Property Overview: 1128 Fairfield Avenue, Winnipeg
Key Characteristics & Appeal
This is a modest, one-storey home built in 1946, situated on a notably generous lot in Fairfield Park. Its key characteristic is the significant discrepancy between the compact, 816 sqft living space and the larger-than-average 6,148 sqft land parcel. The home itself is below average in size, assessed value, and modernity compared to its immediate street, neighborhood, and the wider city. It features a basement that exists but is not renovated, and there is no garage or pool.
The primary appeal lies in its land value and potential. The lot size ranks well above average for the neighborhood, offering ample outdoor space, future expansion possibilities, or redevelopment potential that is uncommon in the area. This makes it a compelling opportunity for a specific buyer: either a hands-on individual or investor looking for a "blank canvas" property. It would suit a buyer comfortable with a project, whether that's renovating and expanding the existing structure or considering the land's long-term development value. It is not suited for those seeking a move-in-ready, modern, or spacious home without renovation work.
A thoughtful perspective is that this property represents a choice between present comfort and future opportunity. You are purchasing a small, older home to gain control of a valuable piece of land in an established neighborhood, betting on the potential rather than the current structure.
Frequently Asked Questions
1. Why is the assessed value so much lower than recent sale prices?
The assessed value is for municipal tax purposes and often lags behind market trends. The significant jump from a $33.5k sale in 2022 to a $320k sale in 2023 suggests a major shift in how the market values this property, likely recognizing the underlying land value.
2. What does "below average" for Year Built mean for the condition?
Built in 1946, the home is among the oldest in its comparison groups. Buyers should budget for updates to major aging systems like plumbing, electrical, and the roof, and anticipate a need for general modernization.
3. Is the large lot size a guarantee I can build an addition or new home?
Not automatically. While the lot size is favorable, you must verify all zoning bylaws, setback requirements, and obtain necessary permits from the City of Winnipeg before planning any significant construction or redevelopment.
4. Who would be my typical neighbors, given the data?
The comparison to nearby homes like 1136 Comdale Avenue (built 2006, 2,093 sqft) indicates the neighborhood is a mix of much newer, larger homes and older, original properties like this one. You would be in a transitioning area.
5. What are the immediate costs I should anticipate?
Beyond the purchase price, plan for updates to meet modern standards. The unrenovated basement may require moisture mitigation, and the lack of a garage means factoring in alternative parking or storage solutions.