Property Overview
This is a 1,086 sqft condominium located at 105-500 Cathcart Street in Winnipeg's Elmhurst neighbourhood. Built in 1999, it presents a practical, low-maintenance living option. Its primary appeal lies in its exceptional relative rankings within its immediate area: it ranks in the top 1% of properties on its street, the top 0% within the Elmhurst community, and the top 0% city-wide for its overall desirability score (which factors in elements like lot size and positioning). This suggests a well-regarded and competitive unit within its specific market.
The property suits first-time buyers, downsizers, or investors seeking an affordable, stable entry into the Winnipeg market with minimal upkeep. Its smaller size and lack of a garage or basement mean it's best for those who value simplicity and location over space for expansion or extensive storage. A thoughtful perspective is that while the assessed value is modest compared to the city average, the unit's strong local rankings indicate its value may be more about the specific building and location than raw square footage, potentially offering a sense of community and stability that isn't captured by the price alone.
Frequently Asked Questions
1. What do the "top 1%" and "top 0%" rankings actually mean?
These rankings compare this specific unit against all other houses on its street, in Elmhurst, and across Winnipeg based on a composite score (considering factors like lot size). Being in the top 1% on its street and top 0% in the community means it scores higher than virtually all comparable properties in those immediate areas, suggesting a premium position within its specific locale.
2. The assessed value seems low relative to the city. Why?
The assessment is below the Winnipeg average, which is consistent with a condominium of this size and age. The high rankings indicate that for what it is (a condo in this area), it is a top-tier option. The value proposition is strong performance within its category, not necessarily a high absolute price point.
3. Is the lack of a basement or garage a significant drawback?
This depends on lifestyle. It eliminates maintenance and costs associated with those spaces but requires the owner to be comfortable with limited private storage. It's ideal for those who prefer a truly lock-and-leave lifestyle or do not accumulate many bulky items.
4. The build year is 1999. Are there any major concerns?
A building from 1999 is past the initial "newness" phase, meaning any major construction flaws would likely have surfaced. A key focus should be on the condominium corporation's reserve fund study and health, as major common element repairs (roof, windows, building envelope) for structures of this age may be upcoming or in progress.
5. Who is responsible for exterior maintenance and repairs?
As a condominium, the corporation is responsible for the building's exterior, common areas, and major structural components. The owner is responsible for everything within the unit's walls. The condo fees cover the common expenses, and the quality of management is a critical factor in the living experience and financial health of the property.