Property Overview
This is a compact, 478 sqft condo unit at 1-775 Mulvey Avenue in Winnipeg's Earl Grey neighbourhood. Built in 1913, it represents an entry point into a mature, established area. Its appeal lies in its efficiency and relative value within its immediate building and street context, rather than in size or neighbourhood comparisons. It last sold in May 2022 for $10,600.
Key Characteristics & Ideal Buyer
The unit's defining characteristic is its contrast in standing. Within its own building on Mulvey Avenue, it ranks highly for both living area and assessed value (top 21%), meaning it is one of the larger and more valuable units in the complex. This suggests a well-positioned unit within the property. However, when compared to the broader Earl Grey neighbourhood and city-wide averages for detached homes, its square footage and value are significantly below average.
This creates a specific niche. It would suit a minimalist, first-time buyer, or an investor seeking an affordable, low-maintenance foothold in a central neighbourhood. The buyer is likely pragmatic, valuing financial accessibility and location over space, and understands they are purchasing a specific unit within a multi-unit property, not a standard neighbourhood home. The low annual taxes, inferred from the modest assessed value, are a key financial benefit.
Frequently Asked Questions
1. What does the "Top 21%" ranking for Living Area actually mean?
It means that within its own building/complex on Mulvey Avenue, this unit is larger than 79% of the 14 comparable units. It's one of the bigger units in the building, but comparisons are specific to the condo complex, not the neighbourhood.
2. Why is the assessed value so much lower than other homes in Earl Grey?
The assessed value reflects this specific condo unit, not a detached house. Condos typically have lower values due to shared building ownership and less land. The comparison to neighbourhood averages, which include larger, detached homes, highlights the different property type.
3. Are the low property taxes a permanent advantage?
Taxes are based on the assessed value, which is periodically reviewed by the municipal authority. While currently low, any future city-wide assessment increases or changes to the unit's classification could affect the tax amount.
4. What are the implications of the building's age (1913)?
While character is a plus, age necessitates close attention to the condo corporation's reserve fund study and health. Potential buyers should scrutinize recent engineering reports and the status of major systems (roof, plumbing, boiler) to understand future special levy risks.
5. How should I interpret the "Sold 5/2022" price of $10,600?
This was the transaction price two years ago. It indicates a highly affordable entry point but is not the current listing price. It serves as a recent benchmark for the unit's market value at that time, highlighting its niche as a minimal-cost housing option.