Property Overview: 71 Magdalene Bay, Fort Richmond, Winnipeg
Key Characteristics & Buyer Appeal
This one-storey home in Fort Richmond is a practical, no-frills property built in 1972. Its key characteristic is its value-oriented positioning. With 1,004 sqft of living space and a recently renovated basement, it offers functional living in a well-established neighborhood. The home sits on a standard 5,497 sqft lot and does not include a garage or pool.
The primary appeal lies in its affordability and lower maintenance footprint, underscored by an assessed value that is below average for its immediate street and neighborhood, yet around the city-wide average. This suggests it represents a more accessible entry point into the Fort Richmond area. A thoughtful perspective is that while the living space is modest compared to local averages, the renovated basement effectively adds usable square footage, enhancing its livability beyond the main floor measurement.
This property would best suit first-time homebuyers seeking an affordable starter home, downsizers looking for a manageable single-level layout, or value-focused investors interested in the Fort Richmond rental market. Its unassuming profile is for those prioritizing location and budget over premium size or modern amenities.
Frequently Asked Questions
1. Is the assessed value a reliable indicator of the likely selling price?
While the assessed value is a key data point for taxes, market conditions ultimately determine sale price. This home’s assessed value is below the local street average, which can be an attractive starting point for negotiations.
2. What does the "renovated basement" entail?
The listing confirms the basement is renovated but does not specify the scope. A buyer should inquire about the permits, quality of finish, ceiling height, and whether it includes a legal secondary suite or additional bedrooms.
3. How does the lack of a garage impact daily life and resale?
For this area and price point, the absence of a garage is common. Buyers should plan for street parking or consider the cost and feasibility of adding a driveway or carport. This feature does keep the property affordable but may be a consideration for future resale.
4. The home is described as "below average" in size for the area. How significant is this?
The living area is smaller than many homes in Fort Richmond. However, its ranking is stronger on its own street, indicating it’s more typical for Magdalene Bay. The renovated basement helps offset the main floor square footage.
5. The home last sold in 2020. Why might it be back on the market?
A five-year ownership period is not unusual. Reasons can range from a life change (upsizing, downsizing, relocation) to the completion of the basement renovation as a value-add project. A title search and disclosure from the seller will provide clarity.