Property Overview
72 Garnet Bay is a well-situated, single-storey home in Winnipeg's Crescent Park neighbourhood. Built in 1959, it sits on a generous 7,196 sqft lot, which is notably larger than many city-wide and local comparisons. The home features 1,307 sqft of living space, an attached garage, and a renovated basement. Its most recent sale was in December 2017 for $347,000, and its current assessed value is in line with area averages.
Key Characteristics & Appeal
This property’s primary appeal lies in its established location and land value. The lot size is a significant asset, ranking in the top 29% on its own street and the top 16% city-wide, offering ample outdoor space and potential in a mature neighbourhood. The renovated basement adds functional living area, a valuable update for a home of this era. Its assessed value is consistent with the local market, suggesting a fairly priced entry point into the area.
It would suit a buyer looking for a solid, no-frills home in a quiet, established community—perhaps a downsizer seeking single-level living or a pragmatic first-time buyer who values space and location over a modern turn-key property. A thoughtful perspective is that while the home itself is average in size and age for the city, the above-average lot provides a tangible asset that is increasingly rare, offering privacy, greenery, and future flexibility that smaller lots cannot.
Frequently Asked Questions
1. How does the lot size compare to newer subdivisions?
At 7,196 sqft, this lot is substantially larger than the standard lots found in many modern Winnipeg suburbs, where lots often range from 4,000-5,000 sqft. This is a key feature of many older neighbourhoods like Crescent Park.
2. What does "renovated basement" typically mean for a 1959 home?
While specifics should be verified by a viewing and inspection, this generally indicates foundational updates like finished living space, improved flooring, and likely updated electrical or moisture control measures, adding valuable functional square footage.
3. Is the 2017 sale price relevant today?
The $347,000 sale price from 2017 is a historical data point. Market conditions have changed significantly since then, which is why the current assessed value and recent comparable sales are more important indicators of today's value.
4. What are the implications of the "around average" assessed value?
An assessed value that is around average for the street, neighbourhood, and city suggests the property is priced in line with market norms for its type and area. It typically indicates neither a standout bargain nor an overvaluation based on municipal assessment.
5. Who is responsible for verifying the exact details of the renovation?
The listing agent and seller can provide details, but any major renovations—especially concerning the basement—should be independently verified by the buyer's home inspector to confirm the quality, permits, and scope of the work completed.