Property Overview: 1090 Colby Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This two-storey home in Fairfield Park is a property of notable contrasts. Built in 2007, it is a relatively modern home in a city where the average house is decades older. Its key physical attributes are a 1,900 sqft living area, an attached garage, and a substantial 6,892 sqft lot, which is significantly larger than most in the immediate area and citywide. The basement is noted as unfinished, presenting a blank canvas for expansion.
The appeal lies in this balance of space and modernity. The above-average lot size offers valuable outdoor room for gardening, play, or future additions—a rarity for newer builds. While its living space is average for the neighbourhood, its assessed value is positioned below average for the street, which could signal a value opportunity for a buyer willing to update or finish spaces like the basement. The 2019 sale price was notably lower than the current assessed value, a point for careful consideration.
This home would suit a practical buyer looking for a solid, newer structure on a generous lot, who sees potential in customizing unfinished areas. It’s less suited for someone seeking a completely turn-key, renovated property.
Section 2: Frequently Asked Questions
Q: How does the lot size compare to nearby properties?
A: The lot is a standout feature. At nearly 6,900 sqft, it ranks in the top 9% on its own street and top 14% in Fairfield Park, offering more private outdoor space than most comparable homes.
Q: The assessed value seems low for the street. Why might that be?
A: The assessment is below the street average. This can sometimes reflect the unfinished basement, specific market conditions at assessment time, or the home’s specific condition relative to neighbours. It’s a key point to investigate during a viewing.
Q: The home sold for $44.70k in 2019, but is now assessed at $53.20k. What does this mean?
A: This indicates a significant increase in its official assessed value over a few years. It’s essential to understand that assessed value is for taxation purposes and can differ from market value. A professional appraisal and market analysis are needed to determine its current fair market price.
Q: Is the 1,900 sqft living area spacious for the area?
A: It’s around the neighbourhood average. For Fairfield Park, it’s typical, but citywide, it’s well above average, meaning it offers more interior space than most Winnipeg homes.
Q: What are the implications of the “not renovated” basement?
A: The unfinished basement provides flexibility to design and finish the space to your specific needs, but it also requires a upfront investment of time and money. It’s a pro for a DIY enthusiast or planner, but a con for someone needing immediate, ready-to-use square footage.