Property Overview
This 1,221 sqft condo unit, built in 1999, is situated at 208-500 Cathcart Street in Winnipeg's Elmhurst neighbourhood. Its primary appeal lies in offering above-average space for a condo at a very accessible price point, as reflected in its municipal assessment of $249,000. The unit ranks exceptionally high for its size within its immediate community and across Winnipeg, indicating it provides more square footage than the vast majority of comparable listings. While its assessed value is modest relative to the broader market, this positions it as a practical and value-conscious option. It would suit first-time buyers seeking space without the maintenance of a house, or investors looking for a rental property with a competitive entry cost. A thoughtful perspective is that its strong rankings for size and newer age (compared to peers) suggest a well-proportioned unit in a building past its initial depreciation, potentially offering a balance of modern amenities and settled strata affairs.
Key Details & FAQs
- Key Characteristics: Built in 1999. 1,221 sqft living area. No basement, no garage. Last sold in December 2019 for $223,000.
- Where its appeal lies: Superior interior space for a condo, modern building age compared to many in the area, and a value-oriented price.
- Target Buyer: First-time home buyers, downsizers seeking a spacious layout, or practical investors.
Frequently Asked Questions
1. What do the ranking percentages actually mean?
They show how this property compares to others in the area for specific metrics. For example, ranking in the top 1% for size on its street means it is larger than 99% of other homes on Cathcart Street. High rankings in size and building age are positive indicators of space and relative modernity.
2. Why is the assessed value lower than many other homes?
The assessment reflects the property's value as a condo unit, not a detached house. Condos typically have lower valuations due to shared ownership of the building and land. The assessment being in a lower percentile is consistent with the condo property type in the broader Winnipeg market.
3. Is "no garage" a significant drawback?
This depends on lifestyle and the building's amenities. Many condo buildings offer surface or underground parking stalls instead of private garages. Prospective buyers should inquire about dedicated parking arrangements and any associated fees.
4. The building is 27 years old. What should I check?
A building of this age may have undergone major repairs or be planning for them. Review the condo corporation's reserve fund study, minutes from recent annual general meetings, and any special levies planned or recently completed to understand the financial health and maintenance status.
5. It hasn't sold since 2019. Is that a concern?
Not necessarily. Many owners hold properties for longer periods. The 2019 sale price provides a historical data point, but current market conditions and the unit's specific condition will determine its present value. It may indicate a stable building with lower unit turnover.