Property Overview
This condominium at 224-500 Cathcart Street in Winnipeg's Elmhurst neighborhood presents a practical and competitively positioned urban living option. Built in 2000, its primary appeal lies in exceptional value and relative modernity within its context. The 1,115 sqft unit ranks in the top 1% of its immediate street and top 3% of the broader Elmhurst community for the newness of its construction, meaning it is notably younger than most surrounding properties. This is a key differentiator for buyers seeking a building without the maintenance concerns of much older infrastructure.
Its strongest suit is financial accessibility. With an assessed value and a recent 2019 sale price both around $223,000-$224,000, it ranks in the top 16% of all Winnipeg properties for affordability. This positions it as a standout entry point into the market, particularly for first-time buyers or investors seeking a cost-effective holding. The suite’s size is average for the city but offers more space than many newer, denser condo developments. The lack of a basement or garage simplifies ownership, focusing on the unit itself.
The property would best suit a value-conscious buyer whose priority is getting into a well-located, relatively modern building without a premium price tag. It’s ideal for those who prioritize financial efficiency over premium amenities (like a pool or private garage). An investor might see potential in the strong affordability metrics for rental purposes, while a downsizer could appreciate the manageable space and the building's rank as newer than most in a mature community.
Frequently Asked Questions
1. What do the "rankings" actually mean?
They show how this property compares to others in its immediate street, community (Elmhurst), and all of Winnipeg for specific metrics. For example, being newer than 99% of homes on its street is a significant advantage, while its price being lower than 84% of Winnipeg homes highlights its affordability.
2. Why is the assessed value so close to the 2019 sale price?
This suggests the property assessment aligns closely with its recent market transaction, indicating stability and a clear, undisputed valuation over the past several years. It provides a solid benchmark for current value.
3. Is "no basement or garage" a major drawback?
It depends on your lifestyle. This means lower maintenance responsibility and likely lower condo fees associated with maintaining those structures. It suits buyers who don't require storage for vehicles or extensive belongings, or who prefer a simpler lock-and-leave lifestyle.
4. The home is "newer" than most nearby, but what about the building's condition?
Built in 2000, the structure is now 24 years old. While ranked as newer than its neighbors, a prospective buyer should still investigate the condo corporation's reserve fund study and minutes to understand the building's maintenance health and any upcoming special assessments.
5. Who is responsible for exterior maintenance and repairs?
As a condominium, the corporation is responsible for the building exterior, common areas, and major structural elements. Owners pay monthly fees to cover these costs, which provides budget predictability for major repairs compared to a standalone house.