Resale Homes
Resale Homes
U.S. housing slump forces sellers to think landlord instead
WHEN Dave and Gina Schudi of Phoenix went house hunting last year, they knew the time was right to buy -- not sell -- a home.
So when they did purchase a new one, they rented out their old home.
"It all depends on the market," said Dave Schudi, who plans to sell the old house eventually. "We've got good renters in there."
Falling house prices and a slow market are forcing more homeowners to consider renting their properties.
It's something Tampa, Fla., realtor Julia Vakulenko suggests to potential clients.
"Basically, we ask all the people who contact us, 'Must you sell it right now?'" she said. "Most likely, it will just sit there or maybe sell below the market value."
Here are some tips for renting out your home:
- Familiarize yourself with local laws dealing with rental properties. Understand the eviction process, security deposits and what type of access you have to the property once rented.
- Determine whether you want to select the tenant and handle property issues or hire a company to do it. If you take on the responsibility, you are obliged to fix any problems (leaky faucets, broken furnace, etc.) or find professionals to do it.
- Develop a rental application. Ask questions on the application that will help you quickly determine whether you want this person for a tenant.
- Ask for references. Call former landlords and ask about the person's rental history. Verify that the references listed are really landlords and not the applicant's friends posing as landlords.
- Screen potential tenants. Once you've narrowed your field of potential tenants, hire a service to run a criminal and financial background check on the applicants.
- Consult with a lawyer or your provincial landlord-tenant boards before writing a lease. A well-written lease is crucial to protect your property. It will help you evict a tenant or hold them accountable for damage if necessary.
- Collect a security deposit equal to one month's rent.
- Perform a walk-through of the property with the tenant before he or she moves in. During the walk-through, make notes and take photos of any property damage. You and the tenant should sign the paper as an acknowledgement of the home's condition.
- Check on the property. Drive by at least once a month and look for signs of trouble such as garbage in the yard, extra cars in the driveway, or excessive wear and tear. Make arrangements to walk through the property three months into the lease to see how well the tenant is caring for it. (Make sure you give the proper notice required for entering the property.)
- Do not accept partial rent payments. Accepting money from tenants who are not paying the full rent can make it more difficult to evict them.
-- Associated Press
Resale Homes
From crime scene to <em>dream home</em>
If this home doesn't look familiar, it should. After all, it's been featured in the newspaper a number of times -- if only for the wrong reasons.
It's hard to imagine, but this sprawling, executive-sized bungalow in Parkway Village was once a crime scene.
You wouldn't know it from looking at it today, but the 2,029-square-foot home north of Garden City once was what you might call a marijuana factory.
When police raided it in 2007, it contained more than 2,700 marijuana plants. It was left in rough shape. A huge hole had been drilled in the foundation to steal electricity. The basement was full of pots filled with dirt, and almost every room bore some kind of moisture damage.
Despite the mess, the damage was not as bad as it seemed, and real estate agent Mike Leclerc and his clients saw potential. But so did a lot of other people. A bidding war ensued, and his clients ended up paying $190,000, $70,000 above asking price.
His clients, who now plan to sell the home, saw that it had good bones, but it nearly needed to be stripped to the bone in order to be restored.
Built in 1979 by the original owner, an old-world craftsman from Europe, it was made to last, which may explain why it stood up so well to grow-op abuse. Everything had been overbuilt. Solid wood, including the interior doors, was used throughout the home.
"You just can't find homes like this anymore," says Leclerc, an agent with Century 21. "To build a home like this now, you'd be looking at about $600,000."
It was the kind of home that stays in the family, constructed with signature finishing touches, including hand-made walnut kitchen cabinets.
Of course, it didn't turn out as planned. It didn't stay in the family. It fell into bad hands.
Then earlier this year, the new owners -- Leclerc's clients who did not want their names published -- took over. They ripped out the rotten carpet, drywall and wood. They went through the long, strict remediation process set out by the Canadian Mortgage and Housing Corporation (CMHC) for marijuana grow operations.
The documentation is all there for those who want to see it, proof of the extensive repairs and inspections that took place to pass health and safety regulations.
Once cleaned up and approved, remodeling could finally begin in late June.
The oak doors and handcrafted walnut cabinets have been painstakingly restored. The 1970s interior design - shag carpet and busy wallpaper -- has been replaced with soft, short-pile carpet and warm, earth-toned painted walls.
"It's old-world charm meets new world contemporary flair," Leclerc says.
They installed new lighting fixtures throughout, granite countertops in the kitchen and three-quarter-inch hardwood floors in the living room.
The basement -- once full of pot plants -- now features a massive rec room with wet bar -- the ideal venue for hosting lively family gatherings.
With the hidden potential, once buried beneath the mess, now realized, all it needs now is a family to call it home.
ADDRESS: 42 Envoy Crescent
Features: Three bedrooms, three bathrooms (basement bath includes sauna), basement rec room with wet bar, attached double garage, central vacuum, central air conditioning, yard featuring walnut, pear, cherry and apple trees, three fireplaces, walk-in closet in master bedroom, stainless steel appliances in kitchen, second kitchen in basement.
Listing price: $399,000
Assessment value: $192,000
Resale Homes
Sold
Address: 68 Arden Ave.Asking Price: $194,900
Sold Price: $195,000
Taxes: $2,765.13
Square Footage: 1,048
Bedrooms: 3
Bathrooms: 1
Lot Size: 50 x 106
Listing Agent: Lori Thorsteinson, Loren Realty, 946-2236
Resale Homes
Sold
East Kildonan
Address: 735 Consol Avenue
Asking Price: $164,900
Sold Price: $165,000
Taxes: $2,300.62
Square Footage: 1,099
Bedrooms: 3
Bathrooms: 1.5
Lot Size: 35 x 99
Listing Agent: Kerry Enns, Royal LePage Prime, 989-7900
St. Vital
Address: 22 Clonard
Asking Price: $114,900
Sold Price: $125,500
Taxes: $1,275.81
Square Footage: 738
Bedrooms: 2
Bathrooms: 1
Lot Size: 40 x 102
Listing Agent: Sandy Lopston, Coldwell Banker National Preferred,
985-4300
Offered at...
Lockport
Address: 9 Sunrise Bay
Asking Price: $315,000
Taxes: $2,994.44
Square Footage: 1,650
Bedrooms: 3 + 1
Bathrooms: 3
Lot Size: n/a
Listing Agent; Steve Brockington, Maximum Realty Ltd., 777-9999
Resale Homes
King of the Crescent
Back in 1929, prominent Winnipeg physician Dr. MacKay bought land on Wellington Crescent to build his dream home. Fashioned after the popular Tudor style made famous in Cotswold, England, Cotswold House embodies the architecture that emigrated to Canada in the 1920s and 1930s, Characterized by a steep, flat roof that peaks out at each end and an oversize chimney, Cotswold House brings a touch of England to Wellington Crescent.
Today, Cotswold House is a spectacular combination of old and new. When part-time contractor Derrick Saedel and his business partner decided to restore a home to its original splendour, they searched high and low to find exactly the right house. After searching through countless homes in Tuxedo, River Heights and Crescentwood, they happened upon 820 Wellington Cres. The rest, as they say, is history.
After taking possession in early 2008, Saedel and his partner began the arduous task of restoring the Wellington Crescent mansion. While structurally sound, the house was a bit outdated and needed some loving care. The result is a labour of love. Today, Cotswold House exudes the charm and character of an old heritage house, yet it feels as is you are entering a brand-new home.
"We kept the original craftsmanship and wanted to throw in what today's homeowner wants," says Saedel.
And that's exactly what they have done. At 3,000 square feet, Cotswold House is nothing less than a grand home. It is now being marketed by Becky and Gary Parkes of Royal Lepage Dynamic for a cool $989,000.
In restoring the house to its original grandeur, Saedel kept as much of the original craftsmanship as they could. It has the original doors with the original hardware and the original hardwood floors, which are in great shape. But it has been updated with all new windows and cove mouldings have been added to each room. The house has hot-water heat from the original radiators, but a new furnace and central air have been added.
"It's a compromise for many people living in River Heights who love the character of an old house, but don't want the maintenance," says Saedel. "We took that out of here."
The main floor of the house has a beautiful, sunken living room with French doors, large, bright windows and the original fireplace. The dining room exudes classic elegance. Two original corner china cabinets have been complemented with wainscotting around the room. Another set of French doors allows for privacy and a swinging door opens up to the fabulous kitchen.
The kitchen is truly a gourmet's delight. An abundance of white shaker cabinets is offset with an espresso-coloured island. Brand-new wide-plank, cherry wood floors add warmth to the room. A large bay window was added to allow more natural light to flood through. A second staircase, the old servants' access to the kitchen, was removed to allow for a recessed fridge, creating more floor space in the already spacious kitchen.
The kitchen has been outfitted with all the latest, high-end appliances, including a Wolff gas stove with a built-in pot filler and a state-of-the-art trash compactor. All of the appliances in the house are included in the sale.
"The kitchen is state-of-the-art," points out realtor Parkes. "Yet you walk in and don't feel like it doesn't fit in."
The main floor also features a modern family room with another wood-burning fireplace. A formal office was converted to a family room to allow for more usable living space on the main floor. With some restructuring, a wall was opened up to allow for access to the kitchen and patio from the family room. The main floor also features a convenient two-piece powder room off the foyer at the front entrance, which was original to the house.
A sweeping, grand staircase is the showpiece of the main floor and has been restored to its original glory. The second floor originally featured four bedrooms, but Saedel and his partner decided to eliminate one to allow for a larger master suite.
"As much as they didn't want to sacrifice the fourth bedroom, it was the best decision," notes Parkes.
The result is an absolutely sumptuous master suite. The original art deco chandelier sets the tone for luxury in this room. Large his and hers walk-in closets have been added with glass doors and pot lights. No expense was spared to create the luxurious ensuite. Travertine heated floors, a steam shower with multiple rain heads and an aromatherapy feature and a jetted soaker tub make this the perfect escape at the end of a long day. There is even a heated towel rack that can be programmed to have towels warm just when you need them.
"It's decadent," Saedel admits. "We said the final product has to be quality and it's very good quality -- we spent the time and the money."
Twin vanities have been equipped with heritage-looking medicine cabinets from Restoration Hardware. The toilet, or water closet as Saedel refers to it, is neatly tucked into its own area with a pocket door and a frosted glass window overhead to allow natural light to come into the small space.
The other two bedrooms are both quite spacious with large closets equipped with closet organizers. The main bathroom features a glass shower, pedestal sink and is finished with subway tiles to match the home's original character.
With two linen closets, Saedel and his partner converted the larger one to a small laundry area. The small space is large enough to house a brand-new, all-in-one unit that encompasses a washer, dryer and steamer in one handy appliance. While the main laundry room is in the basement, this adds a huge convenience factor.
Downstairs, the basement is fully finished. The original, dark wood panelled rec room has been updated with drywall, pot lights and a modern gas fireplace. A set of original double doors that have leaded glass insets open up into a wine cellar, complete with a wine cooler, bar fridge and a humidor cabinet for cigar aficionados. There's also an office, another modern bathroom and a mudroom that can be accessed directly from the back stairs.
Now that the restoration project is finally complete, Saedel says he is very pleased with the end result.
"Overall, it has been a great experience," he says. "At the end of the day, someone will be able to move into the house and not do anything."
tbryska@mts.net
Resale Homes
Sold
Central
Address: 29 Cornish
Asking Price: $317,900
Sold Price: $301,000
Square Footage: 2,625
Bedrooms: 5
Bathrooms: 3
lot size: 49 by 115
Listing Agent: Jennifer Gulay, Royal Lepage Alliance, 885-5500
Whyte Ridge
Address: 19 Tolcross Gate
Asking Price: $269,900
Sold Price: $257,000
Taxes: $3,337.15
Square Footage: 1,156
Bedrooms: 3 + 1
Bathrooms: 3
Lot Size: n/a
Listing Agent: Sandy Lopston, Coldwell Banker National Preferred, 985-4300
Maples
Address: 252 Arthur Wright
Asking Price: $229,900
Sold Price: $261,900
Taxes: $3,588.37
Square Footage: 1,350
Bedrooms: 3
Bathrooms: 2
Lot size: n/a
Listing agent: Glenn Kisil, Kisil & Associates Real Estate Ltd., 668-7878
Offered at...
East Kildonan
Address: 469 Locksley Bay
Asking Price: $199,900
Taxes: $2,595.08
Square Footage: 1,075
Bedrooms: 3
Bathrooms: 1
Listing agent: Glenn Kisil, Kisil & Associates Real Estate Ltd., 668-7878
St. Boniface
Address: 250 Horace Street
Asking price: $237,900
Taxes: n/a
Square Footage: 1,300
Bedrooms: 3
Bathrooms: 1
Lot Size: 25 x 112
Listing Agent: Jennifer Gulay, Royal Lepage Alliance, 885-5500
Resale Homes
Bridgwater Forest welcomes first families
It's official: after years of waiting for the development to take shape -- and approximately seven months of construction -- Bridgwater Forest finally has its first residents.Fittingly, the two homes were designed by Hilton Homes, the first builder to pour a foundation in the southwest Winnipeg development.
"The basement of 3 Aspen Forest Point was actually started on March 3," says Hilton Homes' Spencer Curtis. "The Kahlons (owners of the 2,413 sq. ft., two-storey home) were supposed to take possession Aug. 30, but getting building permits was a bit of an issue, so they took possession a little less than a month late, which is pretty good, considering everything."
Predictably, the two families that now call the community -- previously known as Waverley West -- are ecstatic about being able to take possession of their new homes.
"We were actually able to get in on Friday (Sept. 26)," says Jeewan Kahlon who, along with sister, Kiran, calls 3 Aspen Forest home with father, Pal, and mom, Jaspal. The Elizabeth is a newly minted design that features a garage set back from the front of the home, part of the new builders' guidelines set out specifically for Bridgland Forest. "It's great to be here. You can't beat the location. In time, it's going to be a very, very nice area with all the parks, walkways and ponds."
While location was the main reason why the Kahlons chose to call Bridgland Forest home, they were also impressed by the new designs that builders rolled out to give the development a distinctive new look, both exterior and interior-wise.
"The design was so fresh and imaginative -- we love the floor plan upstairs with the large bedrooms and, especially, the open loft area off the stairs. The open-concept main level with sitting room at the front is also really bright and gives us lots of room to move," says Kahlon. "It's exactly what we expected in a house, and community."
Curtis says from a builder's standpoint, it's a thrill to finally hand over keys to customers who have waited so patiently.
"Needless to say, we worked really hard to make this happen," he says. "You're always anxious to not only get a new community going, but to see how your new designs turn out. Both the Kahlons and Kalers are very pleased with their new homes. It's gratifying to see all the hard work pay off."
Meanwhile, a couple of streets east at 38 Appletree Crescent, the aforementioned Kalers -- Satvir, wife, Gurpreet, and daughter, Simrit -- are also settling into their new digs. Satvir says while possession was delayed, it was worth the wait.
"Actually, we were supposed to take possession Aug. 1, but there were some delays -- they weren't a big deal," he says. "Now that we're finally here, we're extremely excited. We're looking forward to living here and growing with the community."
Gurpreet adds that she's been pleasantly surprised at how livable their new two-storey home is compared to their former residence.
"It feels like we have a lot more space in this house than we had in our other one," she says. "I really like the floor plan, it's so well-thought-out. Once we get everything where we need it to be, we're going to be very happy here. It's going to be a great place to live and raise a family."
It's a sentiment shared wholeheartedly by Curtis.
"Now that people are finally moving into their homes, we're starting to get a taste of what Bridgland Forest is going to be like," he says. "Before long, all kinds of homes are going to be ready, and more families will start to move in. In time, it's going to be a thriving community. As the setting matures over the next few years, I think Bridgland Forest is going to really be something special."
lewys@mts.net