Property Summary: 605 Cathcart Street
Key Characteristics & Appeal
This 1971-built bi-level home sits on a notably large, mature lot of nearly 9,000 sqft in Elmhurst, offering a rare blend of space and established character. Its primary appeal lies in this generous outdoor canvas, which ranks in the top tier for size within Winnipeg, providing ample room for gardening, recreation, or future expansion. The home features a finished basement and a detached garage.
The property presents a compelling value proposition for specific buyers. It is ideally suited for those prioritizing land size over interior square footage, as the 828 sqft living area is modest. This makes it a potential fit for downsizers seeking manageable indoor space with expansive outdoor privacy, or for value-conscious buyers and renovators who see the underlying asset in the lot and are comfortable with a home that may require updates. The strong rankings for lot size and recent sale price versus assessment suggest a property whose value is anchored in its land and location rather than its current interior footprint.
Frequently Asked Questions
1. How does the lot size compare to typical properties?
The lot is exceptionally large at 8,994 sqft, ranking in the top 8% of all properties in Winnipeg for size. This is a defining feature of the home.
2. The living area is listed at 828 sqft. Does the finished basement add significantly to usable space?
Yes, the finished basement provides additional living area, though the exact square footage isn't specified. The total usable space is greater than the main floor living area alone.
3. What might the rankings for "Build Year" and "Living Area" indicate?
The home ranks as newer than only about 20-22% of homes in its immediate area, meaning the neighborhood features many newer builds. Similarly, the living area is smaller than most comparable listings. This highlights a property that is a mature, established home on a large lot, rather than a new or spacious modern build.
4. The home sold for $390,000 in July 2023, above the current assessed value. What does this suggest?
The recent sale at a price above the $381,000 assessment indicates that the market has recently valued the property highly, likely due to the desirable lot size and location factors that may not be fully captured in the assessment.
5. What type of ongoing maintenance should be considered?
As a home built in 1971, prospective buyers should budget for and investigate the age and condition of major systems like the roof, windows, furnace, and plumbing, which may be approaching or beyond their typical lifespans.