Property Overview & Appeal
This 1,483 sqft, two-story home at 1223 Colby Avenue in Fairfield Park is a well-maintained property built in 2006. Its key features include a renovated basement and an attached garage. The home sits on a 5,237 sqft lot, which is a comfortable size for the neighborhood.
The appeal here is one of balance and practicality. While its living space is modest for the immediate street and area, it is a modern, move-in-ready home in a community of older properties, as reflected by its above-average citywide age ranking. Its assessed value of $490k is notably high for the street but positions it as a premium property within the wider Winnipeg market. This creates an interesting dynamic: it’s a higher-value home on a street of more modestly assessed properties, which could appeal to buyers looking for a modernized base in an established area without the upkeep of a true heritage home.
This property would suit a buyer who prioritizes modern construction and recent updates over sheer square footage. It’s ideal for professionals, small families, or downsizers seeking a low-maintenance home in a mature neighborhood, who are comfortable that their investment is at the higher end for the specific block but solidly positioned city-wide.
Frequently Asked Questions
1. Is the house small for the neighborhood?
Yes, in terms of living space. At 1,483 sqft, it ranks below the average for both Colby Avenue and the broader Fairfield Park area. However, its layout and renovated condition may use the space efficiently.
2. Why is the assessed value so high compared to the street average?
The assessed value of $490k is significantly above the street average (~$58k), indicating the city views this as a substantially improved and modern property compared to many of its neighbors. This is likely due to its newer construction (2006) and renovations.
3. What does the sale history indicate?
The home sold for $430k in 2016 and then for $515k in 2023. This shows strong appreciation over that seven-year period, reflecting the added value of the basement renovation and broader market trends.
4. Is the lot size a drawback?
The lot is smaller than average for Colby Avenue but is generally in line with the Fairfield Park area and city-wide averages. It provides a standard urban yard space without extensive maintenance demands.
5. Who would this property not suit?
Buyers seeking a large family home with ample room for expansion, or those sensitive to owning one of the more highly assessed properties on the block, might find better options elsewhere. It’s geared toward those valuing modern convenience over maximum size.