The Springbank Dam

November 9th, 2017

The Thames River dam issue never seems to go away. Fix it, tear it down, leave it “as is” or turn it into a footbridge.

Leave it as is. I live in Byron and that’s what I think. There are miles and miles of bridges and roads already passing over the Thames River in both directions, that’s just the way it is. Why spend money on yet another project? If you go to our Byron subsection of this website you will see a drone flying over the river making a video of what it looks like. The water colors are very sick looking, that really should be a bigger concern than what is going to happen to the dam.

 

On a more positive note here are some pictures of happy fisherman on the Thames River out last week just to the west of the Sanitorium Road bridge enjoying a few hours out on the water in little kayaks fishing. Let’s save our river and leave our open dam just the way it is.  by Peter  Daoust, Broker Remax Advantage Realty Ltd. Brokerage

 

Things New Condo Owners In Windsor Are Doing.

November 1st, 2017

No fishing, diving, swimming, or feeding the birds. All of the many parks along the Detroit River in Windsor seem to sport these types of signs. It’s different upstream in Sarnia where kids just jump into the river off the base of the Blue Water Bridge.

Windsor is now experiencing a new wave of budget minded voyagers of all ages who want to spend their summer afternoons out on the Detroit River in the tiniest of sailing crafts. Ten foot long kayaks, kayaks with pop-up sails, dinghies with electric motors. Yes there are currents, ripples and unexpected bursts of winds to contend with but all of that only adds to excitement of being out on open waters.

Remember our wordings, the “tiniest of sailing crafts”? These types of vessels are often launched without supervision at the ” Shanfield Shores Park”just to east of “Sandpoint Park”.How do people get their little boats to the shoreline in the first place?  Well for the most part they carry / drag them in from the roof racks of their cars which they can park across the street in a municipal parking lot for free. Some people come with bicycles which have two-wheeled little trailers in tow. It all takes a bit of ingenuity to make happen.
If your thinking of moving to Windsor and adding this activity to your bucket list of things to do might we first suggest that you learn the rules about carrying whistles, bailing devises, paddles and proper life jackets on board. Eyes in the sky and water surveillance crafts (see our pictures below) will be watching your every move. The pictures below were clicked only a few weeks ago as the boating seasons in the Windsor region often continues into the early part of November.
.Windsor is a great place to call home.By Peter Daoust, Remax Advantage Realty Ltd. Brokerage

1960 Dalmaggary Road “Baja”

October 25th, 2017

What is “Baja”and where is Dalmaggary Road? Good questions. This is a new street on the map south off Fanshawe Park Road West and to the east of Hyde Park Road. The street name sounds Scottish.  “Baja” is an “Ironstone Homes” project. Not quite sure what “Baja” stands for. These are local fairly new builders on a mission to build and build. They recently finished out a giant townhouse rental project just to the east of this site.

London is not accustom to witnessing new condo sites on such a grand scale. It’s massive. Clusters of three, four, five, six and eight units built army style “row after row” of the nearly the same thing. Across the street is a parking lot for “The North London Plaza”. It’s a now busy part of town. Also new to the neighbourhood  is a “Mandarin ” restaurant and a new “McDonald’s”. There are 216 units in this new project surpassing the size of the recently sold out and still under construction “Tribeca” town homes project further to the south but not all that far away just over on Sarnia Road.

Twelve different model styles, three and four bedroom units built with a 2 storey, 3 storey or a multi-level design. Mostly all single car garages however a small number with double garages including all of those on the main driveway coming in. Current prices are $327,800 ish -$344,800 ish range. Their model home is open on weekends with some near term move in dates. Unit sizes will range from 1737 sq.ft. to 1802 sq.ft. in the BOCA and AZUL models with other model names of  LUNA and CABO.

All of this is like an instant city has sprung up in north-west London. Will this project sell out quickly?  All we can say is that another new townhouse project called “Fox Haven” a few blocks away on the other side of Fanshawe Road on Tokalia Trail has sold out (phase one that is) before a shovel ever touched the ground. More pictures to follow. This is a big project. Early sales activity will be brisk.

by Peter Daoust, Broker Remax Advantage Realty Ltd. Brokerage

 

“The Eight at Warbler”

October 24th, 2017

Westdel Bourne on the far west end of our city is “Sifton Homes” territory and new streets have just opened. Upperpoint Blvd., Upper West Ave. and Riverbend Road. All of this activity is to the west and south of an existing street know as “Warbler Woods Walk”.

Graystone Homes will soon be busy with “The Eight At Warbler”. This will be an eight unit condo site with 2,000 sq. ft. and up condos priced from the mid $700,000’s.  The curbs for this new project are now poured. ( Graystone is also busy starting on a project called “The Ridge at Byron” over on Wickerson Road further to the south).

 

 

If your out and about on the weekends check out this new area of town. The look of west Byron is now starting to change.

by Peter Daoust, Broker Remax Advantage Realty Ltd. Brokerage

 

 

 

Port Stanley and New Harbourside Condos

October 11th, 2017

If you’re an architect or an urban planner you might cringe at the simplicity of this blog but if you’re a house builder in Kapuskasing or Timmins you might take interest in these pictures. This blog is about building new condo buildings only a few feet above the water’s edge.

The first set of pictures show the footings going in for a new four level condo/commercial building in the harbor of Port Stanley. It’s starting to happen now as the pictures are only less than a week old. We note that we are talking about a new project only a few feet above the harbor’s waterline. As a builder are you better able to understand how tricky such a design could be? Three commercial units and nine condos  with one bedroom units with a den starting at $515,000 (1330 sq. ft.) and 2 bedroom with a den (1470 sq, ft.) starting at $565,000. Presales have already happened. Imagine trying to get approvals on this.Over in the village of Port Dover something slightly more controversial recently was approved. Read more about it in past editions of the “Simcoe Reformer.ca” .  The “Dover Wharf” will now be built on harborfront hazard land at risk of flooding and under the careful watch of the Long Point Region Conservation Authority. Back in 1985 a March storm put Harbor Street eight inches deep in water. Ice buildups often happen at the mouth of the river. “Dover Wharf” requires the current demolition of the historic Miser’s Fish Factory. This is the white cement building in the background of all four of these pictures. Forty eight condo units on four floors will be going in with a main floor level of parking . (The flood insurance issue going forward might be an interesting read). 

If you’re in the market for a harbor side condo both of these projects might be of interest to you! Cheer. Peter Daoust, Broker Remax Advantage Realty Ltd, Brokerage

“The Portofino” at 1225 Riverside Drive West in Windsor

September 18th, 2017

Here we have a 17 storey condo building of an elliptical shape, an award-winning design at the time of construction. Built in the year 2007, two years before the mega auto recession of 2009. North East river views (the Detroit River) and direct “Renaissance Centre” views. This stucco and glass building has a rooftop terrace and beautiful floor to ceiling windows. Enjoy the riverside bike paths. What a beautiful place to call home.

There is more to the story. Remember we said built-in 2007. Here it is. In the first six months of 2017 now some ten years later six “MLS” sales occurred here priced from $237,000 to $485,000. What’s interesting about these sales is that three where “resale unit sales” and three where “power of sale situations”. The owners of these three “power of sale” units were the original developers. In 2016 there were twenty “MLS” sales priced from 195,000-$472,500. Of these twenty sales, 13 were “power of sale” developer units. The years 2015 and 2014 shares similar stories.  Why didn’t they sell out when they were first built? It was the economy. Across town over at 2175 Wyandotte Street East, the “Club Lofts”, a century old Hiram Walker bunker originally built to house millions of gallons of whiskey. (the world’s largest “rack warehouse” at the time) was also converted to condos back at about in 2007. This was an ambitious undertaking. Ten years later there are some brand new original units still for sale. Image a London developer stuck selling out units ten years after a project was completed! Things like that don’t seem to happen here.

The next time someone tells you that the real estate markets are hot and prices are up take a deep breath and look around at prices in cities like Chatham and towns like Ridgetown. There is a different world of lifestyle options out there not all that far away. The winds of change are all around us. Let’s hope our current good times do not come to a crashing halt and lets hope that interest rate increases don’t tug at our markets to severely.

by Peter Daoust, Broker. Remax Advantage Realty Ltd., Brokerage

A look at Condo Selling Prices in London Ontario

August 27th, 2017

In the last ten business days there was 64 “MLS” condo sales in London Ontario. In the under $225,000 range there were 36 sales. Six of these sales sold at their asking prices. Twenty sales sold under the asking price and the average selling price was $3,961.00 below ask. Ten units sold over the asking price and the average amount paid over asking was $8,484.00

In the over $225,000 price range there were 28 sales. Four of these sales sold out at asking price. Eleven sales sold under asking price and the average selling price was $3,582.00 below ask. Thirteen units sold over the asking price and the average amount paid over asking was $7,915.00

As of the time of writing there were 19 brand new condos listed for sale “MLS” starting at $314,000 and going up to $880,000 and 197 resale units for sale. Of the 197 resale units 36 were below $150,000, 79 were between $150,000 and $275,000, 43 between $275,000 and $400,000 and 39 over $400,000.

In the last 30 days in London, 188 condos units have sold at an average sale price of $217,464 with a sale to list price of 100% and an average list duration of 23 days. One year ago the average time to sell a condo in London was 44 days and two years ago 54 days. Never in the last ten years in London have we ever seen the length of time to sell a condo unit hover around numbers this low.

by Peter Daoust Broker, Remax Advantage Realty Limited Brokerage

“Sold Out” and the Local Real Estate Markets.

August 23rd, 2017

These signs are all over London on builders new condo sites. “Sold Out” signs dot our landscape. The pipeline of “new projects coming soon” is lagging as the 2017 demand for new condo units continues on.

Now consider this. Our economy is debt fueled. Canadians have the largest debt-to-income ratio of any G7 country, with the average spending 165% of their salary. To contrast, at the height of the US housing crisis in 2008, Americans carried what was then considered an outlandish 147% debt-to-income ratio – 17 points lower than where we now sit. Canada’s total household debt reached $1,892 trillion dollars, with $1.234 million dollars of that as mortgage debt – roughly 65% more than we make per year.

No one wants to talk about the US crash of 2008. Our economy is different. Interest rates are low and Chinese buyers are plentiful and have money. New condos now cost $50,000 more than they did a year ago. Times are good. People are moving here from the G.T.A. area. If you are not in the market you are missing the boat.

Times change. It’s summer. It’s difficult to predict market tops. People are at the beach.  Donald Trump . Some people in newly built condo complexes are realizing that what they really want is a house and not a condo so they are trying to cash out for tidy little profits. We sure are living in interesting times.

 

by Peter Daoust Broker Remax Advantage Realty Ltd. Brokerage

 

North-West London #31 on our Site “774-971 Silverfox Crescent”

August 7th, 2017

Here are some details of an update to the Silverfox Crescent subsection of our site.

* a summer 2017 market update.*  North West London and North London are two areas of our city which have experienced significant Jan. – June 2017 price increases.

To go from complex to complex to talk about these price increases would be a near impossible challenge. Yet here are  some new comments about the freeholds on Silverfox Crescent in north-west London. One of the factors helping Silverfox Crescent spike in price in a relatively short period is  that a new school is opening up just to the north of these units this September . New schools to an area help to attract new buyers with young families.

Let’s look at these price increases. In 2016 eight builders models sold out on this crescent at an average price of $258,200 and during the first six months of 2017 eight new home sales of a similar design (the last available builders models – a disproportionate number being end units which do cost slightly more) at a price of $327,900.

In the resale marketplace in the first six months of 2017 ten MLS resales occurred at an average price of $342,400.This compares to our stated price of $259,700 for similar styled units in 2016.

Will these new price levels be sustainable going forward? No one really wants to make any predictions out of fear being wrong. One last note, prices changes like are now happening in many of our newer condo complexes across the city and with only about 200 active condo listings in our city now we don’t expect any near term reversals of selling prices.

The good news for some people is that for many years the “listing to sales ratio” for condos here in London was often stuck in the 50-75% range. Contrast this to today’s market where everything decent sells out quickly so that’s good news for people who are thinking of cashing out to go into rental or some other form of a living arrangement. Finally, no matter what prices are doing, there will always be people who have to buy or sell real estate.  by Peter Daoust. Broker Remax Advantage Realty Ltd. Brokerage

 

Year To Date Condo Sales in Windsor

July 20th, 2017

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