Property Summary: 216-500 Cathcart Street, Winnipeg
Key Characteristics & Appeal
This is a well-situated condominium in Elmhurst, built in 1999. Its primary appeal lies in its exceptional location rankings within the broader community and city, offering a strong sense of value for the area. The unit ranks in the top 1% on its street and the top 0% within both the Elmhurst community and all of Winnipeg for its lot size, indicating a potentially favorable unit positioning or building footprint. It also ranks highly for its age, being newer than most homes nearby. With just over 1,000 square feet of living space, it suits buyers looking for a manageable, low-maintenance home without sacrificing a prime location. The very modest municipal assessment suggests a potentially accessible entry point into a desirable area. This property would likely suit first-time buyers, downsizers, or pragmatic investors seeking a competitively positioned asset in a stable neighborhood, prioritizing location over expansive square footage or luxury finishes.
Frequently Asked Questions
1. What do the "rankings" actually mean?
They are relative comparisons based on municipal data. For example, ranking in the "top 0%" for lot size in Winnipeg means this property's lot size is larger than 100% of compared properties, placing it in a very rare top position city-wide.
2. Why is the assessed value relatively low compared to the high rankings?
Municipal assessments for condominiums are often lower than market value and are based on specific formulas and comparable sales from a prior period. A lower assessment can sometimes translate to lower property taxes, which is a financial benefit for the owner.
3. Is "no basement" a disadvantage?
It depends on your needs. For some, it means less maintenance and no risk of basement flooding. For others, it reduces storage or utility space. The living area is all above ground, which some prefer.
4. What is the significance of the high ranking for the building's age?
A 1999 build is newer than many homes in mature neighborhoods. This can suggest updated building standards, potentially fewer major repairs in the near term compared to much older buildings, and a modern layout.
5. Who is responsible for exterior and structural maintenance?
As a condominium, the corporation is typically responsible for major building components, roof, exterior walls, and common areas. The owner is responsible for the interior of their unit. Reviewing the condo corporation's reserve fund and bylaws is essential to understand financial health and rules.