Property Overview & Key Characteristics
This 960 sqft condominium at 613-3030 Pembina Highway in Fort Richmond is a practical, no-frills property that presents a clear value proposition. Built in 1977, its key appeal lies in its affordability and functional space within a well-established area. The living area is competitively sized, ranking around the middle compared to similar properties locally and city-wide. The standout feature is its assessed value, which is notably below average for both Pembina Highway and Winnipeg overall, suggesting a lower property tax burden and an accessible entry point into the market.
Its location on a major arterial road offers ultimate convenience for commuters and easy access to amenities, bus routes, and the University of Manitoba. This unit would suit first-time buyers, investors looking for a straightforward rental property, or downsizers seeking a manageable space without high monthly carrying costs. A less obvious perspective is that a unit from this era in a concrete building may offer better sound insulation between units than some newer, wood-frame constructions. Buyers should weigh the convenience of the location against the potential for traffic noise and a less residential street feel.
Frequently Asked Questions
1. What are the monthly condo fees, and what do they include?
This is the most critical financial question for any condo purchase. The listing data does not include this information. You must obtain the condo corporation’s financial statements, bylaws, and reserve fund study to understand the fees, what they cover (e.g., heat, water, building insurance, exterior maintenance), and the health of the corporation.
2. How does the below-average assessed value affect me?
A lower assessed value typically translates to lower municipal property taxes, which is a positive for ongoing affordability. However, it may also reflect the building’s age, unit specifics, or market perceptions of the location. It doesn’t necessarily dictate the final sale price, but it is a key factor in your annual costs.
3. What is the building’s policy on rentals?
For investors or those with future flexibility in mind, it’s essential to check the condo corporation’s bylaws for any rental restrictions, such as a cap on the number of units that can be rented at one time, which could affect your ability to lease the unit.
4. Are there any major special assessments planned or recently completed?
Given the building’s age (1977), significant repairs like balcony restoration, window replacement, or elevator modernization are common. Reviewing recent board meeting minutes and the reserve fund study will reveal if large projects are funded or if a special assessment is likely.
5. How is parking handled?
Properties on busy corridors like Pembina Highway often have limited parking. Confirm whether this unit includes a dedicated, titled parking spot or if it’s assigned/underground, and whether there is additional visitor parking available.