Property Overview

This one-storey home at 48 Tamworth Bay in Fort Richmond is a study in contrasts, offering a unique value proposition. Built in 1965, it is the oldest home on its street, which can signal solid, time-tested construction but also suggests a need for diligent maintenance. With 1,040 sqft of living space and a renovated basement, the interior is functional and updated. The lot size is fairly standard for the city, but below average for the neighbourhood, which is known for larger properties. Its most striking feature is its assessed value, which is significantly below average for both the street and Fort Richmond, yet aligns with the Winnipeg city-wide average. This creates an accessible entry point into a well-established area.

Key Characteristics & Appeal

The primary appeal of this property is its position as a more affordable option in a desirable neighbourhood. It suits first-time buyers, downsizers, or investors looking for a foothold in Fort Richmond without the premium price tag of larger lots or newer homes. The renovated basement adds practical living space. A less obvious perspective is that being the oldest house on the block can be an advantage for a buyer interested in character or a straightforward renovation project, as it avoids the sometimes complex renovations of much newer, but not new, homes. The detached garage offers flexibility. Buyers should be pragmatic: they are trading lot size and a newer build for location and value, and should budget accordingly for the upkeep typical of a home of this age.

Frequently Asked Questions

1. Why is the assessed value so much lower than the neighbourhood average?
The assessed value is based on specific property characteristics. Here, the combination of a smaller-than-average lot for the area, a smaller living area, and the home's age results in a lower assessment compared to other Fort Richmond properties, which often have larger lots and more recent builds.

2. What does it mean that this is the oldest home on the street?
It indicates the home was part of the original development of the area. This often means mature landscaping and established infrastructure. For a buyer, it underscores the importance of a thorough inspection to understand the condition of major aging components like the roof, foundation, and plumbing.

3. How usable is the lot given its below-average size for the neighbourhood?
At over 5,600 sqft, the lot is still a good size for city living, accommodating a garden, play area, and the detached garage. It simply means that, on average, lots in Fort Richmond are more spacious, so direct neighbours may have larger yards.

4. The home sold in 2016 for a much lower price. Is that relevant today?
The 2016 sale price is a historical data point and reflects the market conditions of that time. It is not a direct indicator of current value, which is influenced by nearly a decade of market changes, the basement renovation, and current supply and demand.

5. Who would this property not be ideal for?
It may not suit buyers who prioritize a very large yard, a modern open-concept layout (typical of a one-storey from the 1960s), or those unwilling to manage the maintenance and potential updates expected of a home nearing 60 years old.