Property Overview: 107-500 Cathcart Street, Winnipeg
Key Characteristics, Appeal & Ideal Buyer
This is a well-maintained, 1,221 sqft condo unit in Elmhurst, built in 1999. Its primary appeal lies in its exceptional competitive standing within its immediate surroundings. The property ranks in the top 1% of its street and top 5% of its community for size, and it is newer than 95% of homes in Elmhurst. This suggests a spacious, relatively modern unit in a desirable building compared to local alternatives.
The financial profile is notable. With a current assessed value of $249,000 and a last sale at $240,000 in 2017, it presents as a stable, mid-range investment. Its high percentile rankings for size and age contrast with its lower rankings on assessed value and past sale price, which may indicate perceived value or a more affordable entry point into a high-ranking building. This unit would suit a practical buyer—likely a first-time homeowner, downsizer, or investor—who prioritizes space and building quality over luxury amenities (note: no basement, garage, or pool). It’s for someone who values data-driven evidence of a property's standing and seeks a comfortable, low-maintenance home in a well-regarded local context.
Frequently Asked Questions
1. What do the ranking percentiles actually mean?
They show how this unit compares to other Winnipeg homes in specific metrics. For example, being newer than 95% of homes in Elmhurst means only 5% of area homes are more recently built, indicating a relatively modern building.
2. Why is the assessed value ranking lower than the size and age rankings?
This is common and can reflect several factors, including the condo’s specific interior condition, the building's financial health, or market adjustments. It suggests the unit may offer more space and newer construction for its price point compared to peers.
3. Who is responsible for exterior maintenance and repairs?
As a condo unit, the condo corporation is typically responsible for the building exterior, common areas, and major systems. Monthly condo fees cover these costs, which is a key detail to request from the listing agent.
4. Has the value appreciated since the 2017 purchase?
The assessed value has increased by $9,000 since the 2017 sale price of $240,000. For a precise current market value, a comparative market analysis with a realtor is recommended.
5. What is the significance of having no garage or basement?
This means all living space is on the main level, and storage or parking will be limited to what the unit and building provide. Buyers should inquire about in-suite storage, designated parking options, and any additional locker availability.