Property Overview: 124-500 Cathcart Street, Winnipeg
Key Characteristics & Appeal
This condominium at 124-500 Cathcart Street in Elmhurst presents a compelling, low-maintenance living option. Its primary appeal lies in its modern foundation and strong positional value within its immediate surroundings. Built in the year 2000, the unit is relatively contemporary compared to much of the local housing stock, potentially meaning fewer concerns with outdated major systems. The 1,456 sqft layout offers above-average space for a condo.
The standout feature is its exceptional competitive ranking within the Elmhurst community and citywide. The data indicates it surpasses 100% of other homes in its community and across all of Winnipeg in terms of lot size, which for a condo translates to a superior common property footprint and potentially more desirable grounds or building density. It also ranks in the top 1% for age on its street. However, it's important to note that its assessed value is more modest relative to its size and age, ranking in the lower tiers for both the community and city. This disconnect suggests a property that may offer strong livability metrics (space, modern build) at a potentially accessible price point within a sought-after area.
This property would ideally suit downsizers or professionals seeking a spacious, modern condo with minimal exterior upkeep in a well-established neighbourhood. It also appeals to value-oriented buyers who prioritize actual living space and building age over premium finishes or a high assessment value, seeing potential in a solid foundational property.
Frequently Asked Questions
1. What do the "rankings" actually mean?
They are relative comparisons. For example, ranking in the top 1% for age on its street means it is newer than 99% of other homes on Cathcart Street. The lot size ranking for a condo reflects the size and likely low density of the overall building site compared to others.
2. Why is the assessed value ranking lower than the rankings for size and age?
This is a key point to investigate. It can be due to various factors, including interior condition, specific condo fees, the unit's orientation or view, or market valuations for similar units. It highlights that the perceived value may be more in the structure and location than in current market price.
3. Is "no basement" a disadvantage?
It depends on your needs. It means zero risk of basement flooding or related maintenance, and all living space is on one level. The trade-off is a lack of traditional storage or utility space, so in-suite storage solutions will be important.
4. What should I ask about regarding condo fees?
Since the unit has no garage, inquire what the condo fees cover (e.g., exterior maintenance, groundskeeping, building insurance, reserve fund). A well-managed reserve fund is crucial for a building of this age, as major components may soon need planned replacement.
5. The street and city rankings seem excellent, but the community ranking for size is average. Why?
This indicates that while the unit is spacious compared to most Winnipeg condos, the Elmhurst neighbourhood itself likely has a mix of larger single-family homes and other spacious condos, making this unit's size more typical within its own immediate community context.