Property Overview
This is a modern, two-storey home built in 2023 on Mulvey Avenue in the established Earl Grey neighbourhood. Its primary appeal lies in its combination of new construction and a prime location. At 1,516 sqft, the living space is notably above average for both the street and the area. The home features a renovated basement and sits on a compact, city-sized lot. It last sold in June 2023 for $600,000 and currently holds an assessed value of $590,000, which ranks in the top tier (top 2%) for its immediate area. This property suits buyers seeking a move-in-ready, low-maintenance home in a central neighbourhood without the concerns or costs of an older structure. It’s ideal for professionals, small families, or downsizers who prioritize modern finishes and efficiency over a large yard.
Key Considerations & FAQs
1. What are the less obvious trade-offs of such a new home in an older area?
While you benefit from new building systems, warranties, and modern layout, the architectural style and lot size may differ significantly from neighbouring properties. The compact lot means minimal outdoor private space, which is a trade-off for the low-maintenance appeal.
2. How does the assessed value compare to the recent sale price?
The current assessed value ($590k) is very close to the price it sold for just a year ago ($600k). This suggests the valuation is in line with the recent market and may indicate stable value in the area.
3. Is the basement included in the listed living area?
Typically, living area (1,516 sqft) refers to above-grade space. The listing notes a renovated basement, which provides additional usable square footage that is not reflected in the main living area metric.
4. With no garage, what are the parking options?
The property has no garage. Parking would be via a driveway (common for homes on Mulvey) or on-street. It’s advisable to confirm driveway capacity and any street permit requirements.
5. What does the "top percentile" ranking for value really mean?
Ranking in the top 2% for assessed value on its street and in Earl Grey means this home is valued significantly higher than most nearby properties. This reflects its new construction premium. However, citywide, it ranks in the top 9%, showing that values in this central neighbourhood are competitive with newer suburban areas.