161 Overwater Cove

Property Overview

This two-storey home in Elmhurst presents a compelling blend of space, established character, and a prime location. Built in 1987, its key appeal lies in its generous proportions, sitting on a large, approximately 11,868 sqft lot and offering 2,598 sqft of finished living space, including a developed basement. The home's standout feature is its exceptional relative size within the market, ranking in the top tier for living area and lot size against local, community, and city-wide comparisons. Its recent assessment and past sale prices also consistently rank in the top 3-5% of Winnipeg, indicating a property of recognized value.

Its appeal is multifaceted: it offers room to grow for a family, the stability of a mature neighborhood, and the privacy afforded by a substantial lot. It would suit buyers looking for a move-in ready, spacious family home who value established communities over brand-new construction. A thoughtful perspective is that while the home is nearly 40 years old, its competitive rankings suggest it has been well-maintained and remains a highly desirable asset in its class, offering more inherent space and land than the vast majority of properties available.

Frequently Asked Questions

1. What is the significance of the property's high rankings?
The rankings show how this home compares to others in its immediate area, neighborhood, and across Winnipeg. For example, ranking in the top 4% for lot size city-wide means you are getting significantly more land than 96% of Winnipeg properties, a rare and valuable commodity.

2. The home was built in 1987. What should I consider?
While the structure is mature, the consistent top-tier rankings for value and size suggest it has been a well-kept asset. A pre-purchase inspection is always advised to understand the condition of major systems (roof, HVAC, etc.) typical of a home of this age.

3. How does the 2022 sale price relate to the current assessed value?
The assessed value of $737,000 is moderately higher than the 2022 sale price of $720,000. This indicates the municipal assessment reflects the strong market position the home held at its last sale and its subsequent value growth.

4. Is the basement included in the listed living area?
Yes, the 2,598 sqft figure includes the finished basement. This means all levels of the home are developed and contribute to the total usable living space.

5. What does the lot size offer practically?
At nearly 12,000 sqft, the lot provides ample space for gardening, recreational activities, potential additions like a deck or shed, and a high degree of privacy from neighbors—a feature increasingly difficult to find in newer subdivisions.