Property Overview: 23 Rizzuto Bay, Mission Gardens, Winnipeg
Section 1: Key Characteristics & Appeal
This home at 23 Rizzuto Bay is a practical, no-frills property that offers value through its land and location rather than its size or finishes. Built in 1978, it is one of the newer homes on its street, which is a notable point in an established neighbourhood. With 833 square feet of living space, the house itself is compact—significantly smaller than average for the street, area, and city. This suggests a efficient, likely bungalow or cottage-style layout.
The primary appeal lies in its substantial 5,299 sqft lot, which is comfortably sized and offers potential for expansion, gardening, or outdoor living. The assessed value is notably low compared to immediate neighbours, indicating a lower property tax burden and presenting an entry point into the Mission Gardens area. Recent sale history shows steady appreciation.
This property would suit a first-time buyer, an investor, or a downsizer looking for a manageable home with a great yard in a mature neighbourhood. It’s for someone who sees potential in the land and location and is comfortable with a home that may require updates. The value is grounded in what you can do with the property over time, not in turn-key luxury.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than on the street?
The assessment is based on the property's characteristics, including the smaller-than-average living area. A lower assessment typically translates to lower annual property taxes, which can be a financial advantage for the owner.
2. Is the small living area a concern?
At 833 sqft, the home is cozy. It demands efficient use of space and may not suit a growing family needing multiple bedrooms. However, the generous lot size provides a clear opportunity to expand the living space in the future, subject to permits and zoning.
3. What does "one of the newer homes on the street" really mean?
While built in 1978, it ranks in the top 3% for year built on Rizzuto Bay. This means major components like the roof, wiring, and plumbing, while not new, may be from a more modern era than many neighbouring houses, potentially reducing immediate repair needs.
4. How has the property's value changed?
Public records indicate it sold between $200k-$250k in 2017 and between $250k-$300k in 2024. This suggests a stable, increasing market value over a seven-year period.
5. What is the neighbourhood like?
Mission Gardens is an established, quiet residential area. The listing shows nearby properties are of similar vintage and value, indicating a consistent, stable streetscape without drastic variations in house size or style.