Lofty real estate market doesn’t help condo conversion

A lack of serious public interest has forced an ambitious North End condominium development back to the drawing board, but that doesn’t mean the area isn’t taking part in Winnipeg’s current real estate boom.

The Parish Hall Loft Condominiums were originally conceived by Dobie Properties Ltd. to convert an empty church at the corner of Main Street and Church Avenue into six residential units ranging from 820 to 1,560 square feet and priced from $179,000 to $335,000.

“We received a decent response from the general public, but nobody was banging down the doors,” said company president Cam Dobie. “It’s hard for the general public to look at the building and see what the end result will be. We know it’s a stretch.

“The price point was high because of the undertaking that was necessary because of the current condition of the church.”

Much of the building needs to be gutted, Dobie said, yet maintaining its historical character needs to remain a priority. This makes it difficult to keep prices at levels normally associated with condos in the area.

Despite the setback, Dobie has no plans on giving up. The developer is working with Prairie Architects on a revised plan that would turn the building into eight smaller units with construction planned for a summer start.

Dobie said his company would be willing to rent some or all of the units if there isn’t enough interest to purchase them.

“Even if we need to build it as eight rental units, that’s OK. We’re dedicated to the project,” he said.

By the time the revised plan is ready to market, it may benefit from the continued surge in the local real estate market — a surge that has included the North End.

Dave Minuk, a realtor with Re/Max Professionals who specializes in the northwest part of the city, says the market is going through the biggest boom he’s seen over his 22-year career.

“I’ve never seen anything like this,” said Minuk. “I’ve been seeing some unbelievable prices in West Kildonan. I’m just blown away by what’s happening there.”

A client of Minuk’s recently bid $151,000 on a Burrin Avenue house that was listed at $140,000. The house eventually sold for $193,000.

“And this was a house that could easily use $50,000 to $75,000 in work,” he said. “I guess some people are just getting carried away in these bidding wars.”

Another sign of the exploding market can be found in the growing presence of infill housing in the North End.

New 800- to 900-square-foot bi-levels with finished basements are selling for $130,000 to $140,000.

“I wouldn’t have thought that was possible a few years ago,” said Minuk.

These new houses are having a positive effect on the prices of older homes in the area. But Minuk says first-time homebuyers looking for affordable homes in the area haven’t yet been priced out of the market.

“You can still pick up a decent house in the area for the $70,000 or $80,000 range. If you’re willing to go for a decent older house in the North End you can still pick one up at a reasonable price.”