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Former Dollard home of Ducarme Joseph sells for $700,000

Former Dollard home of Ducarme Joseph sells for $700,000

The former West Island home of reputed street-gang leader Ducarme Joseph — first put up for sale at $1.6 million in 2010 — is changing hands for less than half that price.

HSBC Bank, which seized the house after Joseph failed to pay his $950,000 mortgage and property taxes, accepted an offer of $700,000 in December, The Gazette has learned. The deal is expected to close within the next few days.

Located on Radisson St., in an affluent Dollard-des-Ormeaux neighbourhood popular among families, the five-bedroom house attracted multiple offers, but failed to fetch a price near its current municipal evaluation of more than $1.2 million.

Indeed, in October, HSBC filed a lawsuit against Joseph for $1.1 million, in an attempt to recover its investment, including interest. Media reports show the house was listed not long after Joseph was believed to be the target of an attack by gunmen on his upscale Old Montreal boutique that killed his bodyguard, Peter Christopoulos, 27, and store manager Jean Gaston, 60. Joseph purchased the house for $1.35 million in 2008, records from the provincial land registry show.

Despite the notoriety of its former owner — Joseph has been described by police as an influential member of organized crime in Montreal — several real estate brokers said the home had difficulty selling because of more common problems in a slowing housing market.

Initially overpriced for the area, the three-storey house needed extensive renovations and later faced competition from other high-end houses for sale in Dollard. While a 2010 video shows the house to be in good condition, the stone house, with the in-ground pool and two-car garage was later found to have holes in the walls and missing fixtures.

“I wouldn’t say it was a stigmatized property (because it had been owned by Joseph); there were a lot of offers on it,” said Royal LePage real estate broker Raymond Singh who is familiar with the house since he represented clients who were interested in purchasing it. “The problem was the state of the property and the fact that there is more supply than demand in that part of D.D.O.”

While sales of high-end homes in Dollard rose from 40 to 52 properties between 2012 and 2013, the median price of a house worth $500,000 and above declined by eight per cent to $699,193, data from the Greater Montreal Real Estate Board show. Because of supply, the market for homes worth $400,000 in Dollard gives buyers the upper hand.

Singh said he’s heard of sellers listing their properties because they are “empty nesters” with grown children who’ve left home and want to move to a condo. He said he is also representing three sellers in the West Island who want to sell their high-end homes because they eventually are considering moving to the United States, or to a different province, because they have grown weary over provincial politics.

“It’s a mix of economics and political uncertainty.”

 

Source: montrealgazette.com