Property Overview
48 Raphael Street is a spacious, modern two-storey home in Winnipeg's Fairfield Park neighbourhood. Built in 2008, it features 2,729 square feet of living space, an attached garage, and a renovated basement. The property sits on a large 13,239 sqft lot, offering ample outdoor space. Its last recorded sale was in September 2017 for $750,000.
Key Characteristics & Appeal
This home’s primary appeal lies in its above-average size and modern construction within a well-established area. With living space ranking in the top 4% of its neighbourhood and top 2% city-wide, it offers substantial room for a growing family or those who value spacious interiors. The lot size is particularly notable, placing in the top 1% of Fairfield Park, providing rare potential for gardens, recreation, or future expansion.
Its 2008 build date means it’s a relatively newer home, likely requiring fewer immediate major repairs compared to Winnipeg’s older housing stock. The renovated basement adds functional living space. The property’s assessed value consistently ranks in the elite tiers across all comparisons, suggesting it is a substantial and valued asset within its market.
This home would best suit buyers looking for a move-in ready, large family home in a quiet neighbourhood, who also prioritize a generous yard. It appeals to those seeking a property that stands out in both scale and modernity within its local context, without venturing into brand-new subdivisions.
Frequently Asked Questions
1. How does the 2017 sale price of $750,000 relate to its current value?
The 2017 sale price is a historical data point. Current market value is determined by recent comparable sales, condition, and market trends. The assessed value is for tax purposes and is not an appraisal of market value.
2. What does the "elite" or "top %" ranking actually mean?
These rankings compare this specific property against similar homes on its street, in Fairfield Park, and across all of Winnipeg. For example, a "top 1%" rank for land area in Fairfield Park means 99% of comparable homes in the neighbourhood sit on smaller lots.
3. Are there any concerns with a house built in 2008?
While modern, a 16-year-old home will have components approaching the end of their service life. A thorough inspection should check the roof, major appliances, HVAC system, and any original windows or exterior finishes.
4. What is the significance of having such a large lot?
Beyond privacy and space, a large lot in an established area offers long-term flexibility. It could accommodate additions like a deck, shed, or swimming pool, and may have greater potential for subdivision or redevelopment, subject to city zoning.
5. The assessed value seems low compared to the last sale price. Why?
Municipal assessed values in Manitoba are often significantly lower than market sale prices. They are calculated using mass appraisal techniques for taxation, not to reflect real-time market value. The key metric is its ranking compared to other homes, which indicates it is considered a high-value property relative to its peers.