Property Overview: 5-775 Mulvey Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, 340 sqft condominium in Winnipeg's Earl Grey neighbourhood. Its primary appeal lies in its exceptionally low financial barrier to entry, evidenced by an assessed value of just $7,900 and a recent sale price of $70,000. It ranks among the most affordable properties citywide.
The unit is situated in a historic building from 1913, offering a classic architectural backdrop. Its appeal is highly specific: it suits a minimalist, first-time buyer, or an investor seeking a low-cost entry into the market. It could also serve as a pragmatic housing solution for someone who lives simply, spends most of their time elsewhere, or is looking for a strategic foothold in a central neighbourhood without a large mortgage. Importantly, the unit has no basement, which simplifies the space but limits storage.
Perspective buyers should note that while affordable, the living space is significantly smaller than most area homes. Its value is in cost-savings and location, not in square footage or modern amenities. This is a functional property for a specific, budget-conscious lifestyle.
Section 2: Frequently Asked Questions
1. What does "Condo | Basement: No" mean?
This indicates the property is a condominium (you own the unit, not the land/building) and that this specific unit does not include any basement storage or living space.
2. Why is the assessed value so much lower than the recent sale price?
Municipal assessed value for tax purposes often lags behind market value, especially in a dynamic market. The sale price reflects what a buyer was recently willing to pay, while the assessment is an older valuation formula.
3. Is the building well-maintained given its age?
The building is over 110 years old. Prospective buyers must investigate the condominium corporation's reserve fund study, financial health, and any recent or planned special assessments for major repairs (roof, plumbing, brickwork, etc.). This is a critical step for any older condo.
4. Who handles utilities and maintenance?
In a condominium, the corporation typically covers costs for the building exterior, common areas, and major systems through monthly condo fees. You would need to confirm what is included (e.g., heat, water) and what is the owner's responsibility (e.g., electricity, unit insurance).
5. How does the small size compare to nearby properties?
This unit is notably compact. On its own street, it's in the smaller half of comparable homes. Within the Earl Grey neighbourhood and citywide, it is among the very smallest properties, offering a fundamentally different living experience than the area's typical family homes.