On Monday, Windsor City Council will consider rezoning land, 160 acres, that for decades belonged to the Chrysler van plant on Pillette Rd. This is the last big hurdle before being able to market the property to corporate investors. Conversion of the lands into smaller parcels of serviced land is hoped to bring new industrial investment and a rebirth in the city's industrial sector by attempting to encourage people to start up smaller sized companies. Among projects for the smaller land parcels are warehousing, logistics, research and development and light assembly companies. Chrysler will keep once parcel of 25 acres to use for storing minivans and other vehicles.
Production at the former Chrysler plant started in 1976 and ended in June 2003. The plant in it's prime employed 2,200 employees and built 424 full-sized vans per day.
These lands have been renamed Grand Central Business Park.
Follow the link below to view the presentation provided by the developers, Rosati Group.
The effects of the U.S financial crisis is having an impact on the ability of some Windsorites to obtain a mortgage and in some cases to renew an existing mortgage. Because property values have dropped between 5-8% on many homes, the equity in a home has in some cases disappeared. This is making it increasingly difficult for some homeowners to get necessary credit approval. Unfortunately, some homeowners who purchased a home within the past 3-5 years may have a bigger problem when renewing their mortgage when it becomes due. This is especially true if their initial mortgage was 100% financed. Consider that a $150,000 home bought 5 years ago may only have a value of $138,000-$143,000 today (not always the case, but for example purposes only). During the first 3-5 years, the homeowner only sees the principal decreasing minimally, with the majority of the monthly payment being applied to the interest portion. A bank and other lenders will not mortgage a home for more than it's current value. Therefore the homeowner must be in a position to apply a large cash payment towards the principal to provide approx. 20% equity in the home to qualify for a renewal of the mortgage. This could cause many Windsorites to lose their homes. This can occur even if the homeowner has never missed a payment and has good credit.
As well, new mortgage rules go into effect on October 15. There will be no more 100% financing and 40 year ammortization terms. New buyers must have 5% down and the longest ammortization term will be 35 years. The credit score requirement will be raised as well as the likelyhood of more documentation to support the facts of employment, other income etc.
For more mortgage information visit: www.mortgageteam.ca
For a free no obligation Comparative Market Analysis contact me directly by calling: 519-819-9617 or feel free to email me at: sellwithkim@gmail.com
There is mortgage money available ! There are many pre-approved, serious and motivated buyers who have done their work ! We all know there is a large selection of homes, with motivated sellers, to suit everyone's tastes. The housing market in Windsor is still active ! Both Buyers and Sellers have work to do and if you do it, you will be better off at the time of negotiation and you will succeed in receiving what you want !
There's an old phrase that has never gone out of style, but has often times been forgotten.....
BE PREPARED !
SPECTACULAR FAMILY HOME !
$149,900
Spectacular family home situated in a quiet, peaceful neighborhood, where neighbors look after each other ! Same owner for 35 years ! 2 minutes to EC Row. This home features the original plaster construction, a beautiful kitchen eating area combo leading to livingroom, 3 bedrooms and large 4 piece bath. All appliances stay ! Newer vinyl windows and C/A, roof and furnace replaced in 2007. For the men: enjoy a 2 car (20x24) heated garage/workshop equipped with a 220 amp service. Nice landscaping. Yard can easily accommodate a pool and deck ! Bring your furniture and move right in !
Hiram Walker
In the 1850's, Hiram Walker sensed a temperance movement growing in the United States. In 1858, he decided to build a distillery across the banks of the Detroit River, which became famous for it's Canadian Club Whisky. Not only did Walker build the distillery, but he built employee housing too ! This area became the Town of Walkerville, later amalgamated into the City of Windsor in 1935. Today, this area continues to enjoy the recognition of being the desireable neighborhood of Walkerville, with many of it's historic building still is use.
In 1920, Prohibition was in full swing in the U.S and the proximity of Walker's distillery made it the hub of smugglers and gangsters who used boats to transport the whisky across the Detroit River. There are pictures on display in the museum of the Detroit River frozen over and smugglers driving their cars across the ice to bring Canadian Club to thirsty Americans ! Not many people would associate Windsor with Al Capone, but it's true and it's even been said that several cases of Canadian Club were in the warehouse when Al Capone was ambushed in what became known as the St. Valentine's Day Massacre.
Originally known as Walker's Club Whiskey, it wasn't until 1882 when the Canadian government passed a law which required distilleries to guarantee a whiskey's age and to be labelled for it's country of origin.
Walker then renamed his premium brand, Canadian Club.
This week marks the 150th anniversary of Canadian Club !
Celebrating the colorful history of Whisky and Walkerville !
Willistead Manor
The Home of Hiram Walker and his family. Today it's a museum.
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I work with buyers and sellers in the Windsor-Essex County area of Ontario, Canada.
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