Property Overview
This condominium at 230-500 Cathcart Street in Elmhurst presents a practical and competitively positioned urban living option. Built in 2000, its primary appeal lies in offering modern, low-maintenance living in a well-established neighborhood. The 1,242 sqft unit is notably spacious for a condo, ranking above average for its size both within the immediate area and across Winnipeg. Its standout feature is its exceptional positional ranking; it sits in the top 1% of properties on its street and the top 3% within the broader Elmhurst community for desirability, suggesting a very well-regarded location. With no basement or garage, it caters to those seeking a simpler footprint. The current assessed value positions it as a more accessible entry point into the market.
This property would suit first-time buyers or downsizers looking for a turnkey home without yard work, who prioritize location and interior space over private outdoor features. It also appeals to value-focused investors or buyers who understand that a high locational ranking can be a more stable asset than a newer build in a less established area.
Frequently Asked Questions
1. What does the high "ranking" actually mean?
The rankings compare this property against others on the same street, in Elmhurst, and across all of Winnipeg for key metrics. Its top 1% street ranking and top 3% community ranking for "desirability" are strong indicators that this specific location within Elmhurst is among the most preferred, likely due to factors like proximity to amenities, tranquility, or streetscape.
2. Is the lack of a basement or garage a significant drawback?
This depends on lifestyle. It means very low maintenance and no stairs, which is a plus for many. However, it requires efficient use of the in-suite 1,242 sqft for storage and means all vehicles use surface parking or a potential shared lot.
3. The build year is 2000. What should I be aware of?
A 24-year-old building is past its initial warranty period. A careful review of the condominium corporation's reserve fund study and minutes is essential to understand the financial health of the building and if any major repairs (e.g., roofing, windows, balconies) are planned or underway.
4. How does the assessment value relate to the listing price?
The assessment value is for municipal tax purposes and is not the market price. That it ranks lower (78th percentile in Winnipeg) than the property's physical rankings suggests the market may value this home higher than its assessed value, but the final price will be determined by current market conditions.
5. What is the condo fee, and what does it cover?
This information is not provided in the basic details. You must obtain the condo corporation's financial statements and bylaws. The fee will impact your total monthly cost and should cover building insurance, common area maintenance, reserve fund contributions, and possibly some utilities.