Property Overview & Key Characteristics
This 700 sqft condo at 2A-932 Summerside Avenue in Fort Richmond is a compact, no-basement unit built in 1978. Its primary appeal lies in its exceptionally low financial barrier to entry, evidenced by an assessed value of $12,400, which places it in the bottom 5-8% of comparable properties across the neighbourhood and city. This makes it one of the most affordable ownership options available. The unit is notably smaller than average for the area, but this directly facilitates its low cost.
It would suit a very specific type of buyer: first-time purchasers or investors seeking absolute minimum entry into the Winnipeg market, or those prioritizing ultra-low property taxes and carrying costs over space. Its value is functional rather than luxurious, offering a foothold in a well-established neighbourhood close to the University of Manitoba. A less obvious perspective is that such a low-assessment property could represent a strategic "value-add" opportunity for someone willing to renovate, as improvements might significantly shift its value ranking relative to peers.
Frequently Asked Questions
1. Why is the assessed value so much lower than other properties?
The assessed value is based on key metrics like living area, which is below average for the street and area. The combination of a smaller square footage and no basement in a building from 1978 results in a significantly lower municipal assessment than larger or newer units.
2. What does the "Top 92%" ranking for value mean?
This statistic means the property's assessed value is higher than only 92% of comparable units on the same street—or, put another way, it falls within the bottom 8%. This indicates it is among the least expensive properties in its immediate peer group.
3. Is this a good investment property?
Given the very low assessed value and recent sold price history, it could generate a reasonable cash flow relative to its cost. However, investors should carefully consider the condo fees, the building's age (1978), and the potential for special assessments, which are common in older buildings.
4. How recent are the sold price figures?
The last recorded sale was in July 2023, with a public price range of $11,500 to $14,500. For the exact sale price, you can request it via email from the listing source.
5. What are the condo fees and what do they include?
This information is not provided in the available data. It is essential to request the condo corporation's financial statements, bylaws, and reserve fund study to understand the monthly fees, what they cover, and the building's financial health before making an offer.