Property Summary: 264 Fountain Street, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1896 on a standard city lot in the Centennial neighbourhood. Its primary appeal lies in its land value and location within a mature community, rather than the existing structure. The home itself is modest at 989 sq ft, with an unrenovated basement and no garage. The assessed value is significantly below city averages, indicating a property with substantial room for value growth through renovation or redevelopment.
It would suit a specific type of buyer: an investor, a hands-on renovator looking for a footprint to personalize, or someone seeking an entry point into the Centennial area with the goal of improving the property over time. Its below-average price for the neighbourhood presents an opportunity, but it comes with the clear understanding that the existing home requires investment. A thoughtful perspective is that this property represents a "blank canvas" on a established street—the value is in what it could become, not what it currently is.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
The assessed value reflects the current state of the property. The combination of a smaller, older home in need of updates and the lack of a garage contributes to a valuation focused primarily on the land value within its specific neighbourhood context.
2. What does "below average" for living area mean for me?
With 989 sq ft of living space, this is a compact home. It's efficient for a single person, a couple, or a small family comfortable with cozy quarters. Plans for expansion, if desired, would need to consider the existing footprint and local zoning.
3. The home is from 1896. What should I be most concerned about?
While the structure has stood for over a century, its age necessitates thorough inspections for foundational integrity, wiring, plumbing, and insulation. The unrenovated basement condition should be a key focus during any evaluation.
4. Is the land size a pro or a con?
At just over 4,000 sq ft, the lot is a pro for the Centennial neighbourhood, where it's above average in size. It provides decent outdoor space and potential for additions or landscaping, but it is not an unusually large or subdividable parcel.
5. There's no garage. How big of an issue is this?
For many buyers in Winnipeg, a garage is a significant asset for vehicle protection and storage. Its absence affects both daily convenience and resale value. Adding a garage would be a considerable but valuable future investment to bring the property in line with area norms.