Property Overview: 707 Mulvey Avenue, Winnipeg
Key Characteristics & Appeal
This well-positioned two-storey home in Earl Grey offers a blend of established neighbourhood character and above-average investment in its structure. Built in 1913, its key appeal lies not in being the newest, but in offering a renovated basement and solid, above-average living space (1,408 sq ft) for both its immediate street and the Earl Grey area. The detached garage adds practical utility.
The home’s assessed value of $390k and its recent sale price of $410k position it as a strong performer within its local context—ranking in the top 20% of homes on Mulvey Avenue and in Earl Grey for value. This suggests it is a premium property within a desirable, mature neighbourhood. The lot size is typical for the area, providing a manageable outdoor space without extensive upkeep.
This property would suit buyers looking for a character home in a central, established neighbourhood who also value modern livability, as evidenced by the renovated basement. It’s ideal for someone who appreciates a home that stands out in its immediate peer group for size and perceived value, rather than seeking a brand-new build or the largest city-wide lot.
Frequently Asked Questions
1. How does the home’s age impact its value and potential?
While built in 1913, its above-average assessed and sale prices for the area indicate the market recognizes maintained quality and updates. The renovated basement is a key modernizing feature. Buyers should budget for maintenance consistent with a century-old home while appreciating the established neighbourhood and craftsmanship.
2. Is the living space efficient for the neighbourhood?
Yes. At 1,408 sq ft, the living area is notably larger than the average for both Mulvey Avenue (~1,183 sq ft) and Earl Grey (~1,206 sq ft), offering more interior space than many direct comparables.
3. What does the "above average" ranking for assessed value really mean?
It means this home is valued higher than most homes directly around it. On its own street, it ranks in the top 16%, and in the top 17% within Earl Grey. This often reflects a combination of lot location, property condition, and improvements relative to its neighbours.
4. How does the lot size compare?
The 3,111 sq ft lot is very typical for central Winnipeg neighbourhoods like Earl Grey. It is slightly below the average lot size across the entire city, but this is expected and aligns with the character of established, walkable communities.
5. What is the significance of the recent sale price versus the assessed value?
The home sold for $410k in October 2024, which is $20k above its $390k assessed value. This indicates strong market demand and that buyers were willing to pay a premium for this specific property, likely due to its condition, updates, and location within the neighbourhood.