The inventory of available residential lots in Steinbach just increased significantly.
A ground breaking ceremony was held Tuesday morning at Parkhill Place, located off McKenzie avenue, west of Highway #12. Parkhill Place is adjacent to L.A. Barkman Park and the Steinbach Soccer and Recreation Complex. It offers a range of housing options from single family homes to multi-family and townhouses.
Al Rempel of Sincerus Capital says they chose Steinbach as a real estate investment option because of its value system, the fact the local market lacked inventory and because Steinbach has a core competency in bringing good product to market.
Rempel says over time the entire quarter section will be developed into more than 500 residential units. The first phase will consist of 85 lots.
Steinbach Mayor Chris Goertzen says a residential development this size hasn’t opened in 25 years. “Georgetown was 99 lots,” he says. “This is just shy of that.”
Goertzen notes Steinbach was down to about a one year supply of available lots. “That’s really very low.” He says ideally you want to have an 18 to 24 month supply of lots. “This adds significantly to the inventory that we do have as a city.”
And Goertzen says this is great news considering the demand for lots in Steinbach. “I’ve even had people phoning the Mayor’s office and saying, where can they buy lots.” Furthermore, he says in this development, owners will be allowed to use their own independent contractor to develop the space. “Anyone can purchase a lot and have the appropriate builder build it.” Goertzen says that will create a very diverse and great looking neighbourhood.
Sales to date have been strong, notes Rempel. “Sales have been quite brisk. It looks like we’ve got commitments for over half of what’s been opened up here.” Rempel adds Steinbach is a very good market to be in right now.
According to Rempel, the first basements should be dug any day now.
“It’s really a great day for Steinbach because this will allow more people to move here,” says Goertzen.