Property Overview: 47 Fordham Bay, Fort Richmond, Winnipeg
Key Characteristics & Appeal
This one-storey home in Fort Richmond is a practical property that presents a clear value proposition. Built in 1965, it sits on a 6,431 sqft lot—a size that is notably above average citywide, offering generous outdoor space for gardening, play, or future expansion. The living area of 1,236 sqft is modest, particularly for its street, but the home features a renovated basement and a detached garage.
Its primary appeal lies in its land value and location. The lot size is a significant asset in a mature neighbourhood, providing a sense of space and potential not always found in similarly priced homes. While the house itself is smaller and older than many on its block, this is reflected in its below-average assessed value for the immediate area, suggesting an entry point into a well-established community. The renovated basement adds functional living space.
This property would suit a first-time buyer or a downsizer looking for a manageable single-level layout without sacrificing yard space. It’s also a candidate for a long-term holder who values the land size and sees potential in the existing structure, whether for gradual updates or a future rebuild.
Frequently Asked Questions
1. Is the lot size unusual for this area?
Yes. While the lot is slightly below average for Fordham Bay itself, it ranks in the top 23% citywide for land area. This means you're getting more land than most Winnipeg homes, which is a key feature of this property.
2. The home seems smaller than others on the street. What does that mean?
The living area is indeed below the street average. This typically translates to a lower purchase price relative to the neighbourhood, making it an affordable way to access the location. It’s a trade-off between interior square footage and lot size.
3. What does "renovated basement" include?
The listing confirms the basement is renovated but does not specify the scope. A professional inspection is recommended to determine the finish quality, permits, and suitability for your needs.
4. How does the assessed value relate to market price?
The assessed value is for municipal tax purposes. Market price is determined by current buyer demand, condition, and recent sales of comparable homes. The last recorded sale was between $32.5k-$35.5k in late 2019.
5. Who would this home not suit?
Buyers seeking a large, modern interior or a move-in-ready home with no projects may find it limiting. Its appeal is geared more toward those who prioritize land over lavish living space or who are comfortable with a home of vintage character.