Property Overview: 716 Fairmont Road
This one-storey home in Winnipeg's Eric Coy neighbourhood presents a compelling proposition centered on its exceptional land value and established community. Built in 1971, the 1,114 sqft bungalow sits on a massive, nearly half-acre lot (21,793 sqft), which is its most defining feature. The home includes a finished basement and a detached garage. While the living space is modest and typical for its era, the property's appeal lies in its remarkable rankings: its lot size places it in the top 1% of all Winnipeg, and its assessed value ranks in the top 23%. This creates a unique value dynamic where the land itself is a premier asset. It would perfectly suit a buyer looking for long-term investment in a large parcel, someone with renovation or expansion plans, or those prioritizing generous outdoor space over a large interior footprint. It’s a property where the true potential is tied to the land, offering a rare opportunity in the city.
Frequently Asked Questions
1. What does the "top 1% for lot size" ranking actually mean?
It means this property's land area is larger than 99% of all residential properties in Winnipeg, making it an exceptionally rare, suburban-scale lot within the city.
2. The house itself ranks lower for size and age. Is this a concern?
Not necessarily. These rankings reflect that the home is a typical 1970s bungalow. The key perspective is that you are primarily investing in a landmark-sized piece of land, with a liveable house included. It's ideal for those who see value in the land for future enjoyment or development.
3. Who would this property be best for?
It's ideal for three main types: long-term holders who value land as an asset, DIY enthusiasts or builders planning a significant renovation or future rebuild, and families or individuals who prioritize immense private outdoor space (for gardens, play areas, or privacy) over a large interior.
4. How does the high land value impact property taxes?
The total assessed value ($469,000) factors in both the land and building. While the large lot contributes significantly to this assessment, the modest home size likely keeps the total assessment lower than if a large house occupied the site. Taxes are based on this total assessment.
5. Is the finished basement included in the 1,114 sqft living area?
No, the 1,114 sqft refers to the above-ground living area. The finished basement is additional space, providing extra functional rooms without increasing the official square footage of the main structure.