Property Summary: 592 Patricia Avenue, Fort Richmond, Winnipeg
Key Characteristics & Buyer Appeal
This 1,000 sqft, one-storey home, built in 1967, presents a compelling mix of modest living space and a generous, above-average lot. Its primary appeal lies in its significant 9,029 sqft land area, which ranks in the top 11% for the Fort Richmond neighbourhood, offering substantial outdoor potential. The home features an attached garage and a renovated basement, adding functional living space. While the house itself is smaller than many area comparables, its assessed value is solidly average to above-average for its immediate street and community, suggesting the property's value is anchored by its land. This home would suit a buyer looking for a manageable single-level layout with the rare advantage of a large yard for gardening, expansion, or simply enjoying private outdoor space. It’s a practical choice for downsizers, first-time buyers comfortable with a cozier footprint, or those with a vision to potentially leverage the lot size for future improvements.
Frequently Asked Questions
1. Is the living area too small compared to other homes?
At 1,000 sqft, the living area is below the average for both Fort Richmond and the city. However, the renovated basement provides additional finished space, and the trade-off is a much larger-than-average yard, which is a key feature of this property.
2. What does the assessed value tell us about the property?
The assessed value is above average for Patricia Avenue itself and around average for the wider area. This indicates that while the home is modest in size, the overall property valuation holds up well, likely supported by the desirable lot size and the renovated basement.
3. How does the large lot size benefit a buyer?
A lot of this size (top 7% on the street) is uncommon in mature neighbourhoods. It offers ample room for landscaping, recreation, gardening, or future additions like a deck, shed, or even an extension, subject to zoning and permits.
4. The home was last sold in March 2023. What does that recent activity suggest?
The relatively recent sale suggests the current market value is well-established. A review of the exact sold price (available by request) would provide a clear, modern benchmark for its worth, independent of the assessed value for tax purposes.
5. Who might this property not suit?
Buyers seeking a large, modern interior without immediate renovation plans may find the living space limiting. It’s also less suited for those who prioritize a low-maintenance, small yard. The value here is for those who see potential in the land and the renovated basement.