Property Overview
This 1,403 sqft condo, built in 2000, is located at 220-500 Cathcart Street in Winnipeg's Elmhurst neighbourhood. Its primary appeal lies in its strong competitive standing within its immediate area. The property ranks in the top 1% of its street for size and age, and in the top 3% of its community for being a relatively newer build. This suggests a well-maintained unit in a desirable building compared to its direct neighbours. The 2019 sale price of $265,000 and current assessed value of $280,000 indicate a stable market history.
It would suit a practical buyer looking for a established condo without the maintenance concerns of a house. The high rankings for size and age on its street point to a potentially better value proposition within that specific micro-location, appealing to those who prioritize space and modern systems over brand-new construction. It's a fit for someone who analyzes value through comparative data, seeing the advantage of a unit that outperforms most nearby properties on key metrics.
Key Questions for Consideration
1. What do the high rankings actually mean?
They indicate this unit is larger and newer than the vast majority of homes on its specific street and in the Elmhurst community. This is a sign of relative desirability within that localized context.
2. Why is the community assessment rank lower?
While the unit ranks highly for size and age, its assessed value rank within the broader community is lower. This can be typical for condos compared to single-family homes in the same area and may reflect the specific building's amenities, condo fees, or unit finishes.
3. What is not included that I should ask about?
The listing shows no basement, garage, or noted parking. Essential details like designated parking, storage, balcony space, condo fee amount, and what it covers are crucial next questions.
4. How significant is the 2000 build year?
Built 26 years ago, it places the building past the initial "new building" phase. This often means any major construction issues have been resolved, but it also brings it closer to the age where significant capital repairs (e.g., roofing, windows, elevators) may be planned, impacting condo fees.
5. Who manages the condo corporation, and what is its financial health?
This is the most critical question. The condition of the reserve fund, any pending special assessments, and the professionalism of the property management are key factors that will impact your cost of ownership and peace of mind far more than the unit's individual rankings.