Kitchener Condos

Well, this is deja vu!

Last week at the Kitchener Waterloo Real Estate Investment blog we spoke about how properties in KW were selling very quickly:

Homes and condo’s are moving very quickly in Kitchener Waterloo these days – our clients are involved in a multiple offer situations fairly regularly on smaller properties (condos, 5 bedroom student rental houses etc), and we’re even seeing multiple offers on apartment buildings that are in good shape, well rented and fairly priced.

So far in 2010, 56 homes have sold in 3 days on market or less, 144 residential properties have sold in less than 7 days, and 357 have sold in inside of two weeks (note: these Days on Market times include days where the property was tied up with a conditional offer, and due diligence periods).

That means over 32% of homes sold in 2010 were listed on the MLS for less than 14 days (note: a small % of these homes may have been relisted)

And now, another unit at one of the condo complexes that is seeing particularly brisk sales, 565 Greenfield, located in South Kitchener near Fairview Mall, has had another complex sold days after it hit the MLS in KW

The complex was built in the early 90′s, and is made up of 9 identical walkup buildings, that each have 11 identical condo homes in them. Each unit is a 2bedroom 1 bathroom home.

These condos are desireable to home buyers and investors alike, because of their great location, and low price point.

What have units been selling for here recently? Lets take a look at the sales since Jan 2009

The unit numbers denote whether the condo is on the basement level (1-3), the main level (4-7) or the top floor (8-11). The top two floors have balconies for the condo, off of the living room.

If you own a condo here, we have buyers actively looking.

Our firm, Keller Williams, represented 5 of the last 11 buyers purchasing in the complex, and we’d love to sell your condo too.

For more information on condos for sale in Kitchener or any other real estate questions, contact Benjamin Bach @ Benjamin@BenjaminBach.com, or call me at 519-772-4376

The best type of buyer is an educated buyer – knowing what to ask can save you lots of time, money and headaches, especially why buying real estate.

Today, let’s look at 3 things you should know before buying or investing in a Kitchener Condo

1) Location

The one thing you can’t upgrade about a property is the location. Everything else – kitchen, flooring, bathrooms, paint, landscaping etc. can be changed, but location is fixed. Choose wisely!

Our clients look for condo buildings near major amenities like shopping, restaurants and major employers. Recently, investors have started looking for properties near the Light Rapid Transit system that is coming to Kitchener Waterloo, since tenants (and new owners we resell too) like living near major transportation hubs.

2) Age & Condition

The second thing we want to look at before finalizing an agreement to buy a unit in a condominium is the age and condition of the unit, and the overall property.

Most of our clients stick to condos about 20 years old or less, with many buyers prefering to purchase new condo construction like the Kaufman Lofts (now built), Centre Block, or any of the developments in Waterloo like Bauer Lofts or 144 Park. Many buyers and owners just find less maintenance with newer properties, although each complex is different; we recommend getting a home inspection done before purchasing a condo.

3) Financial Health of Corporation

The third thing often gets overlooked, but is very important. When you’re investing in a condo unit, you’re also buying a proportional share of the condo corporation, which controls & maintains the condo, and is made up of people who own units in the complex.

If the complex is mismanaged, and there is a budget shortfall at the end of a year, they will come to YOU as an owner to make up this shortfall.

This is why we do our due dilligence before ‘firming up’ a purchase agreement, and reveiw the Status Certificate with our client’s lawyers.

Summary:

Buy in a good area; buy a well maintained condo; research the condo corporation financial health before committing.

Real Estate Investment Tip: Raising Rent on Rental Units in Ontario

Kaufman Lofts in Kitchener Waterloo – A Real Estate Investor’s Perspective on the Condos

WARNING: If you think an RESP will pay for your baby’s college education, you’re wrong

Would you rather have 1 condo in Kitchener Waterloo or 2 ?

An investment property for $120,000 ? I don’t believe it !

A new addition to our Kitchener Waterloo Real Estate Investment Portfolio

How to get the best deal when Investing in Real Estate

Top 10 Reasons to Invest in Kitchener Waterloo Real Estate