Property Overview: 700 Cathcart Street
Key Characteristics, Appeal & Ideal Buyer
This 1977 three-level split home in Elmhurst sits on a large, 7,344 sqft lot, offering more outdoor space than most properties in Winnipeg. Its key features include a finished basement, an attached garage, and 1,119 sqft of living space. The home’s broad appeal lies in its established neighborhood setting combined with strong value metrics. It ranks in the top third of the city for lot size and assessed value, suggesting a desirable and competitive property relative to the wider market.
The property would suit a practical buyer looking for space and stability over new construction. It’s ideal for someone who values a large yard for gardening, children, or pets, and appreciates a home with a proven history in a mature community. The 2017 purchase price provides a clear benchmark for value growth, appealing to those with an eye on long-term investment in a solid, no-frills family home. A less obvious perspective is that while the interior living space is modest for the lot size, this presents an opportunity for future expansion or renovation to fully capitalize on the generous property dimensions.
Frequently Asked Questions
1. How does the home’s age affect its value?
Built in 1977, the home is older than about 59% of properties in Winnipeg. This typically means maintenance considerations are important, but it also places the home in a mature neighborhood with established landscaping and community character. The recent sale in 2017 suggests it has been a viable and maintained dwelling.
2. Is the lot size a significant advantage?
Yes. The lot is exceptionally large, ranking in the top 14% city-wide. This is a major asset, offering privacy, space for outdoor activities, and potential that smaller, newer lots simply cannot match.
3. What do the ranking percentages actually mean?
They show how this property compares to others in its immediate street, neighborhood, and all of Winnipeg. For example, ranking “in the top 14%” for lot size in Winnipeg means 86% of city properties have a smaller lot. It’s a quick way to gauge competitive standing.
4. Has the property’s value increased since 2017?
The assessed value is currently $410,000, compared to a 2017 sale price of $320,000. While assessments are not market prices, this indicates a strong upward trend in official valuation over that period.
5. Is the living space small for a home of this style?
At 1,119 sqft, the living area is below the Winnipeg average. This is common for the era and style of home. However, the finished basement adds usable space, and the expansive lot offers a trade-off where outdoor living can effectively extend the home’s footprint.