Property Overview: 59 Loyola Bay, Fort Richmond
Key Characteristics & Buyer Appeal
This one-storey home in Fort Richmond is defined by its exceptional lot size. At nearly 11,700 square feet, the property offers a rare amount of private outdoor space for the area, ranking in the top 3% on its own street and top 4% city-wide. This is the home's most distinctive feature, presenting significant potential for gardening, recreation, or future expansion. The house itself is a manageable 1,022 sqft with a renovated basement and an attached garage. Built in 1970, it is slightly newer than many immediate neighbours. While the living space is modest compared to the broader city average, its assessed value is strong for the immediate street, suggesting the land itself is a major driver of its worth.
The appeal lies in a unique combination: a low-maintenance, single-level living layout paired with a substantial, premium-sized lot rarely found in mature neighbourhoods. It suits practical buyers looking for a solid starter home or downsizers who want main-floor living without sacrificing yard space. It would also attract value-oriented investors or renovators who see the long-term potential in a property where the land asset significantly outpaces the size of the current structure.
Frequently Asked Questions
1. Is the lot size unusual for Winnipeg?
Yes. A land area of 11,693 sqft is considered elite city-wide (top 4%), especially within a established neighbourhood like Fort Richmond. Most standard lots are between 5,000-7,500 sqft.
2. How does the home’s size compare to the neighbourhood?
The living area (1,022 sqft) is above average for Loyola Bay street but below the average for the wider Fort Richmond area. This indicates the home may be more compact than others in the neighbourhood, but is one of the larger options on its specific block.
3. What does the assessed value tell us?
With an assessed value of $40.50k, the property ranks very high (top 6%) on its street but closer to average for Fort Richmond and city-wide. This often signals that the property—likely due to its large lot—is valued more highly than its immediate neighbours, but is in line with broader market norms.
4. Has the property’s value been stable?
Based on available sold price ranges, the property sold in 2019 for between $27.5k-$32.5k. The current assessed value of $40.50k suggests a notable increase since that last sale, though a professional appraisal would be needed for a precise current market value.
5. What are the less obvious considerations?
The "renovated basement" adds liveable space but the home remains a compact bungalow. Buyers should weigh the premium for the large lot against the potential future costs of updating or expanding the existing structure to fully utilize the property's potential. The lot is the standout feature, not the home's size.