Archive for March, 2015

One Year Later.The Whitney/Dumont Condo Story Posted in March 2014.

Sunday, March 22nd, 2015

By: Peter Daoust, Broker. Remax Advantage Realty Ltd. Brokerage

A year has passed since we posted a blog about how out-of-town real estate investors stand to collectively lose millions of dollars on a condo/repackaging/syndication deal here in town that has gone south. Stories like this give our town a bad name. It’s a story that the “London Free Press” has not yet picked up on, or for that matter other newspapers. Yet it is one worthy of national attention as it may also be happening elsewhere under somewhat similar circumstances. Unfortunately it’s a now win situation for all the past investors who may be somewhat guilty of not researching the London real estate market thoroughly before being coaxed into signing on the dotted line.P1210160

Here is a quick update of that blog. Let’s cut to the chase and say that a turnaround in the resale prices of these units is now not clear.
In the past twelve months for sales of two bedroom units have occurred in the Whitney/Dumont complexes with an average MLS selling price of $47,125. The story is similar in the Hamilton Road condos we also talked about with an average MLS selling price of just over $41,100 on the sale of three two bedroom units in the last twelve months. Reserve funds need to be built up and the lack of confidence that buyers, appraisers and mortgage companies now have in these buildings reflects these low selling prices.

Will these units rebound in price? Does it make sense that these prices are so low compared to what is happening in the condo marketplace in general? All we can really say is that a number of disgruntled investors are now out there who think that some form of restitution is now owed.

  • a summer of 2017 update. Toronto real estate agents are now listing these units on the Toronto Real Estate Board at prices closer to their old highs.

London Condo Activity and Cold Winters.

Saturday, March 14th, 2015

From the desk of Peter Daoust, Broker. Remax Advantage Realty Ltd. Brokerage.
In the first ten weeks of 2015 , 241 condos sold in London on the MLS system. The average selling time was 51 days and the average selling price was $182,295.
In the first ten weeks of 2014 , 211 condos sold in London on the MLS system. The average selling time was 51 days and the average selling price was $175,630.
In the first ten weeks of 2013, 249 condos sold in London on the MLS system. The average selling time was 52 days and the average selling price was $168,593.
In the first ten weeks of 2012, 277 condos sold in London on the MLS system. The average selling time was 50 days and the average selling price was $167,420.
In the first ten weeks of 2011, 258 condos sold in London the MLS system. The average selling time was 50 days and the average selling price was $179,217

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