Property Overview: 522 Fairmont Road
Key Characteristics & Appeal
This is a well-maintained, classic 1945 one-storey bungalow in Eric Coy, sitting on a generous 6,911 sqft lot. With 994 sqft of living space and an attached garage, it offers practical, single-level living. Its core appeal lies in its established neighbourhood setting and significant lot size, which is larger than over 80% of properties in Winnipeg. The home presents a clear value proposition, with a current assessed value notably higher than its last sale price in 2017, suggesting potential equity and a stable investment in a mature area.
It would suit a first-time buyer looking for a manageable, character home with room to grow outdoors, or an investor attracted by the lot's inherent value and the area's stability. A thoughtful perspective is that while the home's interior size and age rank lower relative to many newer properties, this is balanced by the rarity of such a large lot in the city—a feature that cannot be replicated and offers long-term flexibility.
Frequently Asked Questions
1. What does the ranking data actually mean?
The rankings compare this property against others on its street, in Eric Coy, and across all of Winnipeg. For example, its land size ranks in the top 18% city-wide, meaning it's larger than 82% of Winnipeg lots. Conversely, its living area is smaller than many, ranking in the top 72%.
2. Is the 2017 sale price relevant today?
It provides historical context, showing market value at that time. The current assessed value is higher, reflecting market changes and municipal valuation. It's a starting point for understanding the property's trajectory, but the current market will determine its true selling price.
3. What are the implications of a 1945 build year?
You can expect classic construction and character, but also a need for diligent inspection of major aging components like the roof, plumbing, and electrical systems. The home may require updates, but its enduring presence speaks to the solidity of the original build.
4. How should I interpret the "no basement" feature?
This means all living space is on the main floor, which is ideal for accessibility or those who prefer to avoid basement maintenance. However, it also limits storage and mechanical space, so considering shed or garage storage solutions would be prudent.
5. The assessment is higher than the last sale price. Does that guarantee a good investment?
Not a guarantee, but it is a positive indicator. It suggests the property has appreciated in the city's view, often due to its desirable lot size and market trends. It underscores the property's underlying value, particularly in the land, but final market value will be determined by buyer demand and condition.