Archive for November, 2015

Downtown London Condo/Highrise Living and “City Place One and Two”

Thursday, November 26th, 2015

Have you noticed the two “elephants” in the room? Have you noticed in downtown London the two side by side rental towers across the street from the “Delta London Amouries” on the north west corner of Dundas and Waterloo? They are named “City Place One and Two”. The two of them are both huge.DSCF6523

So here is the deal. Two clean and comfortable newer rental buildings by “Drewlo” with a pool and above average views. They are only steps away from “One London Place” (the tallest building in Southwestern Ontario), the”Y”, the “London Life” building and the office towers at Dundas and Wellington know as the “City Centre Towers”.DSC_0032

If you log onto the Drewlo CityPlace website it will say “one bedroom” 814 sq. ft. units starting at $931 per month and “two bedroom” 1192 sq. ft. units starting at $1,144 per month with “move in ” bonuses.

While all of this isn’t really new news it is my job as a realtor to help educate the public. My Saturday mornings are sometimes spent with people who are from looking for a place here to rent. They find me on the net and these usually are people who are starting new office jobs in one of our downtown office towers in a week or in a ten day period of time. Everyone wants the best deal that they can find in town.DSC_0040

What do I show them? Well there is always something to show them in the Picton, Kent, Dundas, Colbourne, Talbot or Ridout Street North buildings. Two bedroom units in many of these buildings are typically in the $1,100- $1,200 per month price range. Where we ultimately end up looking and what we ultimately end up finding is anyone’s guess.

Showing condos for rent is most usually an activity full of surprises. Sometimes in the mail rooms or on the main floor common area billboards are found unexpected notices. Posted on many of these ” community posting boards” are potentially better private deals being advertised for free by individual owners. “No worries” is a phrase many of my friends tell me I frequently use.

Once again, unexpected things sometimes happen. Sometimes I lead these viewers in a different direction by telling them about “City Place One and Two”. What then usually happens next? What I sometime end up seeing is arms waving a goodbye at me and genuine promises of an early afternoon free lunch.DSCF6580DSCF6575

Part two of this blog is a quick look at the flip side of this scenario. If you happen to own a condo in one of these for mentioned condo buildings and you are thinking of renting out your unit for whatever reason you might want to keep in mind that the “City Place One and Two”  towers are your competition. Do the math. Factor in your $400 per month condo fees, the $200 per month property taxes, the heating and hydro if any, the mortgage expense and to make matters worse the  always present worries of additional special assessments. Owning a downtown condo and deciding to rent it out for investment purposes may not always be a viable proposition.

Two closing thoughts. Free lunches are almost always good and downtown London has some nice dining spots.DSCF6581 Finally, there is another big elephant project further to the east that we have blogged about before (not the white elephant kind) that is helping to take some of the steam off downtown London highrise rental prices. That’s the way I see it anyways.

by Peter Daoust Broker. REMAX ADVANTAGE Realty Ltd., Brokerage.  (my direct number is 519-852-7653)

 

1631,1635,1639,1643 and 1649 Richmond St.

Saturday, November 21st, 2015

The same people who completed the 19 storey $55 million “Luxe” tower on Richmond Street North a few blocks north of the gates of the university will be building again.Richmond 1631 - Peter2
Five side by side houses on Richmond Street North across from Masonville Mall are now gone and new enclosure fencing is up around the site.DSC_0014 What new project is now going in? Well after years of planning and neighbourhood meetings the new project will consist of two, 6 storey residential buildings, a 4 storey office/apartment building (a different developer but still part of the north end of this new plan) and rear 18 townhouses behind all of this.Richmond Bldg
The look of north London will soon be changing. That’s good! Google “1653 Richmond Street London” for additional details.

by Peter Daoust, Broker Remax Advantage Realty Ltd. Brokerage

Tricar’s “Village North” Project

Thursday, November 12th, 2015

Two months ago we posted a blog entitled “Resale Pricings in New Highrise Condo Buildings”. We talked about how difficult it is to follow the new sales and the resales of condo units in new projects just after they are completed. The example used in that blog was the new “River Front 11” condo highrise building in downtown Cambridge.

The chief reason for this difficulty is that builders use their own “in house sales people” and do not report their units selling prices to their local real estate boards. Such is life and they have their reasons for not wanting to be totally transparent. Norm DeBono a writer for “The London Free Press” picked up on this and on Oct. 19th reported on what has happened and what will be happening with “Tricar’s” new “Village North” complex on “Villagewalk Boulevard” north of “Masonville Mall”.DSC_0288 This is London’s largest new north end condo project.DSC_0319

Norm reports units in this building completed “range in price from $250,000 to $900,000. Among the 148 units are 21 penthouses over four floors, starting at $600,000. Demand is so strong there is a waiting list for the second tower.”DSC_0318

A second tower? In this article it is reported that the first tower is over 90% sold and “Tricar” will break ground in about six months on a 14 storey tower next to it. That’s the storey as we now know it.

  • also of interest is a London Free Press article of Aug 27th noting that with this building 80% of the buyers are from London Ontario and 15% are from the same postal code area as “Village North”.

By Peter Daoust, Broker. REMAX Advantage Realty Limited Brokerage.

89 York Street – Maybe?

Monday, November 9th, 2015

Plans for a new ten storey condo (non-profit)/commercial building with a focus on health and well-being built to “Feng shui principles” will be going before city council’s planning committee in December.
DSC_0572This is the old “King Wah Asian Food Distributor” site which is very close to all the hussle and bustle of our train station and our bus station. One of it’s features (as the lot is very narrow so parking is more of an issue) will be that it will have London’s first automated parking system with vehicles moved by elevator to the third floor. Let’s hope it gets approved, or some version very much like it.

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

“Towns on Empire Parkway”

Thursday, November 5th, 2015

“Hayhoe Homes” a respected builder with over 30 years of experience is at it again, this time building what they call “Towns” on two new streets in St. Thomas named “Peach Tree Blvd” and “Empire Parkway”.DSC_0015DSC_0010

“Hayhoe” is also building luxury one floor condos a few blocks away in St. Thomas and a wonderful collection of new home designs in Tillsonburg further to the east.DSC_0557(This picture is a Tillsonburg “Hayhoe”new house photo – Nov6th-2015. Perhaps a new house one more time better suites your needs than a condo). Smart designs are one of their trademarks. Is it time to discover the value that the  St.Thomas and Tillsonburg marketplaces have to offer?

by Peter Daoust, Broker Remax Advantage Realty Ltd. Brokerage