Interview with Mark Penner of Green Seed Development

I had the pleasure of meeting Mark Penner of Green Seed Development today on the site of YouCube condos, one of his many condo projects in the city.

Mark is also behind the Bloc10 condos on the corner of Grant & Niagara and involved in the BGBX condos situated at the corner of Wall St. & St-Matthew's. He's working closely with the architectural firm 5468796 on all these projects and looking at other sites in the city to develop.

Throughout our conversation, Mark talked openly about these architecturally unique developments with passion and vigor. Considering the fact that, in a place where anything similar is considered "out of the norm" and plainly frowned on by the city planners and other government officials, this man and the architects working with him had to regularly fight to get permits and approvals required (he actually had to call the mayor himself to get things moving), one has to wonder why the desire to continue still inhabit him. Let's all hope for the good of this city that he keeps pushing the envelop.

Check out the video below. Feel free to contact me via email, phone, Facebook, Twitter and Skype if you have any questions about this or other condo developments in the city or simply interested in buying or selling.

204.990.8794
jf@jfratthe.com

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Pink Elephant Photography

I had the pleasure of meeting Casey and JoJo today at their studio on McDermot Ave in the Exchange District. I spent over an hour doing all kind of cool poses for my new blog and marketing campaign coming up and they were amazing to work with.

Check out the video below and visit their website at www.pinkelephantphotography.com to view their blog, portfolio and contact info. Trust me folks, it was well worth it.

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Fairchild Lofts Update

Here's a quick video I made today with a few pictures of the Fairchild Lofts on Princess Street in the Exchange District.



It features an on-site fitness centre as well as a seasonal sundeck and available underground heated indoor parking.

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Studio 511 in Osborne Village

I recently talked to Mike Fast from G&E Homes, one of the force behind the Studio 511 condo development situated at the corner of Nassau and River in the Osborne Village. This is a very interesting project for several reasons. First, the parking, which you will read about in a minute. Second, the location, right in the heart of Osborne Village. Third, the affordable cost of the units and condo fees. Check out their website at www.studio511.ca

There are a total of 46 condos available priced from $149,900 - $249,900 with square footage ranging from 500 – 976. Check out what Mike had to say about Studio 511:

What is your target market for this project?

- "This project seems to be appealing to a wide range of people from students, to young professionals to some cottage going empty nesters looking to downsize. The location being close to Wellington and some of the most expensive real estate in Winnipeg makes the price points seem attractive. We are finding that the buyers love the architecture and historical aspect of the building and that location and architecture are some of the main reasons for buying."

What is the parking situation for Studio 511?

- "This site has parking spaces available which will be titled to the unit for $10,000 per space. It will also have a new shared car program which I believe we will be the first condo in Winnipeg to have. This program is currently in place in a number of other cities in Canada and really can reduce your average monthly costs by not having to own and insure a car. The fine details are still being ironed out but essentially the condo will have 3 cars which you will be able to “sign out” and use."


When are you planning to start the project and what is the completion date?

- "We have done some work to the building already and we expect to be in full swing this spring. No exact possession days yet but we are estimating (depending on the exact time we start) some time spring next year."

What are the estimated condo fees?

- "We are just having an assessment done now but we are anticipating just under $100/mth. In this condo you will have your own in unit heating system which will be individually metered along with individual meters for electricity. So the condo fees will just cover building insurance, maintenance, snow removal, common area heat and some for the reserve fund."




I will have pictures and a video of the display suite by the end of the week. If you have any questions or are interested in buying a unit, call me at 990-8794 or email jf@jfratthe.com

Make it fast as the units are selling really well.

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Legend at Creek Bend

I had the chance to interview Paula Carlson of The Legend at Creek Bend condo project on St-Anne's Rd this past week. I also took a few pictures of the display suite. Phase 2 is under construction and should be completed in the next few months.

Interesting to see the many condo developments on this stretch of road close to the perimeter.








If you have any questions about this or any other condo projects in Winnipeg, feel free to contact me via phone at 990-8794 or email me at jf@jfratthe.com

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Condo price stats

There are currently:

11 condos for sale in the under $100,000 price range = 7%

56 condos for sale in the $100,000 - $199,999 price range = 33%

52 condos for sale in the $200,000 - $299,999 price range = 31%

28 condos for sale in the $300,000 - $399,999 price range = 17%

11 condos for sale in the $400,000 - $499,999 price range = 7%

9 condos for sale in the $500,000 and up price range (2 of them priced at $1.1 million and 8 out of 9 situated on Wellington Crescent) = 5%

For a total of 167 condominiums for sale in Winnipeg.

As you can see, the majority (71%) of condos are priced under $299K with 40% of them under $199K.

Not included are the extra 170 units being built from the Verve Taché, YouCube condos, BGBX, Bloc 10 and the 2 church conversion projects as well as the 150 units to be built from the Qualico-lead Exchange District development.

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Mortgage rules changing

Finance Minister Jim Flaherty announced new rules Tuesday aimed at preventing home buyers from getting into financial difficulty when mortgage rates rise.

After consulting with major Canadian lenders, Flaherty outlined the latest weapons at Ottawa's disposal aimed at removing some of the speculative froth in the housing market.

"There is no evidence of a housing bubble, but we're taking prudent steps today to prevent one," he said at a news conference in Ottawa.

Broadly speaking, the plan unveiled has three components.

First, Ottawa will require that all borrowers meet the standards for a five-year fixed-rate mortgage, even if they choose a variable mortgage with a lower rate or a shorter term.

"This will guard against higher rates in the future," Flaherty said.

Second, the proposed rules would lower the maximum Canadians can withdraw when refinancing their mortgages to 90 per cent of the value of their home, from 95 per cent.

And finally, Ottawa will now require a minimum 20 per cent down payment to qualify for CMHC insurance for non-owner-occupied properties purchased as an investment.

The last rule is aimed at reining in would-be real estate speculators who own multiple properties beyond their primary residence.

"We want to discourage the tendency some people have to use a home as an ATM, or buy three or four condos on speculation," Flaherty said.

Minimum down payment unchanged

There had been speculation the Department of Finance might implement legislation raising the minimum down payment from five to 10 per cent of a home's value, or reduce the maximum amortization period from 35 years to 30 years.

Those measures were not part of Flaherty's announcement on Tuesday, but all options are still on the table should circumstances change, Flaherty said.

The new rules are not likely to revolutionize the industry. Indeed, a number of large Canadian lenders already practise the first peg of Flaherty's plan; after Tuesday's announcement, Bank of Montreal noted that it requires its high ratio borrowers to be able to qualify using the five-year rate.

"While we do not believe that Canada faces a housing bubble, we fully support the minister's actions," the bank said in a release. "Given the prospect of higher interest rates and the recent run-up in housing prices in some markets across Canada, the measures announced today are prudent."

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You Cube Video Update

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Verve Taché Update

***I apologize for the quality of the next few videos, they are my first ones. I will try to post videos more often from now on.***

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More condos in the Exchange District

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As previously announced, Qualico Developments is getting ready to build up to 150 units in seven retrofitted heritage buildings situated on Market St. and James Ave. The first phase, at 133 Market St., might be ready for occupancy at the end of 2011.

The good news is the size and price point associated to this development. Most condos will be in the 500 to 600 sq ft range with prices running in the $160,000 to $180,000 range. Perfect for young professionals wanting to live the downtown lifestyle and still be able to eat.

"The new condos will be built simultaneously with the redevelopment of the old Royal Bank tower on the west side of Main Street that will also include a Red River College residence and it is only a couple of blocks from the new Sport Manitoba building at Pacific Avenue and Lily Street.

In addition, Anderson said the construction of a new parking structure on King Street and the new stage at Old Market Square will spruce up the west side of the Exchange District."

Now let's just hope they will be able to reach the YP's with the right marketing campaign, as I wrote here and here.

Check out this WFP article for more info.

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