Property Overview: 680 Patricia Avenue, Fort Richmond, Winnipeg
Section 1: Key Characteristics & Appeal
This well-situated one-storey home in Fort Richmond presents a practical opportunity with notable upside. Its key characteristic is the generous 6,601 sqft lot, placing it in the top 30% for size on its street, offering ample outdoor space uncommon for the area. The home itself is a manageable 1,070 sqft bungalow from 1964, featuring a renovated basement and a detached garage.
The appeal lies in its balance of established neighbourhood character and clear potential. The significant price appreciation from $290,000 in 2017 to $400,000 in 2024 indicates strong market confidence in the location. It suits two primary buyer types: those seeking a solid starter home with room to grow into the large yard, and value-oriented buyers or investors who see the potential in the existing structure and lot size, possibly for future updates or expansion. It’s a property where the land is a major asset, offering more privacy and options than many modern infill lots.
Section 2: Frequently Asked Questions
1. What is the neighbourhood like?
Fort Richmond is a mature, established neighbourhood near the University of Manitoba, offering a mix of residential streets, convenient amenities, and access to major routes. The area is known for its stability and community feel.
2. What does "renovated basement" include?
The listing confirms a renovated basement but does not specify the scope. A viewing is essential to assess the finishes, ceiling height, legal egress, and whether it includes a bathroom or kitchenette to understand its full functionality.
3. Why is the assessed value so much lower than the recent sale price?
The municipal assessed value of $39,200 is for taxation purposes and is typically based on older market data and mass appraisal methods. The recent sale price of $400,000 reflects the current market value determined by a willing buyer and seller.
4. Is there room for an addition or major renovation?
The large lot size is a significant advantage for potential expansion, subject to local zoning bylaws and setback requirements. Buyers with renovation plans should investigate the feasibility with the city early in the process.
5. How does this home compare to others on the street?
The home ranks in the top half of the street for lot size but is newer and has more living area than roughly a third of the street's homes. This suggests it is a competitively sized property on a larger-than-average parcel for the block.