Property Overview: 4 Magdalene Bay, Fort Richmond, Winnipeg
Section 1: Key Characteristics & Appeal
This two-storey home in Fort Richmond presents a practical opportunity with a distinct value profile. Its key characteristic is a renovated basement, adding functional living space to the 1,203 sqft footprint. While the home itself is slightly above average in size for its immediate street, its standout feature is its financial positioning. The assessed value is notably below average for both the street and the wider Fort Richmond area, suggesting a potentially lower property tax burden or an entry point into a established neighbourhood. The lot is compact at just over 4,000 sqft, which means less yard maintenance but also less private outdoor space.
The appeal lies in this balance: it’s a move-in ready home with updated living space (the basement) in a mature neighbourhood, but without the premium price tag often associated with such locations. It would suit first-time buyers seeking a foothold in a convenient area, or practical downsizers looking for a manageable property with recent renovations. A thoughtful perspective is that a home with a value ranking significantly lower than its living area ranking can sometimes indicate an opportunity for equity growth through cosmetic updates, as the core structure and space are already competitive.
Section 2: Frequently Asked Questions
1. Is the low assessed value a red flag?
Not necessarily. A below-average assessment can result from various factors, including the home's older age (1971), the compact lot size, and the specific methodology used by assessors. It often translates to lower annual property taxes, which is a positive for monthly budgeting.
2. What does "renovated basement" typically mean here?
While specifics should be verified by a viewing and inspection, in homes of this era, a renovated basement usually indicates a finished lower level with living space, such as a family room, bedroom, or bathroom. It’s a key source of added functional space.
3. How does the compact lot impact living here?
The 4,034 sqft lot is smaller than most in the area. This is a benefit for those who prefer minimal yard work. However, it may limit options for large additions, pools, or extensive outdoor entertaining spaces. Privacy from neighbours could also be closer.
4. The home sold in 2017 and 2021. Is that a concern?
Two sales in under five years is worth noting, but not inherently negative. It could reflect typical life changes, investment activity, or the attractive affordability of the property. Reviewing the exact sale price history (available by request) can provide clearer context.
5. How does this home compare to the nearby reference property at 950 Summerside?
The reference home is newer (1987) and has a higher assessed value but is significantly smaller (912 sqft). This highlights a trade-off: 4 Magdalene Bay offers more interior space and a renovation for a lower assessed value, but in an older building on a smaller lot. The choice depends on prioritizing space versus newer construction.