Section 1: Property Overview
This 936 sqft bungalow at 46 Gull Lake Road, built in 1978, presents a practical and value-conscious opportunity in Winnipeg's Waverley Heights neighborhood. Its key appeal lies in its balance of a larger-than-average lot for the immediate street and a below-average assessed value for the broader neighborhood. With a lot size of 5,868 sqft ranking in the top 6% on its street, the property offers notable outdoor space potential compared to its direct neighbors, a feature often sought after but not always available in this price range.
The home suits first-time buyers, downsizers, or investors looking for an entry point into a stable neighborhood without a premium price tag. Its assessed value sits comfortably below both neighborhood and city averages for comparable homes, suggesting room for equity growth through updates. A thoughtful perspective is that while the living area is modest, the generous lot provides a clear avenue for future expansion or landscaping projects, making it a strategic choice for a buyer planning a longer-term, phased investment. It’s a property that trades immediate square footage for land value and future potential.
Section 2: Frequently Asked Questions
1. How does the home's value compare to others nearby?
The home's assessed value of $312k is notably below the Waverley Heights neighborhood average of ~$398k and slightly below the city average. On its own street, it ranks around the middle of the pack for value, indicating it may be priced accessibly within its most immediate market.
2. Is the lot size a significant advantage?
Yes, particularly on its specific street. The lot is over 1,400 sqft larger than the street average, placing it in the top 10% of lots on Gull Lake Road. This is a standout feature for gardening, outdoor living, or future additions.
3. The living area seems small. How does it compare?
At 936 sqft, the living area is below averages for the street, neighborhood, and city. This confirms the home is a more compact bungalow, which contributes to its accessible pricing and may appeal to those seeking efficient, low-maintenance living.
4. What does the "year built" ranking tell us?
Built in 1978, the home is newer than most in its neighborhood (ranking in the top 18%) but is around average for its street and the city. This suggests it's a mid-generation home in an established area, likely with some updates over time but not a recent build.
5. Who would this property not suit?
It may not suit buyers who prioritize immediate move-in condition with modern, open-concept layouts or those who need substantial indoor space without undertaking renovations. The value here is in the land and the foundation it provides for a personalized project.