Property Overview: 511 Sly Drive, Margaret Park, Winnipeg
Key Characteristics & Appeal
This home presents a compelling mix of space and value within the established Margaret Park neighborhood. Its primary appeal lies in its generous living area of 1,545 sq ft, which ranks in the top 6% for its immediate street and the top 2% within the wider Margaret Park area, offering significantly more interior space than many local comparables. The lot size, while average for the city, is notably above average for the neighborhood, providing good outdoor space.
The property’s assessed value is positioned below average for Sly Drive itself but aligns more closely with area and city-wide averages, suggesting a potential value opportunity for a larger home on a decent lot. Built in 1964, it is a mature home that may appeal to buyers comfortable with the character and potential update projects of an older property. This home would best suit practical buyers looking for above-average interior space in a settled area, who may see value in a home that isn’t the newest on the block but offers a strong footprint and lot size for the price point.
Frequently Asked Questions
1. Is this house a good value compared to others on the street?
The data suggests it might be. While it offers more living space than most neighbors (top 6%), its assessed value ranks in the bottom quarter of Sly Drive. This discrepancy could indicate a value proposition, though it may also reflect the home’s older age or condition relative to nearby properties.
2. How does the lot size compare?
At just over 6,200 sq ft, the lot is below the average for Sly Drive but is actually in the top 17% for the entire Margaret Park area. This means you’re getting a larger-than-typical yard for the neighborhood, even if it’s not the largest on the street.
3. What can the recent sale price range tell me?
The property sold in 2024 for an estimated $350k-$400k. This placed it in the top 18% of sale prices for Sly Drive and the top 12% for Margaret Park, confirming that buyers have recently paid a premium for this home, likely due to its larger size.
4. The home was built in 1964. What should I consider?
As a home from the mid-1960s, major systems like roofing, plumbing, electrical, and windows may be at or beyond their typical lifespan. A thorough inspection is essential to understand the condition and potential upcoming investments, which is typical for homes of this era.
5. How accurate is the assessed value for determining market price?
Assessed value is for municipal tax purposes and is often a lagging indicator. The more relevant figure is the 2024 sale price range, which reflects what the market recently paid. The assessed value being lower than that sale price is a common scenario.