Property Overview
This 1972 bi-level home at 55 Magdalene Bay in Fort Richmond presents a compact and efficient living space. With 804 sqft of living area, it is notably smaller than most comparable homes in the area, but this is balanced by a fully renovated basement and an attached garage. The lot size is generous for the city, offering above-average outdoor space. The home’s assessed value is consistent with area averages. Its appeal lies in its manageability and recent updates, offering a lower-maintenance footprint without sacrificing the benefits of a established neighborhood and a good-sized yard. It would suit first-time buyers, downsizers, or investors looking for a practical, updated property in a mature community. A thoughtful perspective is that while the living space is modest, the renovated basement effectively doubles the usable area, and the larger lot provides valuable flexibility for gardening, storage, or future expansion that many newer, denser subdivisions lack.
Frequently Asked Questions
Is the smaller living area a significant drawback?
While the above-ground square footage is below average for the neighborhood, the renovated basement significantly expands the functional living space. This layout can be ideal for those seeking efficient, easy-to-maintain rooms without the feel of a sprawling floor plan.
How does the assessed value compare to likely selling price?
The assessed value of $390k is aligned with local averages. It serves as a baseline for municipal taxes, but the final sale price will be determined by current market conditions, the home’s updated condition, and buyer demand for well-maintained, smaller homes in the area.
What are the implications of the home’s age?
Built in 1972, the home is older than many on its street but typical for Fort Richmond. The age suggests potential for character, mature landscaping, and an established neighborhood feel. The renovated basement indicates some key systems have been addressed, but a thorough inspection is always recommended for a home of this vintage.
Is the lot size a major advantage?
Yes. The 6,483 sqft lot is above average city-wide. This is a key feature, providing ample private outdoor space—a valuable asset for families, pets, or anyone wanting room to breathe, which can be harder to find in newer developments.
What is the neighborhood like?
Located in Fort Richmond, it’s a mature, stable community often associated with convenience to the University of Manitoba, major routes, and amenities. The specific street data shows homes of similar vintage and value, indicating a consistent, established streetscape.