Property Overview & Appeal
This home at 87 Farwell Bay is a classic, mid-century bungalow built in 1957, situated on a good-sized lot in Winnipeg's Maybank neighbourhood. Its key appeal lies in its solid, no-frills foundation and its position as a practical entry point into the housing market. With 1,100 sqft of living space, it offers a functional layout that is very typical for its street and area, neither notably large nor small within its immediate context.
The property’s standout characteristic is its assessed value, which is notably lower than most of its direct neighbours on Farwell Bay. This suggests potential value for a buyer willing to update and maintain a home of this vintage. The lot, while below average for the street, is still generous compared to many city-wide properties, offering room for gardening or expansion.
This home would best suit a first-time buyer, a practical downsizer, or an investor looking for a straightforward rental property. Its appeal is not in luxury finishes or size, but in its fundamental offering of space and land at a relatively accessible value point within a mature neighbourhood. A thoughtful buyer might see the lower assessment not just as a reflection of condition, but as an opportunity for sweat equity to build value in a stable location.
Frequently Asked Questions
1. Why is the assessed value so much lower than the neighbours?
While the exact municipal assessment formula isn't public, a significantly lower assessment on the same street often points to differences in home condition, updates, or specific features. It's a strong indicator that this property may require more modernization compared to its peers.
2. What does the sold price range for 2024 tell us?
The reported sale in the $400k-$450k range suggests the market price was significantly higher than the current assessed value. This is common and indicates buyers were willing to pay a premium based on market conditions, the home's potential, or specific features not fully captured by the assessment.
3. Are there any concerns with a house built in 1957?
Homes from this era are generally solidly built but will likely have aging core components. A thorough inspection is crucial to anticipate the remaining lifespan of the roof, windows, plumbing, and electrical systems, and to check for materials like asbestos or lead paint that were common then.
4. How does the lot size impact future plans?
At just under 6,000 sqft, the lot is smaller than most on Farwell Bay but is still a good size. It provides ample backyard space but may have more specific setback requirements or less flexibility for a large addition compared to the larger lots nearby.
5. What is the benefit of the "neighbourhood analysis" mentioned?
This tool allows you to see this specific property plotted on a map alongside immediate neighbours, visually comparing metrics like lot size, year built, and assessed value. It provides immediate context, showing how this home fits into the fabric of the street beyond just the numbers.