average but sits above both neighbourhood and city averages for assessed value, suggesting a solid investment in a desirable area.
This home would suit first-time buyers or downsizers seeking a manageable footprint without sacrificing outdoor space. It’s also a practical choice for value-conscious buyers looking for a "blank canvas" on a prime lot, willing to update the interior over time. The data indicates you’re purchasing a better-than-average piece of land with a home that has renovation potential, rather than a fully finished premium property.
Section 2: Frequently Asked Questions
1. Is the house too small for the street?
The living area is the smallest among the seven homes on Lake Green Place, where averages are higher. However, it is very close to the typical size for both Waverley Heights and Winnipeg overall. This could mean more efficient use of space and lower utility costs compared to larger neighbours.
2. Why is the assessed value lower than the street average?
The $427k assessment is below the street average of $472.9k, which is likely influenced by the home’s smaller size and 1977 build date relative to its immediate neighbours. However, it remains above the broader area and city averages, indicating the lot and location are key drivers of its value.
3. How does the lot size compare?
The lot is a major asset. At 6,795 sqft, it is larger than 81% of comparable lots city-wide and 73% within Waverley Heights. It is, however, the smallest lot on Lake Green Place itself, where properties are exceptionally large.
4. What does the year built tell us about the property?
Built in 1977, the home is typical for its neighbourhood and newer than the city-wide average. It falls within an era of solid construction but will likely have original or older components (like windows, roof, HVAC) that should be carefully inspected for their remaining lifespan.
5. Is this a good investment for the area?
The numbers suggest you are buying into a street of higher-value homes, which can be beneficial for long-term value. The combination of an above-average lot in a stable neighbourhood with a home priced below its immediate peers offers a strategic entry point into Waverley Heights.