Western University
London
Your Condo World
Specializing in Sales, Rentals and Investments for Condominiums!
600 Grenfell Dr.
600 Grenfell Drive
Units119
Floors10
Built 1984
Registered as condos 1998
Average MLS Selling Price 2022, 1 bedroomSample size (1) too small to report
Average MLS Selling Price 2022, 2 bedroom$391,667 (based on 6 MLS sales)
Average MLS Selling Price 2021, 1 bedroom$264,600 (based on 6 MLS sales)
Average MLS Selling Price 2021, 2 bedroom$340,000 (based on 5 MLS sales)
Average MLS Selling Price 2020, 1 bedroom$213,300 (based on 2 MLS sales)
Average MLS Selling Price 2020, 2 bedroom$246,100 (based on 5 MLS sales)
Amenities
Details:
Just across the street from all the shopping on the north-west corner of Adelaide and Fanshawe. This building has ten condo units on the main floor and twelve condo units on the second to tenth floors. Buses close by to University of Western Ontario and Fanshawe College. Affordable high-rise living can be found here!
*Are two bedroom units in this price range in London good rental investments? Units in this price range can also be found in other highrise buildings like the ones at 45 Pond Mills Road and 135 Base Line Road West.
Some investors think so. In our March 12, 2012 blog entitled "The Passive Investor Hangover Syndrome" we noted that the Jackway Condos also in north London are over fifty percent owned by investors who then use them for rental purposes.
Rents collected will most likely cover all of the expenses associated with carrying the mortgage, the property taxes and the condo fees. Then there is the aspect that selling prices seem to inch up in price every year (that is good for investors) and the reality that with the passage of time, outstanding mortgage balances will decline. A $100,000 five year mortgage at 3% with a twenty-five year amortization rate, for example, will get paid down to $85,800 by the end of the fifth year.
The two flies in the ointment with this type of thinking are the potential hassles with tenants who fall behind in their rents and the worries over special assessments on their units popping up.
Who wants to be a landlord? Who wants to be a millionaire? How much will these units be worth four or eight or twelve years down the road? All we can really say is that for many investors, real estate is very much a part of their long term investment strategy.
Property Manager:
Larlyn 519-690-0600