502 South Drive – Property Summary
Key Characteristics & Buyer Profile
This property stands out for its exceptionally large land area and high assessed value relative to both the neighbourhood and the city as a whole. The lot is 30,240 square feet, ranking in the top 1% citywide and top 2% within the Wildwood neighbourhood. The home itself is 2,174 square feet—above the city average but slightly below the average for homes on South Drive itself. Built in 1954, the house is older than many citywide comparables but actually newer than the typical home in Wildwood, where the average build year is 1950. The assessed value of $1.06 million places it in the top 1% of properties across Winnipeg.
The appeal here is less about the house being newly renovated or oversized, and more about the land and location. The lot is roughly three times the size of the neighbourhood average, which is unusual for an established area like Wildwood. For a buyer, this could mean space for gardens, outbuildings, or future development potential, though any plans would depend on zoning and local regulations.
This property would suit buyers who prioritize land and privacy over a turnkey home. It may appeal to families or individuals who want a large lot in a well-ranked neighbourhood without the premium of a fully updated house. It could also interest someone looking to renovate or rebuild, provided they're comfortable with the age and condition of the existing structure. It's less suited to buyers who want a low-maintenance, modern home or a smaller lot in a more central location.
Frequently Asked Questions
1. How does the assessed value compare to similar homes in the area?
The assessed value of $1.06 million is well above the neighbourhood average of $568,200 and the citywide average of $390,100. On South Drive specifically, it ranks in the top 42%, meaning it's above the street average of $985,600 but not the highest on the block. The value reflects the large lot and the home's size, rather than recent upgrades.
2. What is the condition of the house given it was built in 1954?
The data does not include a condition report. Homes from this era often have solid construction but may need updates to electrical, plumbing, insulation, or windows. A thorough home inspection is recommended to assess the current state and any deferred maintenance.
3. Is the large lot suitable for subdivision or additional construction?
The lot size is 30,240 square feet, which is unusually large for the area. Whether it can be subdivided or used for a secondary dwelling depends on current zoning bylaws in Wildwood and the City of Winnipeg. Buyers interested in development should verify this with the local planning department before making an offer.
4. How does this property's living space compare to other homes in Wildwood?
At 2,174 square feet, the living area is above the neighbourhood average of 1,657 square feet, placing it in the top 16% of homes in Wildwood. However, it is slightly below the average for homes directly on South Drive, which is 2,437 square feet. So it's spacious for the neighbourhood but not oversized for the street.
5. What is the neighbourhood like in terms of overall appeal?
Wildwood is a well-established area with a strong ranking for both lot sizes and home values relative to the rest of Winnipeg. The property's land area and assessed value place it among the top tier in the neighbourhood. However, because the home itself is older and not exceptionally large, the appeal is more about the setting and potential than immediate move-in readiness. The area is likely quieter and more established, with mature trees and larger lots.