Property Overview & Key Characteristics
This is a compact, 328-square-foot condominium on Mulvey Avenue in Winnipeg's Earl Grey neighbourhood. Its primary appeal lies in its exceptionally low financial barrier to entry, reflected in a very modest assessed value. The property is one of the oldest on its street, built in 1913, which suggests a classic building with potential character, but also implies a need for careful attention to maintenance and updates.
The unit would suit a specific type of buyer: a first-time purchaser seeking the lowest possible point of entry into homeownership, an investor looking for a minimal-cost rental property, or someone seeking an ultra-minimalist lifestyle close to central Winnipeg. Its size makes it unsuitable for anyone needing space for possessions or regular guests. A thoughtful perspective is that this property represents pure "shelter value"—the cost is almost entirely for location and a roof, not for square footage or modern amenities. It offers a chance to build equity with a very small initial investment, but the trade-off is significant space constraints and the responsibilities of an older building.
Frequently Asked Questions
1. Is this a legal condominium?
Yes, the listing is for a condominium unit, meaning you would own the interior space and a share of the common elements. It's crucial to review the condo corporation's financial health, rules, and reserve fund.
2. Why is the assessed value so much lower than other homes?
The assessed value is low primarily due to the extremely small living area (328 sq ft), which ranks in the bottom tier city-wide. Value is driven by size, condition, and location.
3. What should I be aware of with a building from 1913?
While charming, a 113-year-old building requires diligent inspection. Potential concerns could include outdated wiring or plumbing, insulation standards, and the overall condition of the shared roof and foundation. Condo fees should adequately cover a robust reserve fund for major repairs.
4. How do the condo fees compare, and what do they cover?
This information is not provided in the data. You must obtain a current status certificate, which will detail the monthly fees and exactly what utilities (like water, heat), insurance, and maintenance they cover.
5. How does the recent sale history affect the price?
The unit last sold in October 2021 for $8,800. This recent sale provides a concrete market benchmark, suggesting the current assessed value of $7,600 is in a similar, very low range. The price will be influenced by current market conditions and any changes made to the unit since 2021.