Land lotteries attract record 780 applicants
Each lot was mentioned in both Yukon government land lotteries this week for the Whistle Bend lot lots.
They’ve all been there – 142 single-family lots, 20 townhouse lots and all 11 multi-family lots, three of which are valued at over $ 1 million.
There was a record 780 lottery contestants.
Lottery winners had 24 hours after the Tuesday and Wednesday lotteries to accept the offer.
They have 30 days – until February 12 – to enter into a sales agreement, when they would be required to pay their deposit. This can vary for single family lots of $ 22,000 to $ 38,000 or more, depending on the size.
The largest and most expensive multi-family land deposit, priced at $ 1.5 million, is $ 371,400.
Winners of single-family lots have two years to have their homes dressed for the elements, and multi-family developers have three years.
Five one-hectare country residential lots in the Hidden Valley subdivision were all sold for $ 250,000, requiring a deposit of $ 62,500 upon signing of the sales contract.
Down payments are calculated based on 20 percent of the property’s value plus GST.
Mayor Dan Curtis said on Thursday that record interest in Whistle Bend lots was a reflection of a healthy economy, even in these times of COVID-19. This reflects the constant growth that Whitehorse is experiencing, he said.
The mayor pointed out when he was elected for his first term in 2012, there were only two houses built in the new subdivision.
Then there were 100, and the numbers just kept growing, he said.
Curtis said the city is making efforts to increase housing opportunities elsewhere in the city, but Whistle Bend is the anchor to manage the growth and will continue to be for years to come.
Whistle Bend and additional property tax revenue has been a factor in allowing city council to keep the property tax increase this year at 0.34%, the lowest in more than 10 years, he said.
Curtis noted that council has just approved an expansion of the original design of the subdivision into a 56 hectare area at the northwest corner of Whistle Bend. It will be large enough to accommodate 825 homes and 2,400 residents, he said.
Curtis suggested it wouldn’t be long before Whistle Bend surpassed Riverdale as the city’s most populous subdivision.
âIt’s a constant flow of more people coming here and wanting to live here,â he said. “I’m just happy that we can stay one step ahead.”
Susan Antpoehler, director of client services for the government’s land branch, said Thursday that all available lots in the Whistle Bend subdivision had been considered except for two commercial lots.
They expect to release the Phase Six bundles this fall, she said.
Most residential Wednesday lottery prizes are priced at $ 100,000 to $ 150,000, or a little more.
The biggest prizes on Keno Way, leftovers from a previous lottery, are priced at $ 214,271 and $ 217,087, although these are anomalies.
The largest lot measured 848 square meters or 9,124 square feet. The vast majority of residential lot sizes in the Wednesday Lottery are much smaller.
A more typical Keno Way lot is 585 square meters or 6,294 square feet and costs $ 137,475, requiring a minimum deposit of $ 34,368 – 20% of the property’s value, $ 27,495 and $ 6,873 in GST.
The few smaller lots, measuring 383 square meters or 4,121 square feet, are priced at $ 90,005 and require a deposit of $ 22,501.
The lottery included several lots of green streets, lots facing pedestrian-friendly green spaces instead of cobblestone streets.
Several green street lots on Tanana and Iditarod lanes measure 448 square meters or 4,820 square feet and are priced at $ 105,280.
The single duplex lot is priced at $ 171,142 or $ 85,517 per side.
The 20 townhouse lots were mentioned by 20 different businesses in Tuesday’s lottery because businesses were only allowed at one site.
The largest of the four six-plex townhouse lots measures 1,516 square meters, or 16,312 square feet. It is priced at $ 409,320, requiring a minimum down payment of $ 102,330 upon signing of the sales contract.
The smaller of the two triplex lots measures 733 square meters or 7,779 square feet. It is priced at $ 195,210.
The price of the nine bundles with four hoses ranges from $ 289,440 to $ 263,520.
The price of the five sets of five plexes ranges from $ 359,910 to $ 328,320.
Prices for the 11 multi-family lots range from a high of $ 1.5 million for 12,380 square meters or 133,208 square feet to $ 276,000 for a 2,300 square meter or 24,748 square feet lot.