Windsor Ontario News / Homes & Real Estate

Good or bad economy, always market for high end homes

The Windsor area may have an unemployment in rate of 12.5 per cent – the highest in the country.

But it seems that when it comes to the higher end housing market there will always be an affluent class with the bucks to buy large homes, recession or no recession.

So far this year 149 homes have sold for more than $300,000.

In June alone 13 changed hands at more than $420,000.

In June of last year – when the local economy was treading ground zero and the unemployment rate was 14.5 per cent – almost the same number of high end homes, 11 – sold for more than $300,000.

Anna Vozza, president of the Windsor Essex County Real Estate Board, said there’s no question the economy and with it, the housing market, is on the mend.

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Structurally sound houses for under $20,000 (US)

Interested in buying a two story brick colonial, three bedroom house with one and a half baths, with new roof and windows, a two car detached garage, in an historic district?

Price tag: $15,000

How about a brick two story four bedroom, one a half baths, one car garage in excellent condition?

$8000

These houses are available in Detroit through an innovative real estate firm Detroit Progress. (www.detroitprogress.com)

The company bought the houses outright and are reselling them.

The houses might have been foreclosed on or simply sold by a relative of a deceased family member who lived in one.

The properties are located all over Detroit.

“We’re open to anything so long as the deal makes sense to us,” CEO Edward Azar said.

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Thousands $ available for mortgage assist

Financially hard-pressed families take note.

The City of Windsor is making thousands of dollars available to renters to assist in making down payments to purchase homes.

This is the third year the city has administered the program within its borders and for county municipalities.

The $373,000 given the city comes from the Ontario and federal governments under the Canada-Ontario Affordable Housing Program.

The city will provide money on a first come, first serve basis.

It will provide 10 per cent assistance up to a maximum of $15,240.

The house must cost no more than $152,400.

It doesn’t just apply to first time home buyers.

The family income must be no more than $72,800.

“We think it’s a fantastic program,” Debbie Cercone, executive director of housing and children’s services for Windsor, said.

She says a lot of families are paying the same amount of money in rent as they would for mortgage payments.

She said they would like to buy a home but the “barrier” is coming up with money for a down payment.

The loan doesn’t have to be paid if the family stays in the house 20 years.

The city thinks up to 30 households will obtain the money.

Others would go on a waiting list while the city attempts to obtain more funds.

For more about the program click here.

Enviro estates proceeds apace

Meo & Associates is moving ahead with its Seven Lakes Championship Golf & Estates despite a slow economy.

Annemarie Meo, spokeswoman for the LaSalle development, says that doesn’t mean people haven’t purchased lots in this innovative project, which combines a huge course, housing and environmental tweaks to make it a rather unique recreation and residential development.

“Things have been a little bit slow,” she says. “People are more cautious. That’s why a lot of people haven’t built their houses yet that have purchased lots.”

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120 potential buyers attracted to retire in Windsor-Essex

Some 120 people from outside Windsor – Essex have expressed interest in moving to the area as a place to retire.

This follows marketing by the so-called 100 Mile Peninsula campaign, begun in November 2008, as well as individual housing developers in the area.

The campaign, sponsored by the local home builders association, real estate board and chamber of commerce, aims to attract retirees to Canada’s balmy south where more sunshine, affordable homes and proximity to the border and southern getaways await them.

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Condo owner seeks national buyers (continued)

The caption says the property has “superb views of passing yachts and ocean freighters... (and) manifests luxury on a grand scale at one third the cost of similar properties in the Toronto area!”

The 3150 square foot living space plus 1500 square foot terrace is priced at $799,000 and taxes are $6235. John Safrance is the owner. Safrance, who is moving to the U.S., says he believes he’ll get better bang for the buck in markets where there are more people who can afford that price, especially in comparison to the Toronto area’s outsize property costs which can be three times more expensive than Windsor’s.

“Real estate values in Windsor are about one-third what they are in Toronto,” he said.

Safrance was born in Windsor but lived in Toronto for 35 years before returning home six years ago. He lives in the newer of Glengarda’s two towers.

He said he could have spent money on a Windsor newspaper ad but “you get a postage stamp size ad” lost among “150 advertisements.”

Besides, he says, the property is listed in MLS. “Anyone who’s interested in buying a property in Windsor is going to check the MLS out.”

His agent, Steve Vrablik of Manor Windsor Realty, said there have been about three ads put in the National Post. He acknowledged it was “probably” the first time he has seen a seller take that kind of step but his client is adamant “he wants to sell it.”

Asked if that price is high for Windsor Vrablik said being on the river and in a luxury building makes a difference. He said prices are higher on upper floors of the building. Safrance is on the first floor.

Vrablik said he’s had the “odd call” from prospective buyers and there have been “a couple of showings” – one to a local person and one to someone outside the city.

Windsor Ontario News