Property Overview: 484 Sly Drive, Margaret Park, Winnipeg
Key Characteristics & Appeal
This home presents a compelling balance of space, value, and location within the established Margaret Park neighbourhood. Its key appeal lies in its generous 7,959 sqft lot, which ranks within the top 4% of the area, offering significant outdoor space and potential that is increasingly rare. The 1,236 sqft living area is comfortably above average for both the immediate street and the neighbourhood, providing ample room.
The property’s assessed value of $360k positions it as a strong, above-average value within Margaret Park (top 12%), suggesting a good level of finish or desirable features for the price point. Built in 1966, it is a mature home typical of the area, likely appealing to those who appreciate established communities with larger lot sizes. This home would suit a buyer looking for a solid, spacious property in a quiet neighbourhood without a premium city-wide price tag, particularly those who value a substantial yard over a brand-new build. A thoughtful perspective is that its strongest rankings are in lot size and neighbourhood value, indicating its prime asset is the land itself within a sought-after local context, making it a wise long-term hold in a city where large lots are diminishing.
Frequently Asked Questions
1. How does this property compare to others on the street and in the area?
The data shows this home stands out on its street for its assessed value (top 21%) and year built (top 15%). Its most significant advantage is within the wider Margaret Park area, where its lot size is in the elite top 4% and its value ranks in the top 12%, indicating it's a strong performer locally.
2. What is the likely condition of a home built in 1966?
As a 60-year-old property, buyers should budget for updates common to homes of this era, such as roofing, windows, or mechanical systems. Its above-average assessed value for the neighbourhood may reflect some prior updates or well-maintained original condition.
3. Why is the lot size highlighted as a key feature?
At nearly 8,000 sqft, the lot is substantially larger than the average lot in Margaret Park (~5,139 sqft) and city-wide (~6,570 sqft). This allows for greater privacy, landscaping possibilities, garden space, or future expansion like a shed or deck, which adds tangible value.
4. The sold price history shows a range of $300k–350k in 2022. Why is the current assessed value $360k?
Assessed values are for municipal tax purposes and can differ from market value. The increase from the 2022 sale price to the 2024 assessment could reflect market appreciation, property improvements, or the assessment methodology. It's a starting point for determining current market value.
5. Who would this property be most suitable for?
It's an excellent fit for buyers seeking space—both indoors and outdoors—in a stable neighbourhood. It would suit a young family wanting a large yard, a downsizer looking for a manageable single-level home with garden potential, or an investor attracted by the enduring value of a large lot in a established area.