Property Overview: 7 Frigate Bay, Island Lakes, Winnipeg
Section 1: Key Characteristics & Appeal
This two-storey home in Island Lakes presents a compelling mix of space, location, and value. Its key characteristics include 1,439 sqft of living space, a renovated basement, an attached garage, and a notably large 7,123 sqft lot. Built in 2005, it is one of the newer homes on its street. The appeal lies in its balance: while the living space is modest for the immediate neighbourhood, the property offers above-average land size city-wide and a modern build year, all at an assessed value that positions it as an above-average holding within Winnipeg. The renovated basement adds functional living space.
This home would suit first-time buyers or downsizers seeking a well-located, low-maintenance property in a mature neighbourhood without a premium price tag. It’s also a practical choice for value-focused buyers who prioritize a larger, private yard over having the largest square footage on the block. The data suggests it offers a relative bargain within the city, making it a sensible entry point into the desirable Island Lakes area.
Section 2: Frequently Asked Questions
1. Is the living space too small for the area?
While the home’s living area is below the average for Frigate Bay, it is close to the city-wide average. The trade-off is a larger-than-average lot and a newer build, offering different value.
2. What does the “renovated basement” include?
The listing confirms the basement is renovated but does not specify the finishes or layout. This would be a key point for a viewing or inquiry to the seller to understand the quality and functionality of the space.
3. How does the assessed value relate to the likely selling price?
The assessed value for taxation ($46.7k) is not a market price. Market value is determined by recent sales of comparable homes, buyer demand, and the property's condition. The home’s last recorded sale was in early 2016.
4. Are there any concerns with a 2005-built home?
Homes from this era are generally modern but may be due for updates to original elements like flooring, paint, or appliances. A thorough inspection is recommended to assess the roof, windows, and major systems, which are now nearly 20 years old.
5. Why is the lot size a notable feature?
At over 7,000 sqft, the lot is significantly larger than many in Winnipeg. This offers greater outdoor privacy, space for gardening or recreation, and potential for future additions like a deck or shed, subject to local bylaws.