Property Overview: 724 Cathcart Street
Key Characteristics & Appeal
This 1978 one-storey home in Elmhurst sits on a large, mature lot of over 7,400 square feet, offering a sense of space and privacy that is increasingly rare. With 1,211 square feet of living space, a finished basement, and an attached garage, it provides practical, single-level living. Its appeal lies in its established neighborhood setting and strong value fundamentals. The property ranks highly for its lot size and assessed value within Winnipeg, indicating a solid investment in a desirable location. It recently sold close to its assessment, suggesting a stable market perception.
This home would suit first-time buyers looking for a move-in-ready property with room to grow outdoors, or downsizers seeking the convenience of a bungalow without sacrificing yard space. It’s a pragmatic choice for those who value neighborhood character over brand-new construction, and who see the long-term value in a large lot. The rankings suggest it offers more space and value for the money than many comparable city properties, appealing to the cost-conscious buyer who doesn’t want to compromise on land.
Frequently Asked Questions
1. How does the lot size compare to typical homes?
At 7,408 sqft, the lot is significantly larger than average, ranking in the top 14% across Winnipeg. This is one of the property's standout features.
2. Is the basement developed, and what is it like?
Yes, the basement is finished. The listing does not specify the rooms or finish quality, so this would be a key area to inspect in person to understand its current condition and layout.
3. The home was built in 1978. What should I be aware of?
While the rankings show it is newer than many Winnipeg homes, a property of this age will likely have had some updates. A thorough inspection is recommended to assess the condition of major systems like roof, windows, plumbing, and electrical.
4. How does the recent sale price relate to the assessed value?
The home sold for $415,000 in August 2024, which is slightly below its current assessed value of $439,000. This close alignment suggests the sale was in line with market and municipal valuation at that time.
5. What do the neighborhood rankings indicate?
The rankings show the property performs very well on lot size and value within its immediate area. For other metrics like living space and age, it falls more in the middle of the pack for Elmhurst, indicating it's a fairly typical, well-sized home for this established community.