This is a 585 sqft condominium unit at 7-716 Corydon Avenue in Winnipeg's Earl Grey neighbourhood. Built in 1956, it presents a compact, low-maintenance living option in a central, well-established area. Its primary appeal lies in its affordability and location, with a very low municipal assessed value of $12,900. Recent sale prices ($130k in 2016 and $12.5k in 2021) suggest a complex valuation history that requires careful investigation.
The unit would suit a specific type of buyer: a first-time purchaser or investor with a limited budget seeking a minimal property tax footprint and a foothold in a desirable area. It's a practical choice for someone who prioritizes location over space and is prepared for the realities of an older, smaller building. The data indicates the unit is significantly smaller and valued lower than most comparable homes on its street, in the neighbourhood, and across the city, which can represent an entry-level opportunity but also warrants extra due diligence.
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Why is there such a large discrepancy between the recent 2021 sale price ($12.5k) and the 2016 sale price ($130k)?
This is the most critical question. It may indicate a previous sale that was not at arm's length, a significant change in the unit's title or ownership structure, or a data entry error. Clarifying this with a real estate professional is essential.
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What are the monthly condo fees, and what do they cover?
For a unit with this profile, understanding the financial health of the condominium corporation and the specifics of the fee structure is paramount. Fees can significantly impact overall affordability.
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Given the building's age (1956), what are the known condition issues or recent major repairs?
Prospective buyers should inquire about the state of major building systems (roof, plumbing, electrical), the unit's own condition, and whether the corporation has a robust reserve fund for future repairs.
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How does the "basement: no" designation affect the unit?
This likely means the unit is at or above ground level, which is a positive for light and avoidance of basement moisture issues. Confirming its exact floor level is recommended.
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Is this a cash-only purchase, or is financing available?
Given the very low assessed value, some lenders may be hesitant to provide a traditional mortgage. Buyers should investigate financing options early to understand if this would need to be a cash transaction.