The weather bomb of 2010 is finally receding from the minds of Manitobans.
The two-day October storm whipped up near-tidal waves that pounded the shorelines of Lake Winnipeg and threatened to swallow many of the most valuable cottages in the province.
Not surprisingly, the bottom of the market subsequently fell out as many cottage owners were forced to stem the tide by erecting revetments to prevent further damage.
As the hysteria has died down, the market for lakefront cottages has rebounded, according to Melodie Ateah, owner of Ateah Realty Ltd.
"It was a rough couple of years. People had to fix up their properties but I'm finding [the storm] isn't as much of an issue now. We're starting to move lakefront lots," she said.
Lakefront cottages in communities such as Victoria Beach, Lester Beach and Hillside Beach are listing from $169,999 to $939,900.
Ateah cautions that not every cottage is out of danger as there are still some erosion problem areas at Victoria and Lester beaches. Unfortunately, that comes with the territory.
"There is that risk when you buy lakefront. There are always going to be erosion issues with lakefront cottages because of the water and the slumpage of the land," she said.
Conversely, things are quiet on the lake's hotel front. There is still hope that a buyer can be found for the Radisson Hecla Resort, a 90-room hotel in Gimli on the west shore, which was placed into receivership two years ago. Despite millions of dollars in upgrades, it failed to attract enough patrons and catering business outside of the summer months.
from Western Investor May 2012
