677 Patricia Avenue

Property Summary: 677 Patricia Avenue, Fort Richmond, Winnipeg

Section 1: Key Characteristics & Appeal

This is a well-maintained, one-storey home built in 1964, situated on a standard-sized lot in the established Fort Richmond neighbourhood. Its key characteristic is its updated basement, which adds valuable finished living space to the home's 1,000 sqft main floor. The property presents a practical, no-frills offering with a recent sale history, having sold in 2022 and again in 2019.

The appeal lies in its turn-key condition, particularly the renovated basement, and its position in a stable, mature community. It suits first-time homebuyers seeking an affordable entry into the Winnipeg market without a major renovation project, or downsizers looking for a manageable single-level layout. A thoughtful perspective is that, while the home's living area is below average for its immediate street and area, its assessed value is very close to the citywide average. This suggests you are paying primarily for the location and the lot, with the home itself representing a more modest structure—a sensible trade-off for budget-conscious buyers prioritizing neighbourhood over square footage.

Section 2: Frequently Asked Questions

1. How does this home's size compare to others?
At 1,000 sqft of living area, this home is smaller than most comparable properties on Patricia Avenue and in the wider Fort Richmond area. However, it is very close to the average size for a home across the entire city of Winnipeg.

2. What does the assessed value tell me?
The City's assessed value of $370,000 is below average for Fort Richmond but aligns almost exactly with the average assessed value for all Winnipeg homes. This indicates the property is priced for a city-wide market rather than being premium for its specific neighbourhood.

3. Is the lot size a pro or a con?
The lot of 5,827 sqft is slightly below average for the area but is a standard city lot. It offers adequate outdoor space for gardening or recreation without the maintenance demands of a much larger yard.

4. What can recent sale prices indicate?
The home sold in mid-2022 and previously in mid-2019. These recent, relatively frequent sales suggest the property is seen as a liquid asset in its price range, often appealing to investors or buyers looking for a shorter-term holding.

5. Who might this property not suit?
It may not suit buyers looking for a large, modern interior space or multiple above-ground bedrooms, as it is a compact one-storey plan. Those seeking a premium "best on the block" status or extensive upgrade potential may also find the below-average metrics for the immediate area limiting.