Property Overview: 506 Paddington Road, River Park South, Winnipeg

Section 1: Key Characteristics & Appeal

This 1985-built home at 506 Paddington Road is a compact, efficiently sized property in Winnipeg's River Park South neighborhood. With 850 sqft of living space, it is notably smaller than most homes in the area and city-wide, positioning it as a lower-maintenance option. Its assessed value of $375,000 is very close to the city-wide average, suggesting the price reflects its size rather than an undesirable location.

The appeal lies in its practicality and relative value within its immediate streetscape. While the lot size is modest for the neighborhood, it is typical for Paddington Road itself, meaning you're not at a disadvantage compared to direct neighbors. The home is newer than many across Winnipeg, which can be appealing for maintenance considerations. It would best suit first-time buyers, downsizers, or investors looking for an affordable entry into a stable neighborhood without the upkeep of a larger property. A thoughtful perspective is that its "below average" size for the area might represent an opportunity for value-conscious buyers who prioritize location over square footage, especially since its assessed value is competitive on its own street.

Section 2: Frequently Asked Questions

1. Is this home significantly overpriced for its size?
Not necessarily. While the living area is below average, its assessed value is aligned with the average on its own street ($375k vs. $364.8k average). This suggests the pricing is consistent with other homes on Paddington Road, accounting for factors like its condition, updates, and the specific lot.

2. What does the sold price history indicate?
Records show it last sold between $300,000-$350,000 in October 2020. This past sale price fell in the top 58% for the street and city at that time, indicating it has been a competitively priced property. The current assessed value reflects market appreciation since that sale.

3. How does the lot size impact future potential?
At 4,073 sqft, the lot is smaller than the neighborhood average but typical for the street. This may limit large expansion possibilities like a major addition or pool, but it also means less yard maintenance. It's suitable for a deck, garden, or small play area.

4. Are the property taxes likely to be high?
With an assessed value that is around the city-wide average but below the neighborhood average, property taxes should be more in line with Winnipeg norms rather than the higher rates sometimes seen in this part of River Park South.

5. How does its age (1985) compare, and what might that mean?
Built in 1985, this home is newer than the Winnipeg average and typical for its street. This can be an advantage, as major components like roofing, windows, or plumbing may have been updated more recently than in older city homes, though a specific inspection is needed to confirm condition.