Property Overview: 35 Lake Grove Bay, Waverley Heights
Section 1: Key Characteristics & Appeal
This 1,040 sqft bungalow, built in 1978 on a 6,297 sqft lot, presents a specific value proposition within the Waverley Heights neighborhood. Its primary appeal lies in its position as a competitively priced entry point into a desirable area. The assessed value of $388k is notably below the street average, suggesting a potential value opportunity for a buyer willing to invest in updates. The lot size is a standout feature, offering above-average outdoor space city-wide, which is a significant asset for gardening, expansion, or simply enjoying more privacy.
The home would suit first-time buyers or downsizers seeking a solid foundation in a well-established community without the premium price tag of larger or fully renovated homes on the same street. It’s a practical choice for a buyer who sees potential in the generous lot and is comfortable with a living space that is cozier than many of its immediate neighbors. A less obvious perspective is that its "below average" metrics on its own street could mean less property tax pressure relative to neighbors, while still providing access to the same community amenities and location benefits.
Section 2: Frequently Asked Questions
1. Is the living area small for the neighborhood?
Yes, at 1,040 sqft, the living area is below the average for both Lake Grove Bay (1,383 sqft) and the wider Waverley Heights area. This indicates a more compact home compared to many in the immediate vicinity.
2. Why is the assessed value lower than the street average?
The assessed value of $388k ranks in the top 91% on its street, meaning it's one of the lower values among 56 comparable homes. This typically reflects the home’s smaller size, its unrenovated state, or a combination of factors compared to more updated or larger homes on the block.
3. How does the lot size compare?
The lot is a key strength. At over 6,000 sqft, it is larger than the average lot city-wide and is a competitive size even on its own street, offering more usable outdoor space than many properties.
4. Is the 1978 build date a concern?
Not inherently. The build date is typical for the street and neighborhood. It does mean the home may require updates to major systems (like roof, windows, HVAC) that are reaching the end of a typical lifespan, which is a standard consideration for homes of this era.
5. What does "around average" for city-wide assessed value mean?
It means this home’s assessed value is very close to the median for similar homes across Winnipeg ($390.1k). This positions it as a very typical Winnipeg property in terms of value, but located within a neighborhood where average values are generally higher.