Archive for November, 2017

How is The Condo Market Doing in London Ontario?

Tuesday, November 21st, 2017

Well ask ten different people and you will probably get ten different answers.

Back in August of this year I wrote a blog where I noted the following. “In the last ten business days there was 64 “MLS” condos sales in London Ontario”. Once again I was writing about what was happening back in August of 2017. In the under $225,000 price range there were 36 sales. Six of these sales sold at their asking prices. Twenty sales sold under the asking and the average selling price was $3,961.00 below ask. Ten units sold out over asking and the average amount paid over asking was $8,484.00″.

Prices continue to rise. Many sellers have priced there units slightly higher than past comparable sales. In the last ten business days (ending two days ago on Sunday) there were 37 “MLS” condo sales in London. In the under $225,000 condo price range therewere 19 sales. Of these 19 condo sales in this price range only one unit sold out over it’s asking price, one sold out at the list price and 17 units sold out below their asking price. Of the seventeen condo units selling out under asking price the average price paid below the listing price was just over $4,000. That’s in line with what was happening back in the summer.

What does all of this tell us? Now here is where the answer gets tricky. We are witnessing fewer over asking price sales in the lower price level. On the surface it may seem that buyers are not bidding up prices and paying whatever it takes to win out in multiple offer situations. That’s what Was happening in recent past markets. Now consider this. There are many pockets in our city, particularly in areas like our south section where selling prices in some condo complexes have jumped up 25, 35 and even 45 percent and more in value in less than eight or ten months. Addresses like 1330 Jalna Blvd. and 114 Pauline Cres. just to name two. So when a condo in 1330 Jalna Blvd complex now gets listed at $189,900 and sells out at $185,500 does that mean that our markets are cooling off? It does only if you looking at it from the perspective of list versus sale price. If you look at our website you will see that the average selling price of a unit in that complex last year was only $107,400.

New buyers are continuing to come to our city and many of them are happy buying in this lower price range with little concerns over how much more they are paying than their neighbours did next door who happened to buy one year earlier. In their minds our prices are still bargains.

Will our real estate markets continue to go up forever? Tightening mortgage qualifying restrictions and other unknown factors like the outcome of the NAFTA talks might slow down the upward trend of our real estate prices. In the meantime we are living in a real estate world with fewer new listings being posted on our “MLS” system . By Peter Daoust. Broker. Remax Advantage Realty Ltd. Brokerage

 

The Springbank Dam

Thursday, 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.

Wednesday, 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