Property Overview: 2-954 Summerside Avenue, Fort Richmond, Winnipeg

Section 1: Key Characteristics & Appeal

This is a 912 sqft condo unit in a well-established Fort Richmond complex, built in 1979. The unit features a renovated basement, adding functional living space. Its key appeal lies in its strong value positioning within its immediate context. The living area is notably above average for its building (top 24% on Summerside Avenue), and its assessed value ranks highly both on its street (top 24%) and in the wider Fort Richmond neighbourhood (top 12%). This suggests you get more space and perceived value for the dollar here than in many comparable local units. The building itself is among the oldest in the complex, which can imply well-settled construction and mature landscaping, but prospective buyers should factor in potential condo reserve fund health and upcoming major repairs.

This property would suit a pragmatic, value-conscious buyer—perhaps a first-time homeowner or an investor—who prioritizes space and equity in a specific location over a newer build. It’s for someone who does their homework: they appreciate the stats showing strong relative value in the area but are prepared to investigate the implications of the building’s age through a thorough review of condo documents and financials.

Section 2: Frequently Asked Questions

1. What does the "renovated basement" include?
The listing confirms the basement is renovated but does not specify the scope. You should inquire about the quality of finishes, whether it includes a legal secondary suite or is simply finished living space, and if proper permits were obtained for the work.

2. The assessed value ranks very high locally but is average citywide. What does this mean?
This indicates the unit offers excellent value within the Fort Richmond area, especially compared to its direct neighbours. The citywide average is pulled higher by newer condos or those in different market segments. This profile can be attractive for building equity in a specific, affordable neighbourhood.

3. The building is from 1979. What should I check?
Given the age, essential due diligence includes reviewing the condo corporation's reserve fund study, minutes from recent annual meetings, and the status of any special levies. Pay particular attention to plans and funding for major repairs like roofing, windows, balconies, or plumbing updates.

4. The last recorded sale was in 2016. Why is that significant?
A nine-year ownership period suggests stability and a seller who is likely not under duress. However, it also means the current market price may have shifted significantly from the 2016 sale range. A new appraisal and analysis of recent sales of similar units in the complex will be crucial.

5. There are several units at the same address. What is the building like?
The listing shows multiple units at 954 Summerside Avenue, indicating a mid-size condo complex. You should inquire about the ratio of owners to renters, the soundproofing between units, the condition of common areas, and parking arrangements to gauge the building's overall atmosphere and management.