Property Overview
This home at 3 Fallbrook Bay in Winnipeg's Niakwa Place neighborhood presents a distinct value proposition centered on its generous lot and established location. Built in 1969, the 933 sqft bungalow sits on a large, 7,137 sqft parcel—a lot size that ranks well above average for both its immediate street and the wider city. This creates significant outdoor space and potential. The assessed value of $410k is notably higher than other homes on Fallbrook Bay, suggesting the property is viewed favorably relative to its direct peers, likely due to this land advantage.
The appeal here is for the value-conscious buyer or downsizer who prioritizes land over living square footage. The home itself is compact and below the area average in size, making it suitable for those seeking a simpler, more manageable footprint without sacrificing yard space. Its age means potential renovators or those comfortable with a vintage layout may see the most opportunity. The property suits someone looking to enter a mature, stable neighborhood where the value is anchored in the land itself, offering room for gardens, expansion, or simply the luxury of space in a city setting.
Frequently Asked Questions
1. Is the house in need of major updates?
Given its 1969 construction, buyers should budget for updates. The systems, roof, and interior finishes are likely original or older, so a thorough inspection is essential to understand the scope of any needed modernization.
2. Why is the assessed value higher than neighbors' if the house is smaller?
The assessment reflects the combined value of the home and the land. This property's lot is significantly larger than most on the street, which increases its assessed value despite the more modest living area.
3. How does the sold price from 2019 relate to today's value?
The home sold for between $350k-$400k in late 2019. This provides a historical benchmark, but current market conditions, recent improvements, and inflation mean the present market value will be different. The current $410k assessment offers a more recent point of reference.
4. What are the implications of such a large lot?
The large lot offers privacy, space for recreation or gardening, and potential for additions like a garage, workshop, or deck. It also means higher property taxes relative to similar-sized homes on smaller lots and requires more maintenance.
5. Where can I get verified sale price data for this area?
The site's data is compiled from public records, not the MLS. For fully verified and exact historical sale figures, you must request a manual lookup via email through the provided link on the property page.