Property Overview: 848 Fairmont Road
This well-situated Eric Coy bungalow presents a compelling opportunity, particularly for its generous lot size and established neighbourhood feel. Built in 1972, the 1,173 sqft home sits on an exceptionally large, approximately 19,263 sqft lot—a standout feature that places it in the top 2% of all Winnipeg properties for land size. The home includes a finished basement and a split garage. Its appeal lies in the rare combination of a manageable single-storey footprint with vast outdoor space, offering immediate livability with significant long-term potential. The property’s assessed value has risen steadily, indicating a solid investment in a mature area.
This home would suit buyers looking for a quiet retreat within the city, such as downsizers seeking single-level living with room for gardens or workshops, or families with vision who prioritize private outdoor space over a large interior. It’s ideal for someone who sees value in land as a long-term asset and is comfortable with a home that may require updates over time.
Key Questions for Consideration
1. What is the true value of such a large lot?
Beyond the obvious space for recreation or gardening, a lot of this size (nearly half an acre) is increasingly rare in the city. It offers exceptional privacy, potential for expansion (subject to zoning), and represents a land asset that typically appreciates independently of the dwelling.
2. How does the home's condition compare to its rankings?
While the property ranks highly for lot size and value, its living area is average for the market. This suggests the premium is in the land. Buyers should be prepared for a home that is functional and livable but may need modernization to match the caliber of the lot.
3. What does the neighbourhood ranking indicate?
Ranking in the top 30% of its community for value suggests it's in a desirable pocket of Eric Coy. The established, quiet streets are likely a key contributor, appealing to those seeking stability over trend-driven amenities.
4. Are there any concerns with a 54-year-old bungalow?
As with any home of this age, the roof, windows, and major systems (heating, plumbing) should be carefully inspected. The finished basement should also be checked for signs of moisture, as proper drainage on a large lot is crucial.
5. Why did the assessed value increase since the 2021 sale?
The jump from the 2021 sale price to the current assessment likely reflects strong market appreciation for well-located properties, particularly those with large lots, in recent years. It also indicates the city’s recognition of the parcel’s underlying land value.