Property Overview: 345 Cathcart Street
Key Characteristics & Appeal
This is a well-maintained, single-storey home in the established Varsity View neighbourhood, built in 1974. Its primary appeal lies in its generous, mature lot of over 5,600 square feet, offering significant outdoor space that is uncommon for newer infill properties. The home itself features 1,190 sqft of living space and a finished basement, providing practical, single-level living. Recent data shows strong value retention, with the home selling for $410,000 in June 2024, a notable increase from its 2020 sale price.
The property suits first-time buyers or downsizers looking for a manageable, ground-level layout in a central, academic-adjacent community. Its broad market appeal is reflected in its rankings, where it performs solidly against city-wide averages for size and value, but truly stands out within its immediate street and neighbourhood for its lot size. A thoughtful perspective for buyers is to see the lot not just as yard space, but as long-term potential—whether for gardening, expansion, or simply as a private oasis that future infill development in the area cannot replicate.
Frequently Asked Questions
1. How does the finished basement add to the living space?
While specific room details aren't listed, a finished basement typically adds flexible space for recreation, a home office, or additional bedrooms, effectively increasing the usable area beyond the main floor's 1,190 sqft.
2. What is the significance of the property's rankings?
The rankings compare this home to others on its street, in Varsity View, and across all of Winnipeg. They indicate that while the home is average in many metrics city-wide, its lot size is a standout feature locally, ranking in the top 20% within its own neighbourhood.
3. Is the lack of a garage a major drawback?
This depends on buyer needs. The large lot does offer ample space for parking and the potential to add a garage or carport, subject to city bylaws. For some, the trade-off of a larger yard for off-street parking is acceptable in this location.
4. The home was built in 1974. What should I be aware of?
While the recent sale suggests the home is market-ready, a standard inspection for a house of this age is crucial. This would typically focus on the condition of the roof, windows, plumbing, electrical systems, and ensuring any past updates were permitted.
5. The 2024 sale price is above the assessed value. Why?
Assessed value is for municipal tax purposes and often lags behind the dynamic market. The sale price reflects what a buyer recently paid, indicating perceived value, potential updates not captured in the assessment, or the premium for the desirable lot.