Property Summary: 228-500 Cathcart Street, Winnipeg
Key Characteristics & Appeal
This is a well-maintained, modern condo unit in Elmhurst, built in 2000. With 1,115 sqft of living space, it offers a practical layout for comfortable living. The property's standout appeal lies in its exceptional competitive positioning within its immediate surroundings. It ranks in the top 1% of homes on its street for size and age, and is newer than 97% of homes in the broader Elmhurst community. This suggests a unit that is both contemporary and spacious compared to most of its neighbors.
The property would suit first-time buyers or downsizers seeking a low-maintenance lifestyle without a garage or basement. It’s also a compelling option for value-focused investors or owner-occupants who prioritize a modern building envelope (reducing near-term repair risks) and statistical outperformance within a specific locale over flashy amenities. The high rankings for size and age on its street hint at a sense of relative space and modernity that isn't always apparent in the raw square footage alone.
Frequently Asked Questions
Q: What do the ranking percentages actually mean for a buyer?
A: They show how this property compares to others in specific areas. For example, ranking in the top 1% for size on its street means it's larger than 99% of the homes on Cathcart Street. This is a strong indicator of relative value and appeal in its most direct comparable market.
Q: The assessed value is $235,000, but it sold for $215,000 in 2020. What does this indicate?
A: The 2020 sale price provides a solid, recent market benchmark. The current assessed value, which is higher, may reflect broader market appreciation or municipal assessment methods. It’s a starting point for understanding value, but the next sale price will be determined by current market conditions.
Q: Are there any concerns with a property that has no garage or basement?
A: This depends on lifestyle. It means lower maintenance and no basement moisture concerns, but it also requires creative storage solutions. For a car, you would rely on street or surface parking. The trade-off is a truly lock-and-leave simplicity.
Q: How significant is the "top 0%" community ranking for the property?
A: Ranking higher than 100% of homes in Elmhurst for a specific metric is a very strong data point. It suggests this is among the absolute largest units in the entire community, which is a rare find and a key differentiator that likely contributes to its appeal and potential resilience in value.
Q: The building is 26 years old. What should I be aware of?
A: A 2000 build is modern by Winnipeg standards, meaning major systems like roofing, windows, and plumbing are likely from a recent era. However, it is now at an age where some components may need evaluation or updating. A review of the condo reserve fund study and minutes is essential to understand the financial planning for upcoming maintenance.