672 Fairmont Road

Property Overview: 672 Fairmont Road

This well-established bi-level home in Eric Coy offers a blend of character and practicality. Built in 1938, it sits on a generous 7,194 sqft lot, providing ample outdoor space—a notable asset in a mature neighborhood. The home features 1,246 sqft of living space, including a finished basement, and is complemented by an attached garage. Its appeal lies in its balance of a sizable, private yard with the functional layout of a bi-level, which often allows for good separation between living and sleeping areas. Recent activity is confirmed by a sale in June 2023.

The property would suit a buyer looking for a grounded, no-frills home in a quiet area, who values land size over a modern build. It's a practical choice for those comfortable with the maintenance and potential updates that come with an older home, but who want the immediate usability of a finished basement and garage. The strong lot size ranking suggests it's a property where the land itself is a key driver of value and future potential.

Key Questions for Consideration

1. What does the "ranking" data actually tell me?
The rankings compare this property to others in the immediate area. For example, its lot size ranks in the top 16% across Winnipeg, which is a significant advantage. Conversely, its age ranks in the bottom 17%, meaning it's older than most city homes. This helps highlight the property's core strengths and trade-offs at a glance.

2. The house is from 1938. What should I be mindful of?
While the basement is finished, the age of the home necessitates a focus on fundamental systems during an inspection. Particular attention should be paid to the condition of the roof, wiring, plumbing, and foundation, as updates over the years can vary. The charm of an older home comes with the responsibility of understanding its maintenance history.

3. The assessed value is higher than the 2023 sale price. What does that mean?
Municipal assessments are for tax purposes and can lag behind market trends. The 2023 sale price of $430,000 is a concrete market data point. The current assessment of $449,000 may reflect municipal valuation models but should not be assumed to be the current market value.

4. Is a bi-level layout suitable for my needs?
Bi-levels typically feature living areas on one upper level and bedrooms on another, with the basement half-below grade. This layout offers good separation but involves short flights of stairs between levels. Consider if this flow works for daily life and potential mobility needs, now and in the future.

5. The lot is large, but how is it positioned?
A nearly 7,200 sqft lot is a major benefit for privacy, gardening, or expansion. It's worth investigating the lot's orientation (for sun exposure), topography, and any easements or mature trees that might affect its use or maintenance costs. This size of land in the city offers rare potential.