Property Overview: 1A-932 Summerside Avenue, Fort Richmond, Winnipeg
Key Characteristics & Appeal
This is a compact, 672 sqft condo unit in a building constructed in 1978, located on Summerside Avenue in Fort Richmond. Its most defining characteristic is its exceptionally low financial barrier to entry. The assessed value is among the lowest in the city, ranking in the bottom 2-4% of comparable properties across the street, neighborhood, and Winnipeg overall. This pattern is consistent with its historical sale price. The living space is also notably smaller than average for a condo.
The primary appeal lies in pure affordability and utility. This property is not about luxury or space; it’s a functional entry point into homeownership. It would suit a very specific buyer: a first-time purchaser or an investor seeking a minimal-cost asset. For the buyer, the trade-off is clear—accepting a smaller, older unit in exchange for very low property taxes and a purchase price that demands a minimal down payment and mortgage. A less obvious perspective is its potential appeal to someone seeking to drastically reduce living expenses to free up income for other goals, or as a strategic, low-overhead holding in a well-established neighborhood near the University of Manitoba.
Frequently Asked Questions
1. Why is the assessed value so much lower than other properties?
The assessed value is based on factors like the unit's relatively small size (672 sqft), the age of the building (1978), and likely its specific location within the complex. It reflects the market value for a very affordable, no-frills condo option.
2. What does the "Top 92%" ranking for Living Area mean?
This statistic means that 92% of comparable condo units on Summerside Avenue are larger. In this case, it confirms that this unit's living space is significantly below the local average of about 857 sqft, highlighting its compact nature.
3. Who is responsible for maintenance and repairs?
As a condo, the building's exterior, common areas, and major structural elements are maintained by the condominium corporation, funded through monthly condo fees. The owner is typically responsible for everything within the unit's walls.
4. Are the sold price ranges shown the exact prices?
No. The prices shown (e.g., $10.50k ~ $13.50k) are estimated ranges based on public data. You must request the exact sale price history directly from the website via email to get precise figures.
5. What are the monthly condo fees, and what do they cover?
This information is not provided in the data. It is essential to review the condo corporation's financial statements, bylaws, and reserve fund study to understand the monthly fees, what they cover (e.g., heat, water, building insurance, groundskeeping), and the health of the corporation's finances.