Another condo for sale at 565 Greenfield in Kitchener sells fast

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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

Prices of Condos for Sale in Kitchener at 565 Greenfield

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

3 Things You Should Know Before Buying a Condo in Kitchener

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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.

Related posts:

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

Do you have enough money to retire the way you want to ?

West Coast Condo Prices Sky High

New Report Released About Kitchener Waterloo Real Estate

Condo Towers coming to Kitchener’s Centre Block

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  There is a new Condo Development coming to downtown Kitchener, Ontario: The Centre Block, which will be developed by the same developer that built that Kaufman Lofts in Kitchener.

City gives nod to developer for Centre Block

Centre Block Condo in Kitchener Ontario

KITCHENER — City councillors reached an important milestone Monday in their decade-long effort to redevelop a strategic parcel of land next to City Hall.

During a closed-door meeting councillors gave their final authorization to staff for an agreement between the City of Kitchener and Brampton-based Andrin Homes for the redevelopment of Centre Block with 385 condominiums, four new buildings, underground parking, a boutique hotel-spa and a parkette.

“It has been a long time coming, obviously,” Mayor Carl Zehr said.

By 2000 the city had purchased almost all of the properties and buildings that wrapped around the western half of the block, which is bounded by King, Young, Duke and Ontario streets. So far the city has spent about $13 million on all of the costs associated with buying the land, buildings and businesses.

Andrin gets the 2.6 acre site and two heritage buildings for $3.1 million

For more information on the Centre Block and other condos in Kitchener, contact Benjamin Bach @ Benjamin@BenjaminBach.com, or call me at 519-772-4376

What is a condo at Kaufman Lofts in Kitchener Worth?

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One of the most popular condo buildings in Kitchener, Ontario is the Kaufman Lofts.
A historic building in Kitchener’s downtown, it was originally built by A.R. Kaufman between 1908 and 1925, and used to produce footwear for industrial workers.
Are you interested in what a condo at the Kaufman Lofts sells for?
Below is a list of the most recent sales at Kaufman, including what the condo was for sale at, how many days it was on the market, what it sold for, and when.

 

Kitchener Condo Prices - Kaufman Lofts

Kitchener Condo Prices - Kaufman Lofts

For more information on Kaufman Lofts and other condos in Kitchener, contact Benjamin Bach @ Benjamin@BenjaminBach.com, or call me at 519-772-4376