Property Overview: 82 Rice Road, Fort Richmond, Winnipeg
Key Characteristics & Appeal
This two-storey home in Fort Richmond presents a compelling blend of space, modern updates, and a prime position within its neighborhood. Built in 1985, it is notably newer than most homes on its street and in the wider area, which often translates to more contemporary construction and systems. The property stands out for its generous 2,098 sqft of living area and a large 7,679 sqft lot, both ranking in the top tier locally. A key feature is the renovated basement, adding functional living space. The home’s assessed value positions it above average for the area, suggesting a quality build and desirable location.
Its appeal lies in offering substantial room for a growing family or those who value ample indoor and outdoor space, all within a mature, established community. The home’s above-average rankings across multiple metrics—especially its newer build year and larger lot—indicate a property that outperforms its peers, offering a sense of value and rarity for the street. It would suit buyers looking for a move-in-ready home with a modernized basement, those prioritizing a larger, newer property in Fort Richmond over an older character home, and long-term investors who appreciate the underlying value of a top-quartile lot size and living area in a stable market.
Frequently Asked Questions
1. What does the "renovated basement" include?
While the listing confirms the basement is renovated, specific details on the finish quality, room types (e.g., bedroom, recreational space), and permits should be verified with the seller or during a viewing.
2. How does the assessed value relate to the likely selling price?
The assessed value of $499,000 is for municipal tax purposes. The actual market price is determined by current demand, the home's condition, and recent comparable sales, such as the nearby 79 Michigan Avenue (assessed at $614,000).
3. The home sold in 2020 for roughly $375,000-$405,000. What explains the significant increase in assessed value since then?
This rise likely reflects a combination of the basement renovation adding value, strong overall market appreciation in the early 2020s, and the property's inherent desirable traits (lot size, living space) being formally recognized in the assessment.
4. Are there any concerns with a home built in 1985?
While newer than many area homes, a 40-year-old property will still have aging components. A thorough inspection should focus on the original roof, windows, HVAC system, and electrical panel to anticipate potential near-term updates.
5. What is the neighborhood and street like?
Being on a street with a mix of older (1970s) and newer homes, the area is well-established. The proximity to similar-valued homes on other streets suggests a consistent, mid-range value area within Fort Richmond, likely popular with families and long-term residents.