Property Overview: 1195 Colby Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This home is a practical, updated cabover-style house built in 2006, featuring an attached garage and a renovated basement. With 1,483 sqft of living space, it sits on a roughly 5,600 sqft lot in Fairfield Park.
Its primary appeal lies in its modern foundation and recent updates, offering move-in readiness without the concerns of an older property. The data presents an interesting perspective: while the home's size and assessed value are below average for its immediate street and neighborhood, they are actually at or above the wider Winnipeg average. This suggests you're getting a relatively modern, city-standard home in a neighborhood where many properties are larger or more highly valued. It suits first-time buyers or downsizers looking for a low-maintenance, contemporary home without a premium neighborhood price tag. It may also appeal to value-oriented investors seeking a newer rental property with recent improvements.
Section 2: Frequently Asked Questions
1. Is this a good value for the neighborhood?
The numbers indicate this home is priced below the Fairfield Park average for both size and assessed value. For a buyer seeking the neighborhood's location but not needing a larger, more expensive home, it represents a potential entry point.
2. What does "below average for the street but above average city-wide" mean?
Colby Avenue and Fairfield Park appear to consist of larger, higher-value homes compared to the entire city. This property is modest in that local context but is actually newer and has a higher assessment than the typical Winnipeg home, highlighting the character of the area.
3. How updated is the renovated basement?
The listing confirms the basement is renovated, but specifics on finish quality, legal permits, and the nature of the space (e.g., recreational, rental suite, additional bedrooms) should be verified with the seller or listing agent.
4. Why is the assessed value so much lower than the recent sale price?
The 2023 sale price of $520k is significantly higher than the listed assessed value of ~$51.7k. In Manitoba, property assessments are not market valuations. They are used for calculating municipal taxes and are typically much lower than actual market sale prices.
5. What is a "cabover" building type?
A cabover design typically means the second story extends over part of the ground floor, often above the garage or entrance. This can create a distinctive street-facing profile and an efficient use of the building footprint.