Property Summary: 603 Fairmont Road, Winnipeg
Section 1: Key Characteristics & Appeal
This property is defined by a compelling contrast. Its key characteristic is an exceptionally large, half-acre lot (21,293 sqft), which ranks in the top 1% for size across Winnipeg. This offers rare potential for expansion, gardening, or outdoor recreation within the city. The home itself is a modest 1,113 sqft one-storey bungalow built in 1925, with no basement, garage, or pool. Its appeal lies in this blank-canvas opportunity: it is a land-value proposition with a liveable house. The lot provides a long-term asset, while the existing structure offers a straightforward starting point.
It would best suit a specific type of buyer: a visionary owner-occupier looking for a project, whether a gradual renovation, a future rebuild, or a focus on outdoor living. It also appeals to investors or builders who recognize the underlying value of the large parcel in a mature neighbourhood. The thoughtful perspective here is to see beyond the home's age and modest rankings for the structure itself; the true value driver is the land's scarcity and potential, making it a strategic purchase rather than a move-in-ready home.
Section 2: Frequently Asked Questions
1. What does "no basement" mean for this home?
It means the living space is all on the main floor, with a crawlspace or shallow foundation below. This affects mechanical system placement, storage options, and potential for below-ground expansion.
2. The house ranks low on "newness" and value metrics for its street. Is this a concern?
These rankings primarily reflect the age and assessed value of the existing structure. For this property, they highlight the disparity between the older home and the valuable lot, which is the central opportunity.
3. How can the large lot be utilized?
Possibilities are extensive: adding a large garage or workshop, creating extensive gardens or private outdoor living spaces, subdividing (subject to city zoning approval), or simply enjoying the rare amount of private green space.
4. The assessed value is significantly higher than the 2019 sale price. What does this indicate?
It suggests the municipal assessment reflects the property's current market value, including the land, which has likely appreciated. The 2019 price provides a historical benchmark, but the current value is driven by today's market conditions and the lot's premium.
5. What are the main considerations for a renovation or rebuild?
Key factors will be the home's heritage status (given its 1925 build date), current condition of major systems (roof, wiring, plumbing), and Winnipeg's zoning bylaws governing setbacks and floor area ratios, which will dictate what can be built on this large lot.