Property Overview
This one-storey home at 2 Bryn Mawr Road in Fort Richmond presents a specific and practical value proposition. Its key appeal lies in a significant trade-off: a modestly sized, updated living space on a surprisingly large lot. The 1,002 sqft bungalow sits on an 8,262 sqft property, a land parcel that ranks within the top 10-14% of the city for size. The home itself is below average in square footage for the area but benefits from a renovated basement. Built in 1973, it is notably newer than many immediate neighbors. With an attached garage and a recent sale in August 2024, it represents a move-in ready opportunity.
This property would suit first-time buyers or downsizers seeking a manageable, single-level layout without sacrificing outdoor space for gardening, recreation, or future expansion. Its value is grounded more in its land potential and updated fundamentals than in its current interior size. A thoughtful buyer might see the large lot as a long-term asset, offering privacy and options that are increasingly rare, especially when paired with a modernized basement living area.
Frequently Asked Questions
Q: The house seems smaller than average. What are the pros and cons of this?
A: The living space is compact, which means lower utility costs and less maintenance. The trade-off is the generous lot size, which provides ample outdoor space and a sense of openness not reflected in the home's square footage.
Q: How does the assessed value compare to the recent sale price?
A: The 2024 sale price was closely aligned with the assessed value, suggesting the market validated the official assessment. This can provide confidence in its current valuation stability.
Q: The home is described as newer than others on the street. Why is that significant?
A: A 1973 build date may mean fewer concerns with outdated building materials or major aging infrastructure (like original plumbing or wiring) compared to much older homes, potentially reducing immediate repair costs.
Q: What is the neighborhood like, and what are the practical benefits?
A: Located in Fort Richmond, it offers proximity to the University of Manitoba, major transportation routes, and retail amenities. The specific street sees consistent activity, as indicated by several nearby sales.
Q: Is the renovated basement included in the living area square footage?
A: Typically, below-grade areas like basements are not counted in the official living area (1,002 sqft). The renovation adds valuable finished space and functionality but is considered separately, meaning you get more usable space than the main figure suggests.