Resale Homes
Resale Homes
Surprises await
It's a saying we all know well: Don't judge a book by its cover.
As clichéd as it might be, in this case -- 102 Ruby St., a two-and-a-half-storey, early 1900s-vintage home in Wolseley -- the saying is very much appropriate. From the outside, it looks like most Wolseley classics -- enclosed front porch, wood plank exterior and compact lot.
Head inside, and it's a different story. Although the home dates back to the early 20th century, it's no dated relic, said Realty Executives First Choice's Eric Neumann.
"The great thing about this home is that it's been updated in several key areas," he said. "The kitchen is new, the main bathroom has been fully updated, and the wiring has also been updated -- there's no knob-and-tube wiring left in the home. Flooring, paint and light fixtures have also been updated, as well."
While that's all well and good, the reality is we're dealing with a turn-of-the-last-century home here. Such homes -- there were no computer assisted design (CAD) software programs back in the early 1900s, after all -- often poor layouts, dim interiors and a lack of storage space.
That isn't the case with 102 Ruby, said Neumann.
"A lot of times with home this age, square footage can be misleading, but it's not with this home. It's listed at 1,808 square feet over three floors, and because the layout is good, that space is well-used. It's a very livable home on every level."
From the foyer on, 102 Ruby is something of an anomaly for a home of its vintage. For starters, the foyer isn't a confined space that leads forward into the home via a commonplace centre-hall plan. Rather, there's an inviting space next to it.
"The foyer's actually quite stunning, with a sitting area with ornamental fireplace to the left, a powder room at the end and a classic oak staircase off to the left," he said. "It's very rare for a home this age to have a main-floor bathroom, but this one does. And the woodwork -- the staircase, lintels above the doors, door trim and high (10-inch) baseboards is amazing with all the handmade details."
In another design departure, the foyer then angles right into the living room/dining room area. Both spaces are plenty big, and both -- somewhat surprisingly -- have big windows that let in a more-than-sufficient amount of natural light.
While both spaces are bright, they're also pleasantly warm.
"The hardwoods have been re-stained a darker colour (perhaps a little lighter than cappuccino), and, with the rest of the wood, give both spaces a nice, cosy feel. Another nice feature is that there's not one, but two sets of original sliding pocket doors -- one between the dining room and living room, and the other between the living room and foyer," he said. "It's an area that's ideal for entertaining."
The oversized dining room then flows neatly into the kitchen, which, at 11.3 feet by 10 feet, is larger than normal for a home in the 100-year-old range.
Its inherent function has been further enhanced by a recent renovation, said Neumann.
"There's plenty of room to move around, and the kitchen itself is quite contemporary with dark oak cabinets, a pantry, new (taupe/beige) laminate floor, new (tan/brown) countertops and new paint. I like the fact that there's lots of cabinet and counter space, and that there's a window to the right of the double sink that lets in more daylight. You're only steps from the dining room, too."
The home's upper level -- or, should we say, upper levels -- is a revelation, and very family friendly. Level 2 features two good-sized bedrooms, a main bath and second-floor laundry, while level 3 offers two more bedrooms that come with plenty of closet space (another rarity for a home this vintage).
"Two things stand out about the second floor," said Neumann. "First, the bathroom (it has not one, but two windows) has been redone with a stand-alone soaker tub that's reminiscent of a classic claw-foot tub in its styling, plus a floating cappuccino vanity and faux tile floor. Next, there's a second-floor laundry room next to the master bedroom -- a very convenient feature. There's also a door that leads to a three-season sunroom that could be turned into a balcony."
Take a second set of stairs to the third level and you encounter two more bedrooms; that brings the home's bedroom total to four.
"It's an area ideal for teenagers," he said. "Both bedrooms are a good size, bright (due to large windows) and above all, they're private."
Neumann added the home's location is quite exceptional.
"It's smack dab in the middle of Wolseley between Wolseley Avenue and Westminster Avenue, half a block from Laura Secord School and one-and-a-half blocks from Robert Steen Community Centre. Not only that, the home is located mid-block. It's hard to find a better location."
Equally important is the fact the home has been renovated in key areas.
"You're getting a move-in-ready home with new kitchen, bathroom, wiring and updated boiler," he said. "You're getting a nicely updated home, plus it offers classic Wolseley character, all for under $300,000. The value, character and location this home offers is exceptional."
lewys@mts.net
Resale Homes
Take housing market opinions with grain of salt
There appears to be no end of experts with opinions on Canada's housing market. It becomes truly entertaining when highly qualified experts have contrasting views on the same subject. In that case, it boils down to who you want to believe.
Every year, it seems as though a certain national magazine calls for the demise of Canadian housing, whether it is a bubble bursting, affordability or something else. Of course, this is the same publication that chose to label Winnipeg as the most racist city in Canada. Believe them or not at your own risk.
BMO recently called the Canadian housing market well-behaved and calm. They talked of balanced markets in most regions with steady price growth. Of the 26 major markets, 19 experienced gains in real estate transactions.
As reported in the Huffington Post, TD Bank called for Canadian house prices to increase but for house sales to decline this year. The increase in price is primarily due to significant gains in B.C. and Ontario. The biggest declines are projected to be in Alberta and Saskatchewan -- provinces that have benefitted the most in the past from oil prices.
No one knows the extent of the impact of falling oil prices on the Alberta market yet. However, it is safe to say it will be significant and, if Alberta goes into a holding pattern or tailspin, the rest of the country will feel its economy weakened. Most prognosticators are calling for a narrow regional shock, very isolated provincially. To be fair, no province seems to have the resiliency and ability to rebound in good times than Alberta.
The goal of home ownership is as Canadian as ice hockey and the tuque. Nearly half of all Canadians stated in a Bank of Montreal survey they intended on purchasing a home within the next five years. More than 15 per cent of these respondents said the lower interest rates will allow them to make this purchase sooner than anticipated. More than 20 per cent of the millennials (those born around the years of 1980 and 2000) taking part in the survey said they have shortened the time frame for buying a home due to lower mortgage rates. Seventy-five per cent of them said they were planning on buying a home within the next five years.
As indicated at the start of this column, every expert has an opinion, even if they contrast with each other. Believe who you wish but history has shown the Manitoba market is solid and will remain so for the foreseeable future.
Mike Moore is president of the Manitoba Home Builders' Association
Resale Homes
MLS home sales strong in January
The new year is off to a strong start for Winnipeg’s resale-homes market after it posted its third best January for sales of properties through the Multiple Listing Service.
A total of 588 properties changed hands last month through the local MLS, according to Winnipeg Realtors Association (WRA) data released today.
Not only was that the third highest January total in the association’s 112-year history, it was also a four per cent improvement from a year earlier, when 565 properties sold.
The high level of sales activity, fuelled in part by a 25 per cent increase in both new and available listings, also helped to establish a new dollar-volume record for January. It reached $151.66 million, which was also a four per cent improvement from a year earlier, when $146 million worth of properties were sold.
“At our annual forecast breakfast last month, we said 2015 would be a more balanced market and January results bear this point out, “ said WRA president Dave MacKenzie. “The healthy influx and overall supply of listings is keeping prices in check. It therefore makes it more affordable for buyers wanting to capitalize on such favourable mortgage rates.”
Mackenzie also noted market conditions can vary from city to city, “so national commentary about overheated Canadian real estate markets does not apply here. The law of supply and demand is solidly entrenched in Winnipeg’s market.”
The single-family-homes segment of the market had a particularly strong month, the association said, with sale up 11 per cent from a year earlier. However, the upper end of the market was quieter than usual, with only 16 sales of properties valued at $500,000 or more, compared to 27 in January of last year.
Resale Homes
Family home is move-in ready
In today's balanced real estate market, a high percentage of solid, well-located homes aren't selling as quickly as many vendors might like.
The reason for that is simple: vendors often balk at the notion of updating their home in key areas. In a day and age where the preference for a move-in-ready home has -- according to a recent Century 21 buyer survey -- supplanted location at the top of the list of must-haves in a home, the result is many good homes sit on the market for 40, 50 or even 60 days.
Thankfully, some vendors have the foresight to update their home over time so only relatively minor updates are required to make it more attractive when the time comes to put it up for sale.
Thus, when Royal LePage Dynamic Real Estate's Tara Suffield arrived at 50 Mansfield Cres., a 1,315-square-foot, two-storey home found on a quiet street in River Park South, she was pleased to find the home, which was built in 1982, had already been updated in two key areas. A sunroom had been added off the dining room, and the kitchen had been redone.
Still, to make it more saleable, other updates needed to be performed.
"The flooring needed to be done and the basement needed to be developed," she said. "It had been used as storage, but had a nice room downstairs that could be finished and turned into a media room. I told the owner that renovating the home in those areas would make the home that much more attractive to buyers."
Truth be told, the home was already quite attractive. The floor plan was functional, and the sunroom had made the dining room/living room area that much more dynamic.
"I think it was a stroke of genius to add it on. It's nice to have that extra outdoor space to sit in and relax or visit with friends or family without being bothered by bugs. It also has access to the backyard patio for grilling steaks and hamburgers. It's a great spot to spend time in in the spring, summer and fall."
The kitchen was renovated in 2011. Already functional at 13.5 feet by 11.1 feet with a cut-out wall that opened it up to the living room, it simply need an infusion of style. Suffield said the renovation took it to the next level.
"It transformed it into a truly contemporary space. With its walnut veneer cabinets, (taupe) glass tile backsplash, (laminate) taupe/bronze vinyl countertops and faux tile (taupe) vinyl floor, there's also a pantry to the right of the fridge, an already bright, functional eat-in kitchen was made that much better. The update gave it just the dash of style it needed."
The dining room has recently been updated with new flooring.
"The new dark (maple) hardwoods look absolutely gorgeous, and finish off a functional area perfectly, as they run from the dining room right into the living room. The dining room can hold a table for six to eight with ease, and there's plenty of room in the living room for furniture. It's a perfect area for entertaining," Suffield said.
Take a trek up the staircase that leads to the home's upper level, and you find an area where the available space has been used to maximum effect.
A compact landing provides sufficient room to move and maximizes space in the three bedrooms. Both kids' bedrooms are large (11.7 feet by 10.7 feet and 11.75 feet by 11.42 feet, respectively), while the master suite, which features a pocket door that links it with the main bath, creating a cheater ensuite, is also plenty big at 13.6 feet by 11 feet. It also contains a jetted soaker tub set in tan/bronze tile and newer flooring.
"Not only is the area functional, but the main bath is contemporary, plus the flooring has been updated. New (light taupe) carpeting was installed in 2015," Suffield said. "There's also loads of storage space in each room."
The home's updates don't end there. Head downstairs, and you find a good-sized rec room that adds considerable space to the home, taking it's livability quotient up another notch.
"It's a dream down there now. The lower level was previously used just for storage," Suffield said. "Now, you have an office/media room area with new carpet and paint that adds another dimension of livability to the home."
A trio of other updates also serve to make the home truly move-in ready: a high-efficiency furnace and hot water tank were installed in 2009, and the roof shingles were replaced in 2014.
"I think it's fair to say the home is move-in ready," she said. "The outgoing owner did a great job of addressing its shortcomings over the years. The result is a home that's very contemporary, beautifully updated and ready for a family to enjoy in a great location that's close to schools, shopping and a host of services in the city's south end."
lewys@mts.net
