Property Overview: 587 Fairmont Road
Key Characteristics & Appeal
This is a well-established bi-level home in the Eric Coy neighbourhood, sitting on an exceptionally large, half-acre lot (21,292 sqft)—a rarity that places it in the top 1% of all properties in Winnipeg for land size. Built in 1968, the home offers 1,094 sqft of living space with a finished basement. It features a split garage and no pool. The property's standout value lies in its land and location. It offers more privacy and space than typical city lots, presenting a canvas for gardening, expansion, or simply enjoying generous outdoor room. The assessment value of $452,000 suggests solid underlying equity.
Its appeal is multifaceted. For a growing family, the huge yard is a major draw. For a long-term investor or buyer, the large lot in a mature community represents a land-value play in a city where such sizable parcels are increasingly scarce. It suits a buyer who values space over a brand-new build, someone comfortable with a home from the 1960s that may require updates but offers unparalleled lot size for the price point. It’s a property for those who see potential in the land itself, not just the structure on it.
Frequently Asked Questions
1. What does the ranking data actually mean?
The rankings compare this property to others on its street, in Eric Coy, and across all of Winnipeg. For example, being in the top 1% for lot size city-wide highlights its most exceptional feature. The other rankings provide context on how its age, living space, and assessed value compare locally.
2. Is the house itself outdated?
Built in 1968, the home is from an era with specific architectural styles and construction methods. The interior likely reflects its period, so some modernization may be desired depending on your taste. The presence of a finished basement is a positive, adding usable space.
3. What are the implications of such a large lot?
Beyond space, it means higher property taxes relative to a standard lot, but also greater potential. It allows for additions like a shed, workshop, or extensive landscaping. It's worth investigating any zoning bylaws regarding future development or structure placement.
4. Who is the typical buyer in this area?
Eric Coy is a mature, established neighbourhood. Buyers often seek the stability of a long-standing community, larger lot sizes, and a convenient location within Winnipeg. It attracts families and long-term residents rather than transient renters.
5. How does the assessed value relate to the asking price?
The municipal assessment of $452,000 is for tax purposes and reflects the city's valuation as of a prior date. It’s a useful benchmark, but the final sale price is determined by the current market, condition of the home, and the unique value buyers place on the exceptional lot.