Property Overview: 2 Hearthwood Grove, Riverbend, Winnipeg

Key Characteristics & Appeal

This home presents a compelling case as a spacious and well-established property in the desirable Riverbend neighborhood. Its primary appeal lies in its generous proportions, both in living space and land. With 1,596 sqft of living area, it ranks in the top 5% on its own street and well above averages for the neighborhood and city. The lot is a significant standout at 7,509 sqft, placing it in the top 5% on the street and the top 10% in Riverbend, offering ample outdoor space rarely found in newer subdivisions.

Built in 1987, the home is slightly older than many on its street, which may suggest a need for updates but also reflects a mature, settled streetscape. Its assessed value of $417k is elite for Hearthwood Grove itself, positioning it as a premium property on the street, while being more aligned with broader area and city averages.

This property would best suit buyers who prioritize indoor and outdoor space over a brand-new build. It’s ideal for a family seeking a large yard, or for someone looking for a home with "good bones" in a mature neighborhood, who may be planning thoughtful renovations over time. The data suggests you are paying a premium for the specific location on Hearthwood Grove and the substantial lot size, rather than for a recently built home.

Frequently Asked Questions

1. How does the sold price from 2020 relate to the current assessed value?
The home sold for between $350k-$400k in late 2020. The current assessed value of $417k is higher, reflecting market changes and the property's standout features like its large lot. This indicates steady appreciation, particularly for well-sized homes in established areas.

2. Is the older year built (1987) a concern?
It depends on your perspective. It ranks below average for the street and neighborhood, meaning many nearby homes are newer. This typically implies a greater potential for age-related maintenance or a desire to update finishes. However, it is still newer than the average Winnipeg home, and properties of this era are often known for solid construction and larger lot sizes.

3. What does the "elite" ranking for lot size really mean for me?
It means your outdoor space is a major asset. Compared to the average lot on the street (4,789 sqft), you have over 50% more land. This allows for larger gardens, play areas, patios, or future additions like a shed or deck that might not be possible on standard lots.

4. The assessed value is "around average" for the neighborhood but "elite" for the street. How should I interpret this?
This highlights the micro-location value. Hearthwood Grove appears to be a street of generally more modest homes. This property is among the largest and most valuable on that specific block, which could be appealing for resale on that street. In the wider Riverbend area, however, it faces competition from newer or differently configured homes, making its value more average in that broader context.

5. Are the property taxes likely to be high?
Property taxes are based on the assessed value. With an assessment ($417k) significantly above the street average ($377.6k), your tax bill will likely be higher than most of your immediate neighbors, as you are effectively taxed on a more premium valuation for that specific location.