Springwater

[Sasha]

Just the opportunity I've been waiting for. Little log cabin on a lake (OntarioTaxSales.ca website).  Okay, I'm not near the area and if anyone on this site is close to the area or has seen it, please share information.  Hope it isn't redeemed, not perfect, photos of cabin indicate it needs a little work but its a seasonal dwelling on a lake, nice location for a summer cottage.  Definately putting in a bid, if it goes to sale.

[Frank]

You've gotta love the snowblower lawn ornament.  Anyone have a working bulldozer.

[Pfm1011]

Strange lot ..50 feet by 1170.and thins down to about 15 or 20 feet    ..You will need a snow blower.. The lake it is on is tiny with a ton of houses but it is still a lake.

Don't hold your breath Sasha. The place will redeem . It was only bought ten years ago and the pictures show it is definitely still being used.

[twinn1]

Looking at those pics, the property looks well maintained.  The grass is cut, cabin is rough but still looks like it is being used, boats look like they are in good shape. Either the property will be redeemed or it will go to sale with the owner hoping he/she gets more for it then he would if he sold it through MLS(.  I would be worried about the zoning, not sure what EPH means, but I would be worried about putting in a septic or a well with zoning like that.

[JMAN]

Just the opportunity I've been waiting for. Little log cabin on a lake (OntarioTaxSales.ca website).  Okay, I'm not near the area and if anyone on this site is close to the area or has seen it, please share information.  Hope it isn't redeemed, not perfect, photos of cabin indicate it needs a little work but its a seasonal dwelling on a lake, nice location for a summer cottage.  Definitely putting in a bid, if it goes to sale.

Sasha,

New to this site so sorry if this does not come post correctly.  I am just starting out looking at tax properties so I decided to take a drive to the waterfront lot as I live about 1/2 hour away.  Unique lot at best.  Property is down a long shared drive (see google earth to locate). Once you drive down towards the lake you come across a junk yard or sorts with a bunch of broken down tractors, junk, fridges etc.... past that is a large year round home and garage that sits back from the water.  Once you drive past that directly ahead of you is 2 cottages (both log).  The property in question is on the south side closer to the water with the second on the North side set back a little further more or less directly North of the 3 sheds belonging to the cottage in question.  The pictures provided for the tax sale are deceiving as the total waterfront is split between the two cottages.  Neither of the cottages have been used in a few years as I found out by local residence.  (also is more than 1 dispute about who owns what by way of lane ways in the area).  Further, check out web site for stopdump41.com as there is a large dispute ongoing in the area about a proposed site that will effect the lake due to run off.

Will this property redeem.  I would guess not as locals indicated that it is elderly owners who have not been around for years.  Looks like all boats, snow blowers etc are that of home owner that is not on the water.  Also looks like they may be ones cutting the lawn.

Lake is shallow and spring fed so very clean.  Good size lake with definite signs of potential but this area is the other side of the tracks so to say. Balance of the lake shows allot of nice properties.  Long winded but hope this helps,  good luck

[Jayz]

I am not as brave as you are. Stopped by but did not drive in because of the long narrow winding tree/shrub-shaded driveway. There are 3 street numbers at the entrance, so ain't it shared by 3 properties instead of 2?

[JMAN]

Correct 3 properties 1 year round residence away from the water, and 2 cottages on the water.  If you want a better look, take the next driveway north into the the area, it has a sign for sale of a cottage through Prudential.  that cottage is empty and one of the locals walked me around it.  It sits right beside the tax property so you can get a good look.  I mentioned nothing about the tax sale of course but got some good info.  Property not to my taste but maybe somones.

[bradsos]

Hi we are new to all this but we checked out the property. Saw all the junk , pigeon coop odd junk along the roadway inn. We found out the property is very odd shaped. Sorta like 2 triangle spointing at each other. We figure all the junk is on the front wetland part of the property and the person in the year round house is parking his trucks on the porperty. As his property looks like it is landlocked from his garage to the back of his house. Looks like his trailer at the back is not on his property. Anyway the property lines and right-of-ways will be an isue   

[Sasha]

I downloaded the tender package and further information from ontariotaxsales.ca and the property appears rectangular.  Was this upon visual inspection or survey that you perceived the property to be odd shaped?

Sasha

P.S.  Still have my fingers crossed and hope it doesn't redeem.  At this time mutual funds aren't a good place to keep money, transferred most of my money from funds into bonds when the 'extreme' volatility started, might be a good time to buy for those that haven't bought yet.  Want it in something more stable and there is nothing like lakefront, especially during the cooling of the housing market.  What goes up must come down, though the opposite it true as well, and we know in realestate, market downturns are temporary and the prices will increase eventually (not sure if they've hit bottom yet).  Tax sales or POS ensure purchase at lower than market value (usually).

[Pfm1011]

prices will increase eventually (not sure if they've hit bottom yet).

I don't think we are anywhere near the bottom yet, not even close. It takes a while for people to quit dreaming and smell the coffee.
 You are correct , it does always correct and go back up however the people who bought in 89 , could not even break even until 2001, ( not counting the cost of money) Once you add the cost of money , they got slaughtered. I bought a house in Oakville in 2002 for 311, he paid 313 in 1989.  Of course today  ( or at least a few months ago ) It was worth 575. I expect to to drop to 450ish ( which is right on the 7% rule) but I'm planning  for a huge upgrade so I welcome the end of this silly housing boom.( which is 2 to 3 years overdue)

I think we have at least a year away from the bottom, maybe two,  but it wont be like the bargains of 90 to 95 where you could buy commercial at 20 cents on the dollar .

Market drops don't go over night and I think we will roll back to 2003 to 2004 prices and maybe even 2002 in some category's. Toronto is already at 2006 ( and thats using the Toronto Real Estate board spin doctors numbers)

The good thing about the market drops is although you may have lost 100 on your 400k home , The million dollar plus homes really tank so you can move up at a bargain. If you don't want to move up, who cares what the house you are in does as your not selling anyways, just sit it out. 

Good move getting out of  the mutual's.  ( although I never would get in them in the first place) Now is the time to hold cash (bonds etc ) and prepare for house shopping next summer.  Get ready for some real bargains in the POS market.

We are now at 85 cent dollar which will remain in that ballpark and oil will recover to about 85 and stay , which are both good for our economy (and people like Steve who bought in Florida at par) however the US is in substantially worse shape then everyone  suspects and it will take Obama at least a year to even start to address this mess.

Of course all this talk on house drops means nothing to us ( taxsalers) as we are playing in absolute bargain territory and so far below market we couldn't lose money unless we are absolutely complete fools.

On a side note if any of you have watched the "money masters"....doesnt this all look too familiar?

(morning babble)

[Sasha]

Okay, so I ordered the tender package and took a better look at the pics.  A little run down and someone painted the log cabin red and white, of course paint chips.  What bulldozer?? 
The descripiton on the tender package state that there is an Environmental Protection Hold, though the property may be rezoned.  Is that just the part that is seasonal residential to permanent residential?  And, what is 1/2 lowlands (that is the note at the bottom).  Does this mean I'll need plenty of mosquito repellant and swamp boots?  Flooding when water levels rise?  How far is the cabin from shore?  Are you sure about the weird shape, on the map it appears rectangular, though they make no guarantee of the 'accuracy' of the map.  It says 50 ft. frontage, does it front on the lake or the road?  How much shoreline?
Getting assess value is easy with MPAC, or from the tender package, city may tell you as well, though haven't called them yet.  Its over 100K.  It needs lots of work, but I'll put in a bid.

[quikcar]

Just looked at the pics on OntarioTaxSales website, doesn't look pretty.  I'm thinking the bulldozer reference is simply that this is a teardown, however I'm wondering if you could then rebuild with the lot only being 50ft wide at the maximum.  A match might be the best friend to this old cottage, looks like there is no power going to it anymore as the meter has been removed.  Does anyone know this lake, as far as size or depth or water quality.  Didn't sound to pleasant about the junk yard on the way in either. Don't think that would be the best neighbour to have.

[Jayz]

If any of you guys were willing to pay a little over $55,000, you would have been able to have that Kearney's waterfront property - larger and much better.

[Sasha]

I'm too far away to go look at desirable properties.  The 2 lots that are close to me and on tax sale are vacant lots in a town that is going downhill and too far away from major cities (Ear Falls).  If I'd known that Kearney had a house on it and apparently in good shape (not just a cottage or log cabin, but a house!) and on waterfront, I'd have bid.  Went on tax sale at $55,000 with an assessed value of $145,000.  Someone lucked out.
Springwater just has a log cabin on it and I magnified the tenderpackage pics from ontariotaxsales.ca, paint is chipping, its run down, needs work, but okay for a weekend getaway, for those into roughing it.  One of the sheds appears as if its collapsing. The note about the 1/2 lowlands, I'm sure it means mosquitoes and possibly flooding.  Okay, people that don't pay their taxes usually don't take care of their properties.

[Jayz]

I'm too far away to go look at desirable properties.  The 2 lots that are close to me and on tax sale are vacant lots in a town that is going downhill and too far away from major cities (Ear Falls).  If I'd known that Kearney had a house on it and apparently in good shape (not just a cottage or log cabin, but a house!) and on waterfront, I'd have bid.  Went on tax sale at $55,000 with an assessed value of $145,000.  Someone lucked out.
Springwater just has a log cabin on it and I magnified the tenderpackage pics from ontariotaxsales.ca, paint is chipping, its run down, needs work, but okay for a weekend getaway, for those into roughing it.  One of the sheds appears as if its collapsing. The note about the 1/2 lowlands, I'm sure it means mosquitoes and possibly flooding.  Okay, people that don't pay their taxes usually don't take care of their properties.

Pictures do catch eyeballs ... anyone would like to share my trip expenses next time for the return of all good pictures or even videos?