Property Overview
This 600 sqft, one-storey home on Mulvey Avenue in Winnipeg's Earl Grey neighbourhood presents a specific and practical opportunity. Built in 1926, its key characteristic is its compact size, which is significantly below average for the street, area, and city. The home sits on a 2,309 sqft lot, which is also smaller than most nearby properties. A positive feature is its renovated basement. There is no garage or pool. Its assessed value is notably lower than area averages, and recent sale history shows a substantial increase in value between its 2019 and 2023 sales.
Section 1: Key Characteristics & Appeal
The primary appeal of this property lies in its affordability and efficiency within a well-established neighbourhood. It is one of the smallest homes in Earl Grey, which translates to a lower price point and reduced maintenance costs. This isn't a home for sprawling, but for streamlined living. Its renovated basement adds valuable functional space, potentially for a utility room, storage, or a small recreational area.
This home would suit first-time buyers seeking an entry point into a desirable area, downsizers looking to rightsize without leaving the neighbourhood, or pragmatic investors searching for a lower-cost rental property. Its charm is not in grandeur, but in offering the essentials within a mature community. A less obvious perspective is that its smaller lot and footprint could mean lower property taxes and less time spent on yard work, appealing to those prioritizing simplicity and cost-effectiveness over space.
Section 2: Frequently Asked Questions
1. Is the living space too small?
At 600 sqft above grade, it is compact. The renovated basement provides additional space, but the main floor living area is significantly smaller than the neighbourhood average. It requires efficient use of space and suits a minimalist lifestyle.
2. Why is the assessed value so much lower than the recent sale price?
The assessed value ($25,400) is for municipal tax purposes and often lags behind market values. The sale price of $260,000 in 2023 is determined by the market and reflects what a buyer was willing to pay at that time.
3. What does the sale history indicate?
The home sold for $210,000 in May 2019 and $260,000 in October 2023. This indicates strong appreciation over that 4.5-year period, a point for buyer consideration regarding market trends in the area.
4. Are there any concerns with the age of the home?
Built in 1926, the home is 100 years old. While the basement has been renovated, a thorough inspection is essential to understand the condition of major aging components like the roof, plumbing, and electrical systems.
5. What are the implications of having no garage?
Parking will be limited to on-street or a potential driveway if space allows. This is a common feature in older neighbourhoods but is a practical consideration for vehicle storage and winter conditions.