Property Overview: 40 East Lake Drive, Waverley Heights

Key Characteristics & Appeal

This 1978-built home in Waverley Heights presents a distinct profile defined by its generous lot and efficient footprint. At 900 sqft, the living area is notably compact, ranking below average for the street, neighborhood, and city. However, this is balanced by a land area of 5,873 sqft, which is significantly larger than most lots on East Lake Drive, ranking in the top 6% on the street. The assessed value of $334k sits above the street average but below the broader neighborhood average, suggesting a premium for its specific location and lot size within an immediate context of smaller, similarly valued homes.

The primary appeal lies in its land potential and location. The sizable lot offers room for expansion, gardening, or outdoor living—a relative rarity on the street. It suits a specific buyer: perhaps a downsizer seeking a manageable interior without sacrificing yard space, a first-time buyer comfortable with a cozy layout who values future expansion potential, or an investor recognizing the underlying land value. Its value proposition is less about the current home's size and more about the property's inherent assets—its position on a desirable street and the possibilities afforded by the lot.

Frequently Asked Questions

1. Is the home's below-average living area a concern?
It depends on your needs. The home is functionally compact, which suits minimalist living or lower maintenance. The data suggests you are paying primarily for location and land, not square footage. Consider whether the layout works for you now or if you're willing to renovate or expand later.

2. Why is the assessed value above the street average if the house is smaller?
The assessed value reflects more than just living area. Its high ranking on the street is likely influenced by its substantially larger lot size compared to neighbors and its specific location. Value is driven by the land asset and its position within a sought-after pocket of Waverley Heights.

3. How does the year built affect this property?
Built in 1978, it is typical for the immediate area. This means potential renovations should account for building standards and materials of that era. On a positive note, it places the home after the ban of aluminum wiring in 1973, a common concern in slightly older Winnipeg homes.

4. What can the nearby property listings tell me?
The listed nearby and similar homes show a consistent pattern on East Lake Drive: homes from the same era with modest sizes but solid values. This indicates a stable, established street where values are supported by the area's overall desirability, not by oversized homes.

5. How reliable is the price history provided here?
The site notes that its transaction history is based on public data, not MLS records, and may be incomplete. For fully verified sales history and exact figures, you must request a manual lookup via email, as industry rules prevent the display of MLS sold data on public platforms.