Property Overview: 944 Summerside Avenue, Fort Richmond, Winnipeg
Section 1: Key Characteristics & Appeal
This 1986 bi-level home at 944 Summerside Avenue presents a compact and efficient living space. With 680 square feet of living area, it is notably smaller than most homes in Fort Richmond and across Winnipeg, placing it in a unique market position. Its key characteristics include a renovated basement and a modest, manageable lot of just under 4,000 square feet. The home’s assessed value of $340k is around the city-wide average but is high relative to its immediate street and neighbourhood, largely due to its modern build year (1986), which is newer than 97% of homes in Fort Richmond.
The appeal lies in its simplicity and low-maintenance footprint. It suits first-time buyers seeking an affordable entry into the Winnipeg market, or downsizers looking to reduce space and upkeep without leaving the city. Investors may also see value in a relatively modern property with a renovated basement for rental potential. A less obvious perspective is that its smaller size and lot represent a lower environmental footprint and reduced utility costs, aligning with minimalist or efficiency-focused lifestyles. However, buyers should be prepared for living space that is significantly cozier than the typical area home.
Section 2: Frequently Asked Questions (FAQs)
1. Why is the assessed value high for a home of this size?
The assessed value reflects more than just square footage. A primary factor is the home’s year of construction (1986), which is very new for the Fort Richmond area, suggesting potentially fewer major system updates are immediately needed compared to older peers.
2. Who would this property not be suitable for?
It would likely be a challenging fit for families requiring multiple bedrooms or dedicated workspace, or for anyone prioritizing ample indoor and outdoor space. The lot size is also below average for the neighbourhood, limiting expansive yard possibilities.
3. What does the sold price history indicate?
The home last sold in September 2020 for an estimated range of $285,000 to $315,000. The current $340k assessment suggests significant market appreciation since that sale, which is an important point of comparison for any offer.
4. How does the "renovated basement" impact the living space?
While the main living area is 680 sqft, a renovated basement adds functional space. It’s crucial to confirm the renovation’s quality, permits, and whether it adds legal bedrooms or simply recreational space, as this affects utility and value.
5. The home ranks low for size but high for age in the neighbourhood. What's the trade-off?
You are trading square footage for a newer building. This can mean greater peace of mind regarding the roof, foundation, and major systems, but you must be comfortable with a compact floor plan. It’s a trade-off of modern infrastructure for less space.