Property Summary: 79 Waterstone Drive

Section 1: Key Characteristics & Appeal

This property at 79 Waterstone Drive in Winnipeg's South Pointe neighbourhood presents a unique profile defined by its land. Its primary characteristic is a very large, 6,860 sqft lot, which ranks as the largest on its street and within the top third of the neighbourhood for land area. This offers significant outdoor space and potential in a modern community. However, the home itself appears to be older, as suggested by its notably low assessed value of $16,300, which is an outlier compared to nearby homes and ranks at the very bottom for the area. There is no garage.

The appeal lies squarely in the land and location. The lot size is a rare find in newer subdivisions and provides a canvas for expansion, landscaping, or simply enjoying ample private space. It suits a specific type of buyer: those looking for a value-entry point into the desirable South Pointe area, who are willing to invest in a major renovation or rebuild (subject to due diligence). It could also appeal to an investor or builder seeing the underlying land value. This is not a move-in-ready home, but a property where the long-term value is tied to the potential of the lot itself.

Section 2: Frequently Asked Questions

1. Why is the assessed value so much lower than nearby homes?
The assessed value is typically based on the property's condition and market value at a point in time. A value this significantly lower than all comparable listings strongly suggests the home requires substantial updates, repairs, or may even be considered a teardown, with the value primarily in the land.

2. What can I actually do with a lot this size?
Beyond standard landscaping, a large lot provides flexibility for future additions like a sizable garage, workshop, or expanded living space. It's important to verify all local zoning bylaws and setback requirements with the city to understand what is permissible before making plans.

3. Is this in a flood zone or are there other land concerns?
This is a critical question for any property. You must consult the City of Winnipeg's zoning maps and conduct thorough due diligence, potentially including an environmental or geotechnical assessment, to identify any development constraints or liabilities associated with the land.

4. How does the lack of a garage impact value and insurance?
The absence of a garage affects both resale value and functionality. It may also influence home insurance premiums. Budgeting for the construction of a garage or carport would be a necessary consideration for most buyers.

5. Are the utilities and foundation in good condition for a renovation?
Before committing to a significant renovation, it is essential to have professional inspections to evaluate the condition of the core structure (foundation, roof), as well as major systems like plumbing, electrical, and HVAC. The cost to modernize these can be substantial.