3 Wadham Bay

Property Overview

This one-storey home at 3 Wadham Bay in Fort Richmond presents a practical opportunity in a mature Winnipeg neighbourhood. Its key appeal lies in a combination of a larger-than-average lot and a recently renovated basement, offering space and updated utility within a modestly sized living area. The home, built in 1970, is positioned as a value-conscious option, with an assessed value notably below the averages for its immediate street and neighbourhood.

Key Characteristics & Ideal Buyer

The property’s standout feature is its 7,146 sqft lot, which is above average for both the street and the city, providing generous outdoor space for gardening, play, or future expansion. The renovated basement adds functional living area and modern appeal. With 1,266 sqft of living space, the home is comfortably sized for small families, couples, or downsizers. Its attached garage is a practical asset for Winnipeg winters.

The home’s assessed value is in the lower tier for the area, which could signal an entry point for first-time buyers or investors seeking a property with land value in a well-established community like Fort Richmond. It suits a buyer who prioritizes lot size and is comfortable with a home whose main structure is from the 1970s, seeing potential in the existing renovation and the blank canvas of a large yard. It’s a grounded choice for those who value space over a premium, turn-key condition.

Frequently Asked Questions

1. Why is the assessed value so much lower than neighbouring homes?
The assessed value is a municipal valuation for tax purposes and can be influenced by many factors, including the home’s age, specific condition, and recent sales of comparable properties. A below-average assessment here may reflect the home’s original building era relative to others on the street, but it does not directly dictate market price.

2. What does the “renovated basement” entail?
The listing confirms the basement is renovated, but specifics on the scope, quality, permits, or when the work was completed are not provided. A buyer should seek details on the finishes, moisture control, and any changes to electrical or plumbing systems.

3. How does the lot size benefit me?
Beyond simple outdoor space, a larger lot in a mature neighbourhood like Fort Richmond offers greater privacy, more landscaping options, and potential for additions like a shed, deck, or garden suite (subject to zoning bylaws). It also represents a significant portion of the property’s long-term value.

4. What are the implications of a 1970s build?
Homes from this era may have original building materials and systems, such as wiring, plumbing, and insulation, that are functional but may not meet modern efficiency standards. A thorough inspection is advised to understand the condition and any upcoming maintenance needs for the roof, windows, and foundation.

5. The last recorded sale was in 2019 for a much lower price. What does that mean?
The 2019 sale price reflects the market conditions and the property’s state at that time. The renovated basement since then may have added value. This history is less relevant for determining today’s market price than current comparable sales and the home’s present condition.