Property Overview: 720 Fairmont Road, Winnipeg
Key Characteristics & Appeal
This is a well-established, single-storey home in the Eric Coy neighbourhood, sitting on an exceptionally large, half-acre lot (21,803 sqft). Built in 1961, the 1,755 sqft residence features a finished basement and a detached garage. Its standout characteristic is the sheer size and rarity of its land parcel within the city, placing it in the top 1% of all Winnipeg properties for lot size.
The appeal lies in a unique combination of space, location, and value. The massive yard offers unparalleled potential for gardening, recreation, expansion, or simply enjoying private green space—a rarity in urban settings. While the home itself is from the 1960s, it presents a solid foundation with above-average living space for its type. The property’s competitive rankings show it consistently outperforms most homes in its area for lot size, living area, and assessed value, suggesting a strong intrinsic worth.
This property would ideally suit buyers who prioritize land over a turnkey modern home. It’s a compelling opportunity for those seeking a private oasis, hobbyists or gardeners, or visionaries looking for a property with long-term redevelopment potential. It also represents a substantial value for large-lot seekers compared to newer suburban estates, offering established neighbourhood amenities.
Frequently Asked Questions
1. What is the true value of such a large lot?
Beyond the obvious privacy and space, a lot of this size is a finite asset in the city. It offers future flexibility that standard lots do not, such as the potential for legal subdivision (subject to city approval), adding significant auxiliary structures, or simply holding it as a long-term investment in a land-scarce market.
2. Is a 1961 home going to require major updates?
While the home is structurally sound and offers good living space, buyers should budget for modernizing key systems common to homes of this era, such as plumbing, electrical, and insulation. The value proposition here is the land; the house is a functional component that can be improved over time.
3. Who maintains the large yard, and what are the costs?
The half-acre lot requires a significant commitment in time or money for maintenance (mowing, landscaping, snow clearing). This is a key consideration for buyers; the luxury of space comes with ongoing responsibility. Conversely, it allows for creative low-maintenance landscaping like wildflower meadows or orchards.
4. How does the detached garage impact daily use?
A detached garage, especially in Winnipeg winters, is less convenient than an attached one. This is a practical trade-off for the property’s layout and era. It may suit those with workshop needs or who park fewer vehicles indoors, but it’s a factor for daily convenience.
5. The 2022 sale price was lower than the current assessment. Why?
The current assessed value ($488,000) reflects the municipal valuation for taxation, which often lags the market. The 2022 sale price ($445,000) is a concrete market data point. The increase highlights strong market recognition of the property’s key asset—the land—and general market appreciation. The assessment suggests the city also recognizes the parcel’s substantial value.