694 Fairmont Road

Property Overview & Appeal

This 1.5-storey home on a large, 12,636 sqft lot in Eric Coy offers a distinct value proposition centered on land and potential. Its key characteristic is the exceptionally large lot size, which ranks in the top 3% of all properties in Winnipeg, providing rare space for gardening, expansion, or future development in the city. The house itself is a 1,288 sqft post-war character home with an unfinished basement, presenting a classic floor plan. Its appeal lies in this blank-canvas opportunity: it’s a property for buyers who see value in the land itself and are willing to invest in updates or a renovation over time. It would suit a handy buyer, an investor looking for a lot with an existing income-producing structure, or a family planning a multi-phase home project who prioritizes outdoor space over immediate move-in perfection. A less obvious perspective is that homes of this era on large lots often have simpler, more robust structures that can be easier and more cost-effective to renovate than they initially appear.

Frequently Asked Questions

1. What does the "top 3% in Winnipeg" ranking for lot size actually mean?
It means this property's lot is larger than 97% of all residential lots in the city, making it a truly rare find for a standard city lot and a primary driver of the property's long-term value.

2. The house is from 1948. What should I be prepared for?
While systems like plumbing and electrical may have been updated, you should budget for potential updates to older components. The unfinished basement allows for easy inspection of the foundation and mechanical systems.

3. Is the unfinished basement a drawback or an opportunity?
It's a key opportunity. It provides ample storage and flexible space that can be finished to your specific needs, adding significant living area without the premium cost of a pre-finished basement.

4. Who is this property not well-suited for?
It may not suit buyers seeking a completely modern, turn-key home without any projects. The value here is in the land and the potential of the structure, requiring a vision and likely some investment.

5. How should I interpret the varying assessment rank comparisons?
The rankings show different strengths: the lot size is exceptional city-wide, while the assessed value is relatively modest for the neighborhood. This can indicate an opportunity where the market value may be driven more by the land's potential than the current state of the home.