Property Overview
This 884 sqft bungalow at 515 Pandora Avenue W, built in 1956, presents a specific and compelling value proposition. Its primary appeal lies in the exceptional size of its lot—over 7,000 sqft—which ranks in the top 2% of the Melrose area. This generous outdoor space is a rare find, especially within the city, where it still ranks well above average. While the living space is modest and slightly below the city average, the home's assessed value is strong for its immediate neighborhood and area, suggesting good underlying value for the location.
The property would suit a practical buyer looking for a long-term foundation. It’s ideal for someone who prioritizes land over a large existing footprint, such as a first-time buyer comfortable with a cozy home, a downsizer wanting room for gardens, or an investor/renovator who sees potential in the substantial lot for future expansion or outdoor use. The recent sale in the $250k-$300k range indicates a accessible entry point for a property with such a standout lot size.
Frequently Asked Questions
1. Is the house too small at under 900 sqft?
While the living area is below the Winnipeg average, it is quite typical for the Melrose neighborhood. The trade-off is the significantly larger-than-average yard, which expands your usable space outdoors.
2. What does the "Elite" ranking for land area mean?
This means the property's lot size of 7,198 sqft is larger than 98% of comparable properties in the Melrose area. It's a standout feature that offers more privacy, gardening space, or future development potential than most nearby homes.
3. The assessed value seems low compared to the city average. Why?
The city-wide average includes all property types and newer areas. This home's assessment is actually above average for both its street and the Melrose area, reflecting its perceived value within its established neighborhood context.
4. What are the implications of the home being 70 years old?
Built in 1956, it is of a typical age for the area. Buyers should budget for maintenance and updates consistent with a home of this era, but its systems and structure have likely been serviced over many decades.
5. How can I find out the exact sold price from 2024?
The listing service provides a sold price range for transparency. You can request the exact sale price by emailing them directly through the provided form; they manually provide this detail without using your email for marketing.