Property Summary: 74 Gull Lake Road, Waverley Heights, Winnipeg
Section 1: Key Characteristics & Appeal
This 1,080 sqft bungalow, built in 1978 on a 3,707 sqft lot, presents a distinct value proposition within its desirable Waverley Heights neighborhood. Its primary appeal lies in a significant price advantage: with an assessed value of $286k, it stands well below averages for its own street ($354.9k) and neighborhood ($398.1k). This creates a compelling entry point into an established area.
The home’s living space is efficiently laid out and is actually above average for Gull Lake Road itself, suggesting a smart use of its footprint. While the lot is smaller than many in the wider area, it offers manageable outdoor space with less maintenance burden.
This property would ideally suit first-time buyers or downsizers seeking affordability in a mature neighborhood without sacrificing interior space. It’s also a practical candidate for value-focused investors or buyers who prioritize location and home size over a large yard, viewing the below-average assessment as a foundation for potential equity growth.
Section 2: Frequently Asked Questions
1. Is the low assessed value a red flag?
Not necessarily. While it warrants due diligence, it primarily indicates the home is priced below its immediate peers. This could reflect original size, specific lot characteristics, or interior condition, but it fundamentally offers a lower entry cost into the area.
2. How does the smaller lot size impact daily living?
It means less yard maintenance, which can be a benefit for those seeking a low-upkeep property. It may limit options for large additions or pools but is sufficient for a patio, garden, or play area.
3. The home is older than the street average. Should I be concerned?
The 1978 build date is newer than the city-wide average and is solidly mid-range for the street. It falls within an era of common construction standards. A thorough inspection is always advised, but its age is typical for the market.
4. Why is the living area above average for the street but the value is so much lower?
This is the key dynamic. It suggests you are getting more interior space per dollar here than with neighboring homes. The value difference is likely attributed to the lot size, specific condition, or original features, making the interior space a relative strength of this property.
5. What does the "ranked #83 out of 85" for value on the street actually mean?
This statistical ranking shows that only a few homes on Gull Lake Road have a lower assessed value. It highlights the scale of the discount. The important context is that you are acquiring a home with above-average living area for the street at one of its lowest price points.