Property Overview: 641 Fairmont Road, Winnipeg
This one-storey home in the Eric Coy neighbourhood presents a unique opportunity centered on its substantial, mature lot. Built in 1958, the 1,013 sqft house sits on an exceptionally large, approximately 21,295 sqft property—a standout feature that places it in the top 1% of Winnipeg for lot size. While the home itself is modest in size and of a classic vintage, its appeal is anchored in the land and location. The property features a finished basement, a split garage, and ranks highly within its community for lot size and assessed value. It suits buyers looking for a solid starter home with incredible outdoor space, investors or builders who see long-term potential in the land, or anyone seeking a quiet, established neighbourhood with room to grow, garden, or simply enjoy privacy rarely found within the city.
Key Questions & Considerations
1. What is the true draw of this property?
The primary advantage is the lot. At nearly half an acre, it offers a level of space and privacy that is increasingly rare in Winnipeg, providing ample room for expansion, landscaping, or recreational use.
2. Who would this home suit best?
It’s ideal for a buyer whose priority is land over a large or modern house. It could be a perfect fit for a first-time buyer comfortable with a vintage home, a family wanting a huge backyard, or a long-term investor considering the land’s future development potential.
3. What should I consider about the home’s condition and updates?
Built in 1958, the house will likely require updates to mechanical systems, windows, or insulation to meet modern efficiency standards. The finished basement adds living space, but its condition and any moisture management should be verified.
4. How does the assessed value compare to the price?
The current assessed value is $457,000. Understanding how the listing price relates to this assessment, and comparing it to the 2017 sale price of $315,000, will provide context on the market’s valuation of the property’s unique land component.
5. What are the less obvious factors to consider?
Consider the maintenance of such a large lot (time or cost for landscaping) and the potential for future property tax adjustments based on the high land value. Also, while the lot size ranks in the top 1%, the home’s living area is below average for the city, highlighting a trade-off between indoor and outdoor space.