Property Summary: 273 Lake Village Road, Winnipeg
Section 1: Key Characteristics & Appeal
This 920 sqft bungalow, built in 1977 on a 2,999 sqft lot, presents a compelling value proposition within the established Waverley Heights neighborhood. Its primary appeal lies in its relative affordability and efficient scale within a higher-value area. While the living space and lot size are below the neighborhood averages, the assessed value is significantly more accessible, positioning it as a practical entry point into the community.
The home suits first-time buyers or downsizers seeking a manageable property without the upkeep of a larger lot. Its efficient size also appeals to investors or buyers looking for a solid, no-fuss foundation with renovation potential. A thoughtful perspective is that its smaller scale and lower taxes could offer financial flexibility, while its older vintage on a street of similar-aged homes suggests a settled, consistent streetscape. It’s a property that trades sheer size for location and value, ideal for those who prioritize the neighborhood over the footprint.
Section 2: Frequently Asked Questions
1. Is the living area too small compared to other homes in the area?
Yes, at 920 sqft, it is below the Waverley Heights neighborhood average. However, it is much closer to the average for its specific street (Lake Village Road), indicating it’s in line with the scale of its immediate surroundings.
2. Why is the assessed value lower than the neighborhood average?
The assessed value of $301k is below the Waverley Heights average, largely reflecting the home’s smaller living area and lot size. This creates a value opportunity, as you gain access to the neighborhood at a lower price point and correspondingly lower property tax base.
3. What does the lot size mean for outdoor space?
The lot is 2,999 sqft, which is compact for the area. It will accommodate a backyard but is better suited for low-maintenance landscaping or a patio space rather than extensive gardens or recreational areas.
4. Is the 1977 build date a concern?
The home is one of the newer properties on its street (top 12%), suggesting it may have benefited from slightly updated construction standards for its era. As with any home of this age, a thorough inspection of major systems (roof, wiring, plumbing) is essential.
5. How does this property fit within the wider city market?
City-wide, this home offers a living area and assessed value that are around the Winnipeg average. Its key differentiator is its location within a desirable neighborhood where typical homes are larger and more expensive, offering a chance to live in Waverley Heights without the typical price tag.