Property Overview
This 1978-built 3-level split home at 748 Cathcart Street offers a practical and spacious family living environment in Winnipeg's Elmhurst neighborhood. Its primary appeal lies in offering above-average space and land size for its assessed value. With a generous 6,535 sqft lot and over 1,290 sqft of living space, it provides room to grow, complemented by a finished basement and an attached garage. The home's competitive rankings—particularly outperforming 78% of Winnipeg in lot size and 70% in assessed value—suggest it represents a solid value proposition within the city. It would suit first-time buyers or growing families looking for a established, roomy property without a premium price tag, especially those who value a larger outdoor space and the potential that comes with a nearly 50-year-old home that has been maintained and updated over time. A thoughtful perspective is that while the 2021 sale price was below the current assessment, the overall value rankings indicate the property holds its own in the broader market, appealing to buyers who prioritize tangible space and land over newer construction.
Frequently Asked Questions
1. What does the "value ranking" actually mean?
The rankings show how this property compares to others in its immediate area and across Winnipeg. For example, ranking in the "top 22%" for lot size in Winnipeg means 78% of city properties have a smaller lot, highlighting this home's standout feature of outdoor space.
2. Is the finished basement included in the listed living area?
Typically, the 1,292 sqft living area refers to above-grade, heated space. The finished basement provides additional usable rooms but is usually calculated separately, adding functional square footage not reflected in the main figure.
3. How should I interpret the difference between the 2021 sale price and the current assessment?
The 2021 sale of $370,000 provides a historical data point. The current assessment of $423,000 reflects the city's valuation for tax purposes, which considers market trends and comparisons. It's a starting point, but the final market price is determined by current conditions and buyer demand.
4. What are the considerations with a home built in 1978?
A home of this age may have undergone significant updates, such as the finished basement. Buyers should investigate the condition and age of major systems like roofing, windows, plumbing, and electrical, as these can represent future maintenance priorities or opportunities for modernization.
5. What is the practical benefit of a 3-level split design?
This layout often creates distinct living zones, potentially offering more privacy by separating sleeping areas from common living spaces across multiple half-levels. It can make efficient use of the home's footprint but may involve more stairs than a bungalow or standard two-story.