Photo by Whitehorse Star
Pictured Above: MIKE RACZ
Photo by Whitehorse Star
Pictured Above: MIKE RACZ
Two single-family lots and a multi-family site in Ingram are now for sale over the counter through the Yukon government's lands branch.
Two single-family lots and a multi-family site in Ingram are now for sale over the counter through the Yukon government's lands branch.
The three properties were all that were left after the government's second lottery for sites in the new neighbourhood next to Arkell. The draws took place Wednesday afternoon.
The government's first lottery on the 40 single-family properties in Ingram saw only 16 lots claimed, while only two of nine multi-family sites and eight of 14 townhouse sites were awarded through the bid process.
To sell off the remaining properties, the government opted to go through another lottery process – for both the single-family and multiple housing sites, allowing corporations to put their names in for single-family lots as well.
For Empress Homes Ltd., that decision will no doubt mean a very busy two years ahead.
Submitting 50 applications for the 25 single-family lots, Empress can claim 19 of the properties they applied for.
"I'm pleased,” Janet Spinks, who operates the company with her husband, told reporters following the lottery. She had expected Empress would end up with 10 of lots, she added.
There were, however, only four other applications for the properties.
Wintemute Electrical was the first to get its choice of property, taking lot 116 on Goldeneye Street, a 557 square metre property priced at $88,362.
Empress also had the site listed as its first pick, followed by lot 120, another Goldeneye property towards the end of the street.
Empress' name continued to come up again and again as John Cole, the territory's manager of client services, drew the names of applicants out of the red tool box at the lands branch officesint the Elijah Smith Building.
As Spinks explained, a lack of land availability in the city prompted the company to submit the many applications to ensure it has land to build on over the next two years.
Last year saw the company build only seven houses, compared to the 18 to 20 it has constructed in years past.
As for whether all those homes can be built within the two-year window for construction set out in conditions of the land sale, Spinks said she believes Empress has the capacity.
She also didn't rule out the possibility of turning back some of the lots, noting that would be something she'd have to discuss with her husband.
Mike Racz, president of the Yukon Real Estate Association, praised the move by Empress to seek so many single-family lots.
"I think it was a very good business decision,” he said, pointing out it will likely mean Empress staff will be steadily employed for the next couple of years.
By the time all the names had been drawn for the single-family lots, only lots 106 and 107 on Goldeneye were left, without anyone picking them up.
At 615 square metres, lot 106 is the largest of the two and priced at $93,583, with lot 107 being 568 square metres and priced at $89,426.
Meanwhile, the only multi-family property to go unclaimed was lot 144, a 5,850 square metre piece of land at a corner on Mallard Way priced at $292,640.
The prices in the lottery for the townhouse and multi-family sites were all set at the minimum upset prices set out in the original bid process, Cole told reporters.
They ranged from $185,619 to $277,174 for townhouses of four to six units, while multi-family sites ranged from $49,595 to $342,206.
Racz said it's unclear why no one applied for the three remaining parcels. He suggested one reason may be the fact the sites are fairly high, which could make them difficult to build on.
The lottery's outcome simply shows Takhini North is a better location, he noted.
After the territory's last lottery for Ingram, Racz suggested the dismal interest may have been due to the city's lottery for new properties in Takhini North, held shortly after the Ingram process.
Nearly 200 applicants applied for 30 new single-family and 12 duplex properties in that lottery.
It just shows Takhini North is a more desirable neighbourhood for many, Racz said. He pointed to features like the small size of the neighbourhood and the close proximity to the downtown area and other amenities.
Racz said he expects in both Takhini North and Ingram, buyers will spend the winter making plans for their properties, with much of the work on the sites to start next year.
Some buyers appear to be getting an earlier start though, with Racz noticing some equipment being used on one of the new Takhini North sites.
In order to encourage thoughtful and responsible discussion, website comments will not be visible until a moderator approves them. Please add comments judiciously and refrain from maligning any individual or institution. Read about our user comment and privacy policies.
Your name and email address are required before your comment is posted. Otherwise, your comment will not be posted.
Be the first to comment