Property Overview
42 Pawnee Bay is a well-established home in Winnipeg's Niakwa Park neighbourhood. Built in 1958, it offers 1,344 sqft of living space on a 6,162 sqft lot, with a current assessed value of $398,000. The home presents a classic, mid-century footprint with room for personalization.
Key Characteristics & Appeal
This property represents a solid, middle-of-the-road offering in its immediate area. Its living space is comfortably above average for Niakwa Park, suggesting a practical layout for a family or couple. The lot size is a standout feature city-wide, offering above-average outdoor space for gardening, play, or expansion—a valuable asset in mature neighbourhoods. As one of the newer homes on its street, it may benefit from slightly updated building standards or materials for its era.
Its primary appeal lies in its stability and potential. It’s not the largest or most expensive home on the block, which can be an advantage for a buyer seeking a manageable entry into a desirable area without a premium price tag. The numbers suggest a home that is fundamentally sound and proportional, avoiding the extremes of being either undervalued or over-improved for its location.
This home would suit a practical buyer who values space and location over turn-key finishes. It’s ideal for someone comfortable with a home of this vintage, potentially looking to put their own stamp on it over time. It also fits a buyer who appreciates a larger yard and sees the value in land, understanding that the structure itself offers a honest canvas.
Frequently Asked Questions
1. How does the assessed value relate to the likely selling price?
The assessed value of $398k is for municipal tax purposes and is typically based on mass appraisal techniques and past sales. It serves as a useful benchmark, but the final sale price is determined by the current market, condition of the home, and buyer demand. It's close to the average for the area, suggesting it's reasonably aligned with area norms.
2. What should I consider about a home built in 1958?
Homes from this period are often solidly built but will likely have aging core components. A thorough inspection is crucial to assess the condition of the roof, plumbing, electrical systems, and insulation. This era also presents opportunities for thoughtful updates that modernize living spaces while maintaining character.
3. The lot is larger than the city average. What does that mean for me?
A 6,162 sqft lot offers more private outdoor space than many newer properties. This allows for larger gardens, recreational areas, or future additions like a deck, shed, or even an extension (subject to zoning bylaws). It also provides more distance from neighbours, enhancing privacy.
4. How does the last sale in 2016 affect the current value?
The previous sale price (listed in the $300k-$350k range) provides historical context and shows appreciation over an 8+ year period. However, the market has evolved significantly since then. Current value is driven by recent comparable sales, present condition, and today's market dynamics, not the past purchase price.
5. The living area is above average for the neighbourhood but the assessed value is average. Why might that be?
This can indicate a few things. The home may have a desirable layout and size but require modernization or updates. Alternatively, it might reflect a conservative assessment or specific characteristics of the property. It often points to a home where the value is in the usable space and the lot, rather than in high-end finishes or recent renovations.