Property Overview: 466 Locksley Bay, Winnipeg
Key Characteristics & Appeal
This home presents a distinct value proposition centered on its generous lot. Built in 1956, the 854 sqft bungalow is compact, ranking below average in living space for its street, neighborhood, and the wider city. However, it sits on a 6,567 sqft lot that is notably larger than most, ranking in the top 5% within the Munroe East area. This creates a clear contrast: a modest, older home on a premium-sized parcel of land.
The appeal lies in this potential. The assessed value ($290,000) is around average for the immediate area but below the city average, suggesting the current valuation is driven more by the house than the land. This dynamic suits specific buyers: those looking for a foothold in the neighborhood who value outdoor space for gardening, recreation, or future expansion over immediate square footage. It’s a candidate for a long-term hold, appealing to an owner-occupant willing to live with a cozy footprint while benefiting from the lot size, or to an investor considering the land’s future redevelopment potential as older homes in the area are gradually renewed.
Frequently Asked Questions
1. Is the house in need of major updates?
Given its age (70 years), buyers should budget for updates. While systems may be functional, a home of this vintage typically requires modernizations to plumbing, electrical, and insulation. The condition of the roof and foundation should be verified.
2. How does the lot size affect property taxes?
The assessed value, which taxes are based on, is currently moderate for the area. The large lot is a valuable asset, but it hasn’t disproportionately inflated the assessment compared to neighboring properties, which is a positive for current carrying costs.
3. What does the recent sale price range indicate?
The 2024 sale in the $300k-$350k range, above the current assessed value, suggests the market recognized a premium, likely for the lot's value or specific interior condition not captured in the assessment.
4. Is the living area too small for a family?
At 854 sqft, the living space is compact. It would suit a small family, a couple, or a single buyer comfortably. Families needing multiple bedrooms or dedicated living spaces may find it tight without plans for an addition.
5. Why is the city-wide assessed value average so much higher?
The city-wide average ($390k) includes many newer, larger homes. This property’s value is more aligned with its immediate Munroe East context, where older, modest-sized homes are more common, highlighting its local affordability.