Property Summary: 515 Sly Drive, Winnipeg
Section 1: Key Characteristics & Appeal
This 980 sqft bungalow, built in 1966, sits on a notably spacious 6,233 sqft lot in the Margaret Park neighbourhood. Its primary appeal lies in the significant land size, which is well above average for both the local area and the wider city, offering potential for expansion, gardening, or outdoor living. The home itself is modest in size, ranking below average for living space on its street, suggesting a cozy, low-maintenance interior footprint.
The property’s assessed value is relatively low, positioning it as an accessible entry point into the Winnipeg market. This combination—a smaller, vintage home on a larger lot—creates a clear value proposition. It would best suit first-time buyers, downsizers, or practical investors looking for land value and the opportunity to customize or renovate over time. The appeal is fundamentally about the potential of the land rather than the current structure, making it a property for those with a vision for the future.
Section 2: Frequently Asked Questions
1. Is the house in need of major updates?
Given its 1966 construction and below-average living area for the street, buyers should anticipate characteristics of its era. A thorough inspection is recommended to determine the condition of major systems like roof, plumbing, and electrical, which may require updating.
2. Why is the assessed value significantly lower than the city-wide average sale price?
The assessed value (31.50k) is for taxation purposes and reflects a historical valuation, not current market value. The last recorded sale was between $250k-$300k in 2019, which is a more relevant indicator of its market price.
3. What are the advantages of such a large lot?
The lot size is a standout feature, offering above-average outdoor space for recreation, gardening, or future additions like a garage, workshop, or expanded living area, subject to local zoning bylaws.
4. How does this property compare to others in the immediate area?
On Sly Drive, this home has a smaller living area and lower assessed value than most neighbours. However, its lot size is more competitive on the street and is particularly large when compared to the broader Margaret Park area.
5. How can I find out the exact price it last sold for?
The listing service provides an estimated sold price range. To obtain the precise sale price from its 2019 transaction, you must request it directly from the provided service, which manually supplies the data via email.