Property Overview
124 Wellington Crescent is a classic two-storey home built in 1905, situated on a generous 3,310 sqft lot in Winnipeg's McMillan neighbourhood. Its key appeal lies in the combination of historic character, a renovated basement, and a prime location on a desirable crescent. The home offers nearly 2,000 sqft of living space and presents a notable value proposition, with an assessed value significantly lower than many direct neighbours, suggesting potential for equity growth. This property would suit a buyer looking for a character home in an established area, who appreciates having a renovated basement already in place and is comfortable with the upkeep of an older home. It's also a compelling option for value-conscious buyers or investors who see potential in the gap between its current assessment and the values on the surrounding street.
Frequently Asked Questions
1. What does the assessed value really indicate?
The assessed value of $24,600 is a figure for municipal tax purposes and is typically below market value. The more telling data point is its ranking: it's in the top 20% for its street, yet is a fraction of the value of neighbouring homes, which are assessed up to $77,000. This suggests the property is undervalued relative to its location, which can be an opportunity.
2. How significant is the age of the home?
Built in 1905, this is a true century home. While it offers charm and is newer than 98% of Winnipeg homes, it requires a pragmatic approach. Buyers should budget for ongoing maintenance and consider a thorough inspection to understand the condition of major aged components like wiring, plumbing, and the foundation.
3. The living area ranks lower than the land area. What does that mean?
The 1,946 sqft home ranks in the bottom quarter of the neighbourhood for size, but the lot size is in the top 21%. This indicates the house itself is more modest compared to others on the street, but the property sits on a large, valuable parcel of land. This could be ideal for someone who values outdoor space over a massive interior footprint.
4. There's no garage. How does that impact daily life and value?
The lack of a garage is a practical consideration, especially in Winnipeg's climate. It means relying on street parking and dealing with vehicle warming and snow removal in winter. For some buyers, this is a worthwhile trade-off for the location and lot size, but it should be factored into your lifestyle and future plans.
5. What is the neighbourhood like?
McMillan is a central, established neighbourhood. Wellington Crescent itself is a sought-after street, as indicated by the high property values of nearby homes. The area offers a mix of historic and newer homes, suggesting a stable, desirable community. Its central location typically provides good access to amenities, though specific schools, transit, and shops should be researched directly.