Property Overview
316 Fernbank Avenue is a compact, single-family home in Winnipeg's Riverbend neighborhood. Built in 1988, it sits on a modest lot and offers a living area significantly smaller than most local and city-wide averages. Its assessed value is closely aligned with typical figures for its street and the broader Winnipeg market.
Key Characteristics & Appeal
This home’s primary characteristic is its efficient scale. With 690 square feet of living space, it is notably smaller than most detached homes in Riverbend and across Winnipeg. This positions it as an affordable entry point into a stable neighborhood, particularly for those who prioritize location and land ownership over square footage. The lot size, while below the neighborhood average, is actually slightly larger than the typical lot on Fernbank Avenue itself.
Its appeal lies in its simplicity and potential. It suits first-time buyers, downsizers, or investors seeking a manageable property with lower maintenance demands and a straightforward footprint. The price point, reflected in its around-average assessed value for the street, suggests it is priced for its fundamentals rather than premium features. A thoughtful perspective is that this property represents a "land-value play" in a mature neighborhood—the value is anchored in the lot and location, with the existing structure offering functional living space. It’s a practical choice for someone comfortable with a cozy layout or viewing the home as a long-term foundation for potential future updates or expansion.
Frequently Asked Questions
1. How does the small living area impact daily living and resale?
The 690 sqft layout requires efficient use of space and may not suit those needing multiple dedicated rooms. For resale, it appeals to a specific market segment seeking affordability and lower upkeep, but may not attract families requiring more space.
2. Is the assessed value a reliable indicator of the likely selling price?
The assessed value of $353k is a municipal calculation for tax purposes and is a benchmark. Notably, it is very close to the street average ($375.5k) and city average ($390.1k), suggesting it is not an outlier. The final sale price will depend on market conditions, property condition, and buyer demand.
3. The home sold in 2017. What can that past sale tell us?
The previous sale price (estimated between $250k-$300k in 2017) provides historical context, showing significant equity growth if assessed accurately. It underscores the importance of obtaining exact past sale figures to understand the property's value trajectory.
4. How does the age of the home (built in 1988) factor in?
Built in 1988, the home is newer than the average Winnipeg house but older than many on its street. Buyers should budget for updates common to homes of this era, such as roof, windows, or mechanical systems, while appreciating that major structural issues are less likely than in much older properties.
5. The lot size seems average for the street but small for the area. What does this mean?
The lot of 3,901 sqft is slightly larger than the street's average, offering relatively good outdoor space for this specific block. However, it is smaller than the typical Riverbend lot. This means the yard is likely adequate for private outdoor use but may not offer the same expansiveness as some neighboring properties.