721-1355 Lee Boulevard

Property Overview: 721-1355 Lee Boulevard, Winnipeg

Section 1: Key Characteristics & Appeal

This is a modern, low-maintenance condo in the Fairfield Park neighbourhood. Its primary appeal lies in being a contemporary property within a well-established area. Built in 2018, it is notably newer than most homes in its immediate vicinity and across Winnipeg, offering modern building standards and minimal near-term repair concerns.

The 896 sqft living area is compact and efficient, ranking below average for similar properties on its street and in Fairfield Park, but aligning closely with the Winnipeg city-wide average for condos. This suggests a smart use of space rather than sprawling square footage. The assessed value tells an interesting story: while average for its direct area, it ranks well above average city-wide, indicating the property holds its value strongly in the broader market context.

This home would suit first-time buyers, downsizers, or investors seeking a modern, "lock-and-leave" property. It’s ideal for someone who prioritizes a newer build and financial predictability over a larger footprint. A thoughtful perspective is that this condo offers a way to own a recently constructed home in a mature neighbourhood without the premium typically attached to a new-build single-family house in such areas.

Section 2: Frequently Asked Questions

1. Is this a good value for the space?
While the living area is modest for Fairfield Park, the 2018 build date is a significant advantage. You are trading some square footage for a much newer, potentially more energy-efficient and worry-free property compared to older, larger units.

2. How does the assessed value compare to the recent sale price?
The property sold for $350k in August 2024, which is substantially higher than its $33.3k assessed value. It’s important to understand that in Manitoba, assessed value is for municipal tax purposes and is not a market valuation. The sale price reflects current market value.

3. What does the "below average" living area ranking mean for me?
It means this unit is smaller than many comparable condos on Lee Boulevard and in Fairfield Park. This could translate to lower utility costs and less upkeep, but buyers should ensure the layout meets their spatial needs.

4. The building seems relatively new. Are there many others like it nearby?
The data shows this 2018 build is an outlier, ranking in the top 1% for its year built both on its street and in the neighbourhood. This means you would own one of the newest properties in the area, which is a unique characteristic.

5. Who might this property not suit?
It may not be ideal for buyers who need multiple bedrooms, dedicated workspace, or ample room for growing a family. Those seeking a large, traditional condo layout or who prioritize space above all else might find it limiting.