Count Down has already began for these two developers in Winnipeg. 30 Lots coming available to the public starting in June. Want to learn more information about this fantastic opportunity Call or Click for more details.
Check out this wonderful article from the Winnipeg Free Press.
Lots go on sale next month for a new development of infill housing in River Heights that's not only unusual in and of itself, but the way the lots will be sold is also unique.
One of the co-developers of the 30-home development, which is being built on the former Sir John Franklin school property, believes it's the first major infill development involving detached, single-family homes in River Heights in at least a half-century.
BORIS MINKEVICH / WINNIPEG FREE PRESS
Ryan Skrabyk (left) and Tony Bagnulo are developing 386 Beaverbrook Street, a new 30-home development to be built on the former Sir John Franklin school property in North River Heights.
Ryan Skrabyk said it's also believed to be the first time homebuyers will have an opportunity to buy a lot directly from the developer, rather than from a builder, meaning they can choose who designs and builds the home.
He said the usual practice with new residential subdivisions is for the developer to auction off the lots to a variety of builders.
The builders then sell them to the public, and the buyers have to use the builder from whom they purchased the lot, he said.
Skrabyk and co-developer Tony Bagnulo opted for this approach because most prospective buyers have told them that's what they want. He noted builders can also buy lots, "but we wanted to give everyone a fair shot."
Selling direct to homebuyers isn't the only unique thing about their marketing approach.
They're also going with an asking price, rather than a price that's cast in stone, for each lot. Prospective buyers make an offer, and the best offer wins.
"So they might sell for more (than the asking price), or they might sell for less," Skrabyk added.
Asking prices range from $180,000 to $270,000, depending on the size and location, with most of them from $205,000 to $225,000. Most will be 40 feet wide and 100 or 120 feet deep.
The developers plan to sell the lots in groups of 10. In another unusual twist, if a buyer snags a lot in an early round, then lands an even better one in a later round, the developers will take back the first one at no additional cost to the buyer and put it back into the pool of available lots.
The subdivision, which is called 386 Beaverbrook Street, is the first residential project for both co-developers.
Skrabyk is the president and founder of myrealpage.com, a local company that designs websites for real estate agents and other industry players.
Bagnulo owns Tony's Concrete Ltd. and a commercial real estate development firm called Fluid Developments Inc.
Manitoba Home Builders' Association president Mike Moore agreed the approach of selling directly to homebuyers and taking bids is a departure from the norm.
"That's like the way things were in the resale (homes) market a few years ago, with people bidding for houses and trying to outbid each other," he said.
"It's an unusual way of going about things, and I guess time will tell whether it proves (to be) successful. It will also be interesting to see who bids on the lots."
The new development is located on Grosvenor Avenue between Beaverbrook and Lanark streets. Nearby residents were opposed to the property -- a former school yard used as a dog park -- being redeveloped, arguing it should remain green space.
But the Winnipeg School Board wanted to sell it and the city and the local community club weren't prepared to buy it and retain it as green space.
So it was put up for sale, and Skrabyk and Bagnulo got it.
John Orlikow, the city councillor for River Heights-Fort Garry, said lots of developers bid for the property. The projects envisioned ranged from apartment blocks and side-by-side homes to commercial developments. But it was felt single-family homes would be the best fit for the neighbourhood, he said.
He said Skrabyk and Bagnulo made a number of changes to their original development plan to make it fit in better with the neighbourhood, including retaining a strand of oak trees and green space along Lanark Street.
He said he supported the project because new infill development is good for the neighbourhood and generates property tax revenue for the city at a reduced cost "because the services are already there."
Orlikow said he can understand residents not wanting to lose their dog park, so city officials are trying to find an alternative site in the neighbourhood.
He agreed this is the first new major infill development in many years involving detached, single-family homes, but he said a few years ago there was a 92-unit, bungalow-style, condominium development built on three blocks between Centennial and Lockwood streets. There have also been a number of smaller infill condo and single-lot developments in recent years.
"We need to do infill," he said.
"The question is how do we do the infill, especially in mature neighbourhoods?"
Skrabyk said all of the lots should be sold within a matter of weeks.
He expects most of the buyers will be young families and empty-nesters wanting to have a new-style home in an established neighbourhood.
He noted only bungalows and two-storey homes will be permitted. Based on the sizes of the lots, 2,400 square feet is the maximum size for a bungalow and 4,800 square feet is the maximum size for a two-storey home.
He said they hope to have the roads, back lanes and sidewalks installed by the middle of August, which would allow homebuyers and builders to start building as early as this fall. The hope is to have all 30 homes completed within two years, he added.
Know of any newsworthy or interesting trends or developments in the local office, retail or industrial real estate sectors? Let real estate reporter Murray McNeill know at the email address below, or at 204-697-7254.
Republished from the Winnipeg Free Press print edition May 19, 2015 B5