Property Overview: 450 Locksley Bay, Winnipeg
Section 1: Key Characteristics & Appeal
This home on Locksley Bay in Munroe East presents a distinct profile defined by its generous lot and modest footprint. Built in 1956, its primary appeal lies in its substantial, above-average land area of over 6,000 sq ft, ranking it in the top 12% on its street and top 8% in the wider Munroe East area. This offers significant outdoor space and potential in a city where larger lots are increasingly rare. The living area, at 891 sq ft, is compact and below average for the neighbourhood, suggesting a home focused on essentials or one with expansion potential. The assessed value is notably higher than average for the immediate street, but aligns more closely with area and city benchmarks.
This property would best suit a practical buyer who values land over square footage. It’s a fit for someone looking for a manageable, lower-maintenance interior with the rare benefit of a large yard for gardening, recreation, or future projects. It also appeals to value-conscious buyers interested in the Munroe East area, who may see the discrepancy between the smaller home and the large lot as a long-term opportunity, whether for personal use or future investment.
Section 2: Frequently Asked Questions
1. Is the house in need of major updates?
Given its age (70 years), buyers should budget for updates common to homes of this era. The below-average living area and above-average assessed value for the street suggest the property may have seen some improvements, but a thorough inspection is essential.
2. What does the sold price range (CA$300k–350k in 2024) indicate?
The recent sale in that range, significantly higher than the assessed value, reflects the strong market value of a large lot. It indicates buyers are willing to pay a premium for the land potential, even with a smaller home.
3. How does the lot size compare practically?
At 6,074 sq ft, the lot is substantially larger than most in Munroe East (top 8%). This isn't just a slight advantage; it provides tangible space for additions, a large garage, or extensive landscaping that isn't possible on standard lots.
4. Who are the immediate neighbours?
The closest properties are other homes on Locksley Bay and Wynten Crescent, indicating a settled, residential setting. The similar age of nearby homes (e.g., 452 Locksley Bay, also built in 1956) suggests a consistent neighbourhood character.
5. Why is the assessed value so different from the city-wide average home value?
The city-wide average assessed value shown ($390k) is compared against all properties. This home’s assessment ($30.9k) is for taxation purposes and is not market value. The market value is better indicated by the recent sold price range.