Property Overview
78 Gleneagles Road presents a distinct profile within Winnipeg's Niakwa Place neighbourhood. Its primary characteristic is a notable imbalance between the size of the home and the size of the lot. The 804 sqft bungalow, built in 1971, is significantly smaller than average for the street, area, and city. However, it sits on a generous 7,333 sqft lot that ranks well above average in all comparisons. The assessed value of $394k is consistently around the median benchmark for its immediate street and the wider city.
The appeal here lies in the potential of the land. For the price point, buyers are acquiring a proportionally large, established lot in a mature neighbourhood. This suits a specific type of buyer: those with a vision for expansion, a desire for ample outdoor space, or an interest in a long-term property where the land itself is the primary asset. It's less suited for those seeking immediate move-in condition with ample square footage. A thoughtful perspective is recognizing this as a "value-in-waiting" property; its current ranking is based on existing structures, but its future value could be reshaped by the right improvements.
Frequently Asked Questions
1. Is the house in need of major updates?
Given it was built in 1971 and is below average in size, buyers should budget for modernizations. The systems, roof, and interior finishes are likely original or dated, which is typical for a home of this age.
2. Why is the assessed value average when the house is so small?
The assessment reflects both the building and the land. While the living area is small, the above-average lot size in a established neighbourhood contributes significantly to holding the overall value at the median level.
3. What could be done with such a large lot and a small house?
The lot offers clear potential for additions, a garage, or extensive landscaping. It provides a rare opportunity in the city to significantly expand the living space without the lot feeling cramped, subject to local zoning and permit approvals.
4. How does the last sold price compare?
Records indicate it last sold between $300k-$350k in December 2020. The current assessed value suggests market appreciation since that sale.
5. Is the neighbourhood desirable?
Niakwa Place is a mature, established area. The data shows homes here generally have larger lots and higher average values than the city-wide median, indicating it's a stable, sought-after location.