Property Overview: 93 Coral Reef Cove, Island Lakes, Winnipeg

Key Characteristics & Appeal

This single-storey home in Island Lakes is a practical, renovated property built in 1997. Its key characteristic is a sense of balance: while its 1,423 sqft living area and 5,028 sqft lot are modest for its immediate street and neighbourhood, they align more closely with Winnipeg-wide averages. This presents a nuanced value proposition. The home’s appeal lies in its updated basement and attached garage, offering move-in-ready functionality in a mature, established area.

The property would suit first-time buyers or downsizers seeking a manageable, single-level layout without major renovation needs. Its assessed value sits above the city median, suggesting solid inherent value, yet its below-average size for the area could mean a more accessible price point within a desirable neighbourhood. A thoughtful perspective is that this home offers a compromise—it provides entry into a well-regarded community like Island Lakes, but with property dimensions that may result in lower maintenance and utility costs compared to larger lots on the street.

Frequently Asked Questions

1. How does the size of this home compare to others in Island Lakes?
At 1,423 sqft, the living area is below the neighbourhood average. However, its footprint is closer to the typical Winnipeg home, offering a comfortable size that may be easier and more efficient to maintain.

2. What does the assessed value tell me about this property?
The assessed value is above the citywide median, indicating the municipality views it as a relatively valuable asset. On its own street and in Island Lakes, however, the assessment is around or slightly below average, which may reflect its more compact lot and living space.

3. Has the property value increased over time?
Based on available sold price ranges, the property value appears to have appreciated between its 2017 and 2021 sales, consistent with broader market trends during that period.

4. Is the lot size a disadvantage?
The lot is smaller than most on Coral Reef Cove. For some, this means less yard work and lower outdoor maintenance. For others seeking extensive gardening or outdoor space, it may be a limitation. It is, however, very close to the average lot size across Winnipeg.

5. Who would this home not be ideal for?
It may not suit buyers looking for a large, expansive property that leads the street in terms of size. It’s also a single-storey design, so those preferring multiple levels or a more imposing presence might look elsewhere.