Archive for March, 2017

“Byron Condos” 2018-2019

Thursday, March 30th, 2017

Forget the days of purchasing a brand new condo in Byron for $250,000. Now you will have to double that number or go even higher if you now want something really nice. What we would now like to announce is that two new Byron condo projects are now in the works and in the process of posting signs to attract attention.

The builder “Tricar” has now given a name to a new project it is now starting to work on. We are talking about the lands at 1198-1206 Commissioners Rd. West directly across the street from “Springbank Park”. It is to be called “Parkwest” and it will be a 126 unit seven level high building on a 2.32 acre site. To see a site plan of what it will look like  google “Tricar – design brief – Byron”. “The London Free” has mentioned this new project on several occasions and has stated that company representatives have said that prices here will be in the $280,000-$600,000 price range. A “meet and greet” was held one evening a few months ago at the Byron library to get inquires rolling.

 

There is also the new “Graystone Development” project coming soon to the Byron Baseline Road West / Wickerson/Ironwood area to the north and west of the Byron Ski Hill.  See our pictures of this site. It’s name will be “The Ridge At Byron”. These will be luxury one floor condo homes. Plans call for forty-four condos to go in, some with ridge top rear views overlooking part of far west end of Byron.DSC_0143DSC_0148DSC_0141If you don’t know the “Graystone Development” name these are the same developers who built out the “Promenade at Talbot Village” at 3278 Colonel Talbot Road back in 2008-2014.

To be honest, it’s difficult to plan where you might be a few years out into the future, but if your already living in the Byron, Westmount or Oakridge areas it wouldn’t be a bad ideal to get on one of their mailing lists.

By Peter Daoust Broker Remax Advantage Realty Ltd. Brokerage.

Condo Prices in London Ontario -What’s Happening

Thursday, March 23rd, 2017

DSC_0057What’s happening in your backyard? Are you waking up early in the morning with real estate on your mind? So many people are. In the last ten business days 112 buyers have become new condo owners in London Ontario. Congratulations!

How much did they pay and did they have to pay over asking? Well if it was a two storey townhouse under the $250,000 range in the north – west section of London they probably had to. North end one floor condos are also in very high demand with out-of-town buyers often showing a preference for wanting to live there.

Let’s look at the numbers. In the  last ten business days in London 16 condos sold out on the “MLS” system at their asking prices, 51 sold out under their asking prices and 45 sold out over their asking prices.

On a differing note, the downtown London resale condo marketplace is a bit of a tougher sell as so many buyers want brand new. One bright note is the new “Tricar” building now going up on Talbot Street which is now about 50% sold. Many of the units in that building will have wonderful views.

For a free condo or house evaluation please call me anytime. Peter Daoust, Broker Remax Advantage Realty Ltd. Brokerage

 

Condo Prices in London Ontario, Late Winter/ Early Spring 2017

Thursday, March 16th, 2017

It’s happening. Condo prices are jumping up in price across the city. At the end of February 2017 the average condo in London was selling for a price of $219,091 up from a selling price of $217,017 at the end of January 2017.
Compare these numbers to average selling prices one year ago. In January 2016 the average selling price of a condo in London was $186,357 and $186,470 in February of 2016. We are looking, so it seems at typical one years gains of over $30,000 per unit! Not bad for a city which is a two hour drive away by car from Toronto.

How “hot” is the resale condo market? It’s only “warm”. We are not witnessing condo listings popping up with wordings about “offer dates” appearing in their remarks. Yes we are witnessing some condo units selling out over their listing prices, yet not for crazy. crazy over the asking price numbers.

We noted is the following. A blog posted back on Feb.14th/2017 saying that the “White Oaks” condos located at the intersection of Jalna Blvd. and Bradley Ave. in the south end of the city have changed little in price over the last few years. We also recently posted a blog about the “Pine Valley” condos in Westmount, ( the south-west part of our city) noting price increases of only two percent per anum over recent years.

For the most part price gains are sporadic. For example:

1) our downtown condos at 323-363 Colborne Street offer very easy living. The last four sales of two bedroom units in these two towers in 2016 sold out on average at $165,000. Year to date, the first four sales of two bedroom units in 2017 sold out at an average price of $154,800 That’s not what you would expect.

2) in the 250 Pall Mall condo building (“Wellington Park”) the average price of a two bedroom unit (excluding penthouses) in the last three months of 2016 was $385,000 and now year to date in 2017 the average price of a two bedroom unit was $367,500

3) in the 1030 Coronation Drive building (“The Northcliffe at Hyde Park”) the average sale price of a two bedroom unit in the last three months of 2016 was $259,600 and the average price of a two bedroom unit year to date in 2017 has being $256,800

Contrast these pricing realities with what is now happening with the 50-70 Chapman Court condos in north-west London.The last three sales that happened there in December of 2016 produced a collective average selling price of $178,600 while the last three condo sales (we are talking about “MLS” sales) of the February/ March 2017 time period produced an average selling price of $213,000. As we can now see, condo price increases here in London are now not “right across the board”.

Now for an observation on my part based on working in the London Ontario condo marketplace as a Real Estate Broker for a long time. So many of the people selling their big houses here in our city are opting to delay the decision to do so for as long as they can.Then they often go straight into a high rise apartment rental buildings as opposed to purchasing and moving into a high rise condo as an investment/hold type strategy for a few years and then moving on again into a high rise rental unit in their later years. Why might this be so? Well,there are two reasons.The first reason is that London Ontario is now “flooded” with a number of new high  rise rental units and it is not difficult to find something that meets your needs. The second reason is that high rise condo buildings here in town have not, over the ten years or so,appreciated in value anywhere near as much as single family homes have or as much as other styles of condos have. That’s the way I see it .
by Peter Daoust, Broker Remax Advantage Realty Ltd. Brokerage

Ps. On a slightly different note see the blog tab of our Woodstock condo site. The markets there are very short on listings as people working further to the east are moving in.
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