Resale Homes

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

Joel Schlesinger
November 9

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

October 12

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

Tracey Bryksa
October 12

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

October 5

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

Todd Lewys
October 5

Resale Homes

Sold

Southdale

Address: 67 Dayton Dr

Asking Price: $279,900

Sold Price: $285,000

Taxes: $4,093

Square Footage: 1,915

Bedrooms: 4

Bathrooms: 3

Lot size: 50 x 100

Listing Agent: James Born, Newman Greenberg & Assoc. 784-3555

Crescentwood

Address: 1047 Jessie Ave.

Asking Price: $179,900

Sold Price: $179,000

Taxes: $2,213.45

Square Footage: 765

Bedrooms: 2

Bathrooms: 1.5

Lot Size: 38 x 120

Listing Agent: Gord Sharpe, Maximum Realty Ltd., 296-7653

Offered at...

Crescentwood

Address: 1104-323 Wellington Cres

Asking Price: $374,900

Taxes: $4,070

Condo Fees: $688/month

Square Footage: 1,460

Bedrooms: 2

Bathrooms: 2

Lot size: N/A

Listing Agent: Monica Newman/James Born, Newman Greenberg & Assoc., 784-3555

September 28

Resale Homes

A dark cloud hangs over U.S. homeowners

MIAMI -- Al Ray is so strapped for cash, the only time he eats out is on Wednesday or Sunday, when the local McDonald's sells hamburgers for 49 cents.

Ray lost his engineering job last November, and has been working as a high school tutor, scratching out about $1,000 a month -- if he's lucky. He struggled to make his $1,400 monthly mortgage payment and $330 monthly homeowners' association fee until May, when he stopped paying.

Ray, 44, is looking for work and renting out a room in his two-bedroom condo in Davie, Fla., for $500, but his monthly income doesn't match his expenses and he's facing foreclosure.

"I barely have money to survive," he said.

Ray is one of more than 7.5 million people -- almost 15 per cent of American homeowners with a mortgage -- who are spending half of their income or more on housing costs, according to 2007 data released Tuesday by the U.S. Census Bureau. That is up from nearly 7.1 million the year before.

Traditionally, the government and most lenders consider a homeowner spending 30 per cent or more of their income on housing costs to be financially burdened. But that definition now covers almost 38 per cent of American homeowners with a mortgage -- 19 million of them.

Though home prices have fallen this year, in the most expensive markets where home prices tripled during the boom many working families still cannot afford to buy a home.

"We had a bubble," said Dean Baker, co-director of the Center for Economic and Policy Research in Washington, D.C. "This is a case where we absolutely want the market to adjust."

The data underscore the serious affordability problems in the U.S. and highlight how the slightest financial problem -- from a lost job to higher gas prices or insurance premiums -- can put a family behind on their mortgages and into the realm of foreclosure.

When home prices fell in the early 1990s, borrowers had more equity in their homes, and were able to escape foreclosure. But now, an estimated 10 million homeowners owe more on their mortgages than their homes are worth, according to Moody's economy.com.

More than four million homeowners were at least one month behind on their loans at the end of June, and almost 500,000 had started the foreclosure process, according to the Mortgage Bankers Association.

Cascading foreclosures over the past two years created a domino effect in the lending industry, undermining investor confidence and forcing the Bush administration to announce the greatest rescue package and market intervention since the Great Depression.

And yet, the deal will not help Dolly Hanna, 51, and her husband, who bought five homes in the San Francisco area over the past 20 years, and were enjoying life during the housing boom by renting them out.

But her husband's overtime at his mechanic's job was cut, and the Hannas now find themselves overextended at a loss of $15,000 per month and trying two sell two of the homes.

With four children, Hanna had been a stay-at-home mom, but Monday she started a job in real estate. They are seeking a renter for two upstairs bedrooms in their primary residence for $1,200.

Getting a loan during the boom was easy, Hanna knows. Too easy.

"All you had to do was massage the information enough to fit it into their round hole, and they gave us a mortgage," Hanna said.

In San Francisco, more than one out of five homeowners with a mortgage spends half or more of their income on housing.

That's also true in 13 more of the largest 100 metro areas analyzed by the Associated Press. Other places include California metro areas of Stockton, Los Angeles, Riverside, Oxnard-Thousand Oaks, San Francisco, and San Diego. Also in the top 10 are the Fort Myers, Sarasota and Orlando metro areas in Florida, and New York-Northern New Jersey-Long Island.

But the most cost-burdened homeowners in the country live the Miami-Fort Lauderdale-Miami Beach metro area: 58 per cent of homeowners spending 30 per cent of their income on housing costs, and 29 per cent spending half of their income or more on housing.

Though prices here are dropping, the high cost of land, construction, insurance and property taxes makes living in South Florida too expensive for some.

"Certainly, we hear about people leaving South Florida and going into Atlanta where they can get into a house for less money," Suzanne Weiss, associate director for real estate with Neighborhood Housing Services of South Florida.

To help with the affordable housing stock, Neighborhood Housing Services of South Florida joined forces with a construction company to build homes for low- to moderate-income residents that include energy-efficient appliances and hurricane-resistant windows.

Other cities and states are also taking action.

In Illinois, a network of 15 non-profit housing groups gives free advice to struggling homeowners seeking to avoid foreclosure amid rising mortgage payments.

In New England, an affordable housing program funded by the Federal Home Loan Bank of Boston awards grants and low-interest loans to communities to encourage affordable-housing initiatives for very low- to moderate-income households.

And in Las Vegas, the Nevada Fair Housing Center is helping Rita Harvey renegotiate her mortgage from $2,700 to around $1,800 per month.

Harvey, 64, lives on about $3,300 a month in social security and disability payments for herself and her four disabled grandchildren. She nearly lost her home this summer after her adjustable rate mortgage payment jumped.

"I did not understand that in two years, this would adjust out of control," she said. "Nobody deserves what I've had to go through."

-- The Associated Press

Adrian Sainz and Alan Zibel
September 28

Resale Homes

Buyers facing tighter rules

Selling houses like cars just isn't going to cut it anymore. The days of zero down and extended amortizations are soon to be history thanks to the absolute disaster that has hit the U.S. subprime mortgage market.

As of Oct. 15, the federal government is making big changes to mortgage rules in an effort to protect and strengthen the Canadian economy and try to prevent the housing bubble from bursting as it has south of the border.

In early July, the federal government cracked down on mortgage rules by announcing it will no longer guarantee 40-year mortgages. The longest amortization available has been reduced to 35 years. The government is also eliminating the no-money-down mortgage concept by implementing a requirement that homebuyers must have a minimum down payment of at least five per cent of the value of a home.

When the federal finance department made the announcement this summer, most of the major banks jumped on the bandwagon and have already discontinued offering those products. Although there are still some lenders offering zero down and 40-year amortizations, that will come to an end on Oct. 15, when the new mortgage rules officially take effect.

The new limits will only affect new, government-backed mortgages and Canadians who already have a mortgage won't be affected. Still, many mortgage experts are predicting this will have a significant impact on the housing market.

"It's going to hinder a lot of people from getting into the market for a year or two," says Wayne McConnell of A+ Financial, who has been in the mortgage brokerage business for the last 15 years.

With the rising price of houses in Winnipeg and elsewhere across the country, McConnell says many people took advantage of no-down-payment mortgage. He says a lot of young professionals who were just starting out with student loans and other first-time buyers were able to buy a home with that option.

"The only way they got into the market was zero per cent down," he notes. "If they had to put five per cent down, that would leave them out of the market for at least another year."

That's exactly what new buyers will have to do as of Oct. 15 -- put at least five per cent down in order to qualify for a government-backed mortgage. On a $230,000 house, that means they would have to come up with at least $11,500 as a down payment.

While eliminating the zero per cent down payment and decreasing the maximum amortization to 35 years are going to have an impact on the market, McConnell says there is another change that will hit people even harder.

That change is all about credit ratings. The government has established a credit score floor of 620. That means, as of Oct. 15, potential homebuyers will have to have a beacon score of at least 620. That's considered to be good credit, McConnell notes.

And that's what can impact people the most, McConnell notes, as there are many factors that can lead to a lower beacon score or credit rating. If you have paid any account over 30 days late or you are near or over your credit limit, that can bring down your beacon score. The number of inquiries or credit checks you've had in a given time period can also reduce your rating.

"This will impact a ton of people," says McConnell. "This could disqualify 10 to 15 per cent of buyers -- that's substantial."

So why is the Canadian government doing this? It's heeding the warning signs coming from down south. In the U.S., overzealous lenders such as banks and financial companies lent money to high-risk borrowers at low rates and created a housing bubble that eventually burst. The bubble burst when those same borrowers renewed their mortgages at higher interest rates and couldn't afford to repay them.

According to figures compiled by the Canadian Bankers Association, defaults of bank mortgages here in Canada are well below one per cent -- very low compared to the U.S. The American rate of mortgage default is now at about nine per cent and climbing. While Canadian lenders are more conservative than their U.S. counterparts, the federal government is being cautious by making changes our mortgage requirements.

"All of this is a true reflection of what is going on down south," says McConnell.

Yet at a major mortgage broker convention in Edmonton last week, he says the buzz was that the Canadian government has overreacted a bit by imposing the changes.

"Maybe tighten the 40-year amortization and zero per cent down," McConnell concedes. "But the beacon score of 620 is just going to stifle our economy."

Regardless of public opinion on policy, the mortgage changes are looming as the deadline fast approaches. Buyers not only have to buy a house before that date, they must take possession by Oct. 15 in order to avoid being affected by the changes.

"A lot of our clients are pre-approved, but the clock is ticking," McConnell notes. "A lot of people are frantically out there looking to get into the market before Oct. 15."

tbryksa@mts.net

Tracey Bryksa
September 28

Resale Homes

Sold

River Heights

Address: 254 Ash St.

Asking Price: $199,900

Sold Price: $229,000

Taxes: $3,228.22

Square Footage: 1,053

Bedrooms: 2

Bathrooms: 1

Lot Size: 40 x 120

Listing Agent: Greg Hamilton, Sutton Grouo - Kilkenny Real Estate, 475-9130

Fort Rouge

Address: 799 Lorette Ave.

Asking Price: $122,900

Sold Price: $135,000

Taxes: $1,268.41

Square Footage: 1,118

Bedrooms: 2

Bathrooms: 1

Lot Size: n/a

Listing Agents: Marnie and Laura Ross, Newman Greenberg & Associates, 784-3555

Riverview

Address: 326 Morley Avenue

List Price: $119,900

Sold Price: $119,900

Taxes: $1,431.59

Square Footage: 1,120

Bedrooms: 2

Bathrooms: 2

Lot Size: n/a

Listing Agents: Marnie and Laura Ross, Newman Greenberg & Associates, 784-3555

Downtown

Address: 508- 340 Waterfront Drive

Asking Price: $350,900

Sold Price: $350,900

Taxes: n/a

Square Footage: 1,193

Bedrooms: 1

Bathrooms: 1

Listing Agent: Sheldon Zamick, Sutton Group Kilkenny, 291-8403

Tuxedo

Address: 117 - 140 Portsmouth Blvd.

Asking Price: $169,900

Sold Price: $169,500

Taxes: $2,143.00

Square Footage: 1,018

Bedrooms: 2

Bathrooms: 1

Listing Agent: Vijay Guliani, Realty Plus Inc., 897-0800

Offered At...

Tuxedo

Address: 402 Park Blvd. N

Asking Price: $725,000

Taxes: $5,954.21

Square Footage: 2,268

Bedrooms: 5

Bathrooms: 3

Lot Size: 75 x 130

Listing Agent: Greg Hamilton, Sutton Group - Kilkenny Real Estate, 475-9130

September 21