Property Overview
This single-storey home at 3 Prestwood Place in Fort Richmond presents a practical opportunity with a distinct profile. Its key appeal lies in the generous, above-average lot size of over 10,000 sqft, offering significant outdoor space that is rare citywide. The home itself is more modest at 1,243 sqft of living area and features a renovated basement and an attached garage. Built in 1981, it is newer than many homes in Winnipeg. The assessed value is notably above average for the Fort Richmond area, suggesting official valuation recognizes its lot premium and recent updates.
This property would suit a buyer who prioritizes land and future potential over immediate square footage. It's ideal for someone looking for room to garden, play, or potentially expand, and who prefers the convenience of a single-level layout. It may also appeal to a value-conscious buyer seeking a home in a mature neighbourhood without the maintenance concerns of an older build.
Frequently Asked Questions
1. How does the lot size compare to a typical city lot?
The lot is substantially larger than average. At 10,258 sqft, it ranks in the top 6% citywide, compared to a Winnipeg average of about 6,570 sqft.
2. The living area seems smaller than nearby homes. Is that a concern?
On its specific street, the living area is the smallest among comparable homes. However, within the broader Fort Richmond area and city, it is close to the average. This highlights a trade-off: you're acquiring a larger-than-average property with a more compact house footprint.
3. Why is the assessed value high for the neighbourhood?
While the assessed value is below average on its own street, it ranks in the top 19% for Fort Richmond. This is likely due to the combination of the valuable large lot, the renovated basement, and the home's relatively newer construction date for the area.
4. What is the likely price range based on recent sales?
Based on public data, the home sold in August 2022 for an estimated range of $44,500 to $47,500. It's important to request the exact sold price history for precise figures, as market conditions have evolved.
5. What are the less obvious points to consider?
The data suggests a "land value" proposition. The investment is heavily weighted toward the property itself rather than the size of the house. Also, being one of the newer homes on the street could mean fewer immediate major system replacements compared to older peers, but a thorough inspection is always recommended.