Property Overview: 77 Biscayne Bay, Winnipeg
Key Characteristics & Buyer Appeal
This home at 77 Biscayne Bay in the Maybank neighbourhood is a study in desirable contrasts. Built in 1954, its age is actually a standout feature, ranking in the top 2% for being an older, well-established home on its street. This suggests a character property in a mature setting. With 1,032 sqft of living space, it offers more room than most comparable homes in the immediate area (ranking in the top 3% on Biscayne Bay), while its assessed value sits around the street average. The lot size is also typical for the street but is more modest compared to wider Maybank and the city overall.
The appeal lies in its position as a spacious, character home within its specific local context. It suits a practical buyer who values established neighbourhoods and more interior space over a large yard, and who is looking for a home that stands out in its immediate vicinity for its size and vintage without carrying a premium price tag relative to its neighbours. It represents an opportunity to own a home that is above-average for its direct surroundings in key metrics, within a city-wide market where it is more affordably assessed.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value is based on the property's value relative to similar homes in its area. This home's assessment is around average for Biscayne Bay and Maybank, but these neighbourhoods have significantly lower average property values than the entire city of Winnipeg, hence the large disparity.
2. The home sold between $250k-$300k in 2022, but the assessed value is only ~$25k. Why?
In Manitoba, property assessments are not market valuations. The assessed value is a figure used for calculating municipal property taxes and is typically a fraction of a home's expected market sale price.
3. What does it mean that the home ranks "Elite" for year built?
This can be counterintuitive. In this ranking system, a newer year built is usually considered better. However, "Elite" here means it is among the oldest homes on the street. This is presented as a positive, indicating a classic, well-established property in a mature neighbourhood.
4. How usable is the land with a 2,553 sqft lot?
The lot is slightly below average for the Maybank area. It provides adequate outdoor space for a patio, garden, or play area, but may not accommodate extensive additions like a large detached garage or pool. It emphasizes low-maintenance outdoor living.
5. You note it's spacious for the street but below average city-wide. Which is more relevant?
For daily living and neighbourhood feel, the street and local area comparison is most relevant—you're getting more house than most on your block. The city-wide comparison is more important for understanding your position in the broader market and long-term investment potential relative to all Winnipeg neighbourhoods.