Property Overview: 2B-932 Summerside Avenue, Fort Richmond, Winnipeg
Section 1: Key Characteristics & Appeal
This is an 858 sqft condominium in a building constructed in 1978. The data presents a property with a clear, practical profile. Its living space is consistently average when compared to similar units on its street, in Fort Richmond, and across Winnipeg. A standout characteristic is its significantly below-average assessed value in all comparison categories, which suggests a potentially lower property tax burden and an accessible entry point into the market.
The appeal lies in its straightforward affordability and functional space within a well-established neighbourhood. It represents a no-frills opportunity, particularly suited to first-time buyers, investors seeking a rental property with lower carrying costs, or downsizers looking to minimize expenses. The unit’s history shows it has traded in a lower price range for years, indicating a stable, budget-conscious niche rather than a high-appreciation asset. A thoughtful perspective is that this type of property can offer financial breathing room—the savings on taxes and mortgage payments compared to an average-priced unit could be redirected towards renovations, savings, or lifestyle.
Section 2: Frequently Asked Questions (FAQs)
1. Why is the assessed value so much lower than the city-wide average?
While the exact municipal assessment formula is complex, a consistently low assessment across street, area, and city comparisons often relates to specific building factors, unit placement, or historical valuation trends for that particular condo complex. It typically results in lower property taxes.
2. What does the sold price history indicate?
The past sale prices, which are provided as a range, show the unit has consistently sold well below the average sold price for comparable properties. This reinforces its position as a more affordable option within the market.
3. Who is responsible for the building’s exterior and major systems?
As a condominium, the corporation (and its monthly fees) is responsible for the building structure, roof, common areas, and likely major mechanical systems. A critical next step is to review the condo corporation’s financial health, reserve fund, and bylaws.
4. Are there many similar units in the building?
The listing shows several units at the same address (e.g., 1A, 2A, 7B), indicating a medium-sized condo complex. This can mean a more stable corporation but also highlights the importance of how your specific unit compares in layout, updates, and orientation.
5. The building is from 1978. Should I be concerned about maintenance?
The year built is around average for its area. The key isn’t the age alone, but how it has been maintained. An older building with a well-managed and funded condo corporation can be a sound investment, while a newer building with poor management can be problematic. The condo documents are essential to understand future repair plans and costs.