Property Overview
574 Mulvey Avenue is a compact, one-storey home in Winnipeg's Earl Grey neighbourhood. Built in 1918, it features a renovated basement and sits on a modest 2,311 sqft lot. With 700 sqft of living space, it is notably smaller than most area homes. It sold recently for $180,000, which is significantly below the citywide average sale price. The home's assessed value is $21,500.
Key Characteristics & Appeal
This property is defined by its efficiency and location. Its primary appeal lies in being an affordable entry point into a well-established neighbourhood. The renovated basement adds functional living space to the small main floor. It suits first-time buyers, downsizers, or investors seeking a low-cost holding in a central area. A thoughtful perspective is that its compact size and minimal yard work offer a simplified, low-maintenance lifestyle. However, buyers should be prepared for a home that is below average in both size and lot dimensions for the street and area, representing a trade-off between location and space.
Frequently Asked Questions
1. Is the $180,000 sale price typical for the area?
No, the sale price ranks in the bottom 3-7% compared to recent sales on the same street, in Earl Grey, and citywide, making it an outlier for its affordability.
2. What does "renovated basement" imply?
While specifics aren't listed, it indicates the basement has been updated for livability. Buyers should inquire about the scope of renovations, permits, and ceiling height to understand its full utility.
3. How does the small lot size impact the property?
The lot is smaller than most in the area, limiting outdoor space but reducing maintenance. It's important to check zoning bylaws for any future expansion, like an addition, as space is constrained.
4. Who might this property not suit?
It likely won't suit families needing multiple bedrooms or ample living space, or buyers who prioritize equity growth through above-average lot size. Its value is in affordability, not in possessing premium features.
5. The assessed value seems very low compared to the sale price. Why?
Municipal assessed values for tax purposes often lag behind market values. The significant difference here suggests strong buyer demand for affordable homes, driving the sale price well above the tax assessment.