Property Overview
51 Petriw Bay is a compact, renovated bi-level home in Winnipeg's Inkster Gardens neighborhood. Its primary appeal lies in a significant, above-average land size paired with a very modest price point, creating a distinct value proposition. The home itself is smaller than most in the area, but its renovated basement adds functional living space. It last sold in late 2024, indicating recent market activity at this accessible price tier.
Key Characteristics & Ideal Buyer
The defining feature of this property is its land. At over 6,500 sqft, the lot is exceptionally large for its street and neighborhood, ranking in the top 3% and 10% respectively. This presents a major opportunity for gardening, expansion, or simply enjoying more private outdoor space than is typical for the price. The home is modest, with a living area (844 sqft) that is notably below average for the area, but it benefits from a renovated basement. The assessed value is low, especially compared to the city-wide average.
Its appeal is grounded in practicality and potential. It suits first-time buyers or investors seeking an entry point into the market with a manageable financial commitment. The large lot is a compelling asset for those who value outdoor space over interior square footage or who have a long-term vision for the property. It would also suit a buyer looking for a renovated, low-maintenance base without the premium of a larger modern home.
Frequently Asked Questions
1. Is the home's small size a major drawback?
While the above-ground living area is compact, the renovated basement provides additional functional space. The trade-off for the smaller footprint is the unusually large yard and a lower price point.
2. What does the large land area actually mean for me?
It offers rare potential for this price range. You have room for extensive gardens, a spacious shed or workshop, recreational space, or future expansion like a large deck or addition, subject to city bylaws.
3. The assessed value seems low. Does that mean the taxes are very low?
Generally, yes. A lower assessed value typically correlates with lower municipal property taxes, which is a key ongoing cost saving for the homeowner.
4. The home sold recently in late 2024. What does that indicate?
The recent sale suggests the property is priced at a level that matches current demand for affordable, no-frills homes with a standout feature—in this case, the lot size. It shows active market interest at this value tier.
5. How does the year built (1983) compare?
For its immediate street, it's actually newer than most homes. However, for the wider Inkster Gardens area, it's older than average. This suggests the surrounding homes on Petriw Bay are generally older, providing useful context for the neighborhood's character.