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