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Featured Condo: Lake Park Estates on Royal Mint Dr. in Winnipeg buying a house

Featured Condo: Lake Park Estates on Royal Mint Dr. in Winnipeg

Lake Park Estates Condos on Royal Mint Dr.

Located on Royal Mint Dr. in Southland Park, you can find the Lake Park Estates Condominiums.  A set of 16 condos in 8 buildings, built by Randall Homes, these are 2-storey side-by-side units.

 

Year Built:  ca. 2004

Total Condos:

Built by Randall Homes in 2004, the condo project is comprised of 8 buildings, each containing 2 condos (side-by-side).  Each unit is 1753 sq feet (top 2 levels), plus the basement.  Units feature 3 BR’s, 2.5 baths (plus any additionals bedrooms or baths added in the basement).  Units feature double attached garages, large front drives and east-facing decks, looking towards the man-made lake.

Condo Restrictions:

Just the usual condo-restrictions, such as “No Laundry to be hung from the balcony” etc.  Pets are allowed, so long as they don’t pose a nuisance to other owners.  As is common with these types of condos, the building of fences and outbuildings, such as tool sheds, is NOT permitted.

Property Taxes

Gross Property Taxes are currently at $4,700 per year.   Of course, as an owner who actually lives in their unit, you would qualify for the Provincial Home Owners Assistance Rebate, similar to when you own a house.>

Condo Fees

Condo fees are currently at $275.00 per month.  This includes professional management, snow clearing, grass cutting and contribution to a common reserve fund.

Laundry and Parking

All units have their own insuite laundry room, and attached double garages.  Added parking is on the driveways.

Amenities

There is no common elements room, fitness room or anything of the type.  This project backs onto a park, and has view of a lake beyond that.

Location

Located near Fermor Ave and Lagimodiere Blvd, across from the Royal Canadian Mint, this condo is located in Southland Park; Limited (rush hour) bus service is provided.

Prices

During the 2 yr period of 2018-2019, condos at Lake Park Estates have sold for bet. $365,000 and $410,000 approximately   (MLS® stats)

 

If you are looking for a condo in Winnipeg, whether an apartment, townhouse or stand-alone units, call Bo Kauffmann at 204-333-2202

 

 



Featured Condo: Lake Park Estates on Royal Mint Dr. in Winnipeg buying a house About the Publisher

Bo Kauffmann is a residential real estate agent with over 18 yrs experience in helping buyers and sellers achieve their goals.  Inducted into the REMAX Hall of Fame in 2010 and receiving the REMAX Lifetime Achievement Award in 2019, Bo has sold over 500 houses and condos in the Greater Winnipeg market.  He is an accredited buyer representative (A.B.R.) and a Luxury Home Marketing Specialist.   Bo provides exceptional service to First-Time Home-Buyers, Seniors looking to downsize and Home Sellers of all ages.   He can be reached easily   By E-Mail or call/text him   Call/Text Here

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Buying An Investment Condo: The 4 Top Things You Need To Know buying a house

Buying An Investment Condo: The 4 Top Things You Need To Know

Buying an Investment Condo? 4 things to look for!

A friend of mine had called me some time ago, and asked me to give him a Market Evaluation on his investment property in #Winnipeg.  Turns out he had purchased a small condo about a year before, and had done so ‘privately’, without the use of a real estate agent, a decision he now regretted for several reasons.  As we were talking about his investment property , my mind went over the top features any investor should be looking for when purchasing a condominium.

Location, Location, Location

You’ve heard this before.  The top three most important things in #realestate are….well, you know.  Its no different when purchasing an investment #condo, or a condo for your own personal use.  Will it be easy to resell, or does the location hamper your re-sale efforts?  If you’re going to rent it out, is the condo located near public transportation routes?  Is the neighbourhood safe?  Many factors come into play.

Parking

Parking, especially in central locations such as downtown, is always at a premium.  Even if you are lucky enough to rent out your investment property to someone who does not drive their own vehicle, reselling a condo without its own parking spot is more difficult.

Balcony

With several apartment-to-condo conversions underway, it’s easy to forget that a balcony is still one of the most important features requested by buyers.  Without a spot to sit outside, perhaps read a book in the fresh air or throw some beef on the ‘que, owners and renters will feel trapped inside their condo.  Make sure your investment condo has a balcony or, if located on the main floor, it has a patio space.

In-Suite Laundry

Less important with single men, but in-suite laundry is almost ‘vital’ to female condo buyers and renters.  Having a secure place to do your own laundry is, at the very least, a ‘nice to have’ feature.  Sometimes, a condo which has no in-suite laundry is at least able to add this feature later on, so you may want to check into this possibility.

The above 4 features are perhaps the most important ones to consider.  Depending on your price range, you may want to consider several more:

Bonus: Concrete Building

Usually a little more expensive, but well worth the price.  Quieter, more solid and stable, an investment property with concrete floors and walls will also make for easier resale.

Bonus: Central Air

Central air conditioning and heating is another nice-to-have feature, making the condo more comfortable and easier to rent out.

Bonus: Secure Parking

Especially with our winter climate, having underground or indoor parking is an often-requested feature, albeit at a price premium

Back to my friend:  His private purchase ended up being a very poor deal, as his investment condo had NONE of these features.  Located in a rough part of town, no parking spot, no balcony, no in-suite laundry and on the 3rd floor with no elevator will make this a very tough sale, even in a hot market.

Moral of the story: If you’re going to invest some serious money into real estate, call a real estate agent BEFORE you plunk down the cash.  I would much rather guide you in the right direction, than try to help correct a mistake already made.

If you’re thinking of buying an investment property, call me first. Buying An Investment Condo: The 4 Top Things You Need To Know buying a house

Bo at 204-333-2202

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Buying An Investment Condo: The 4 Top Things You Need To Know buying a house About the Publisher

Bo Kauffmann is a residential real estate agent with over 18 yrs experience in helping buyers and sellers achieve their goals.  Inducted into the REMAX Hall of Fame in 2010 and receiving the REMAX Lifetime Achievement Award in 2019, Bo has sold over 500 houses and condos in the Greater Winnipeg market.  He is an accredited buyer representative (A.B.R.) and a Luxury Home Marketing Specialist.   Bo provides exceptional service to First-Time Home-Buyers, Seniors looking to downsize and Home Sellers of all ages.   He can be reached easily   By E-Mail or call/text him   Call/Text Here

    Our Latest Web-Stories
Never miss an episode of our real estate podcast. Install our FREE Podcast App available on iOS and Android. For your Apple Devices, click here to install our iOS App. For your Android Devices, click here to install our Android App. Check my videos on Youtube

Check out our Podcast

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