Property Overview: 101-1002 Grant Avenue
Key Characteristics & Appeal
This is a compact, 530 sqft condo in Winnipeg's Grant Park neighbourhood, built in 1963. Its defining characteristic is its exceptionally low financial barrier to entry, with an assessed value of $10,100 that ranks it among the most affordable properties in the city. The appeal lies squarely in its function as a minimal-cost entry point into homeownership in a central, established area. It suits a very specific buyer: those prioritizing absolute lowest cost over space, such as a first-time buyer seeking to build equity with a tiny mortgage, an investor looking for a bare-bones rental property, or someone needing a simple, no-frills pied-à-terre. It’s important to view this not as a typical condo, but as a utilitarian asset. The very low square footage and older building age mean comfort and modern amenities are secondary to the primary benefit of ultra-low carrying costs.
Frequently Asked Questions
1. Why is the assessed value so low?
The assessed value reflects the property's small size (530 sqft), its age (built 1963), and its ranking among comparable properties. It is priced for its function as essential shelter, not for luxury or ample space.
2. What are the monthly condo fees, and what do they cover?
This information is not provided in the public data. A critical next step is to contact the property manager or review the status certificate to understand the monthly fees and what utilities or services (e.g., heat, water, building insurance) are included, as this significantly impacts the true monthly cost.
3. Is this a good investment?
As an investment, it is high-risk, high-potential-reward. The low purchase price could yield a solid cash flow if rented, and any market appreciation would represent a large percentage gain on a small base. However, it may be harder to resell due to its niche appeal, and special assessments in an older building could have a major financial impact.
4. How does the recent sale price (Apr 2024: $9.5k-$12.5k) compare to the assessment?
The sale price range aligns closely with the $10,100 assessed value, confirming the market validates this ultra-low valuation. It indicates a stable, if very narrow, market for properties of this type.
5. What should I be most cautious about?
Beyond the obvious space constraints, the age of the building (1963) is the chief concern. It is essential to investigate the building's reserve fund study, history of special assessments, and the overall financial and physical health of the condominium corporation, as major repairs are likely in older buildings.