138 Overwater Cove

Property Overview: 138 Overwater Cove

Key Features & Ideal Buyer

This 1988-built, one-storey home in Elmhurst sits on a generous 6,690 sqft lot. Its key characteristics include 1,500 sqft of living space, a finished basement, and an attached garage. The appeal lies in its established, quiet cul-de-sac setting and a lot size that offers ample outdoor space—a relative rarity for a single-level home. Its value proposition is underscored by strong city-wide rankings; it places in the top 20% of Winnipeg for lot size and top 14% for assessed value, suggesting a well-regarded property in a desirable location.

This home would best suit downsizers, young families, or buyers seeking single-level living without sacrificing yard space. It’s ideal for those who prioritize move-in readiness (thanks to the finished basement) and long-term value over brand-new construction. A thoughtful perspective: while the home’s interior square footage is modest relative to the neighborhood, its exceptional lot size provides future potential for expansion or landscaping, offering a balance of present comfort and future possibility.

Frequently Asked Questions

1. How does the age of the home (built in 1988) affect its condition?
While 38 years old, the home is likely past major initial settling and has seen several maintenance cycles. A thorough inspection is key to assess the current state of major systems like the roof, windows, and HVAC, which may be due for updates or replacement.

2. The living area ranks lower in the neighborhood. Will the house feel small?
At 1,500 sqft, the living space is functional for a typical family, especially with the addition of a finished basement. The perceived space is often enhanced by the single-level layout, which eliminates stairs and can make the home feel more cohesive and accessible.

3. What do the high rankings for lot size and assessed value actually mean?
They indicate this property’s lot is larger than 80% of homes in Winnipeg, and the city assesses its total value higher than 86% of properties. This generally reflects a premium location and land value, which are strong factors for long-term equity, even if the house itself is not the largest.

4. Is the finished basement included in the 1,500 sqft living area?
Typically, municipal living area (sqft) calculations do not include below-grade spaces. The 1,500 sqft refers to the above-ground footprint. The finished basement provides additional, valuable living space that is separate from that official figure.

5. Who would this home not be suitable for?
It may not suit buyers seeking a modern, open-concept layout without renovation work, or those who prioritize a very large interior over outdoor space. It also might not fit someone wanting a brand-new, maintenance-free property, as some updates should be anticipated.