Pre Construction Condos in Kitchener: City Centre by Andrin

City Centre Condos in downtown Kitchener

One of the most anticipated pre-construction condo projects in Kitchener Waterloo, City Centre has recently started selling units.

There will be two towers, 17 and 14 floors, that will  house about 380 units.  In addition, the site plan calls for retail, underground parking, and a boutique hotel and spa where the Mayfair currently stands.

I have floorplans for the units, but can’t post them online.  If you’re interested in more information, email me by clicking here

From 570 News

Ground has been broken on a sales office that will drive growth in downtown Kitchener. Representatives from Andrin Homes, the City of Kitchener and the Downtown BIA were on-hand at a ceremony Tuesday morning that marked the beginning of construction on what will become a dedicated, 3,500-square-foot sales pavilion.

“The sales centre itself will have two, fully furnished model suites,” says Anne Marchildon, vice-president, Sales and Marketing with Andrin Homes. “The exterior of the sales centre (will also be) representative of what the building will look like, (from the) brick colour, the panel colours, the window details, all of that sort of thing.”

The sales centre will also include a 2,000-square-foot presentation area with multimedia capabilities to allow potential buyers to go through the project step-by-step.

Marchildon calls Kitchener a “very good” municipality to work with.

“They’re very forward-thinking, they do their homework, everybody is looking to the same objective,” she says.

Kitchener’s Director of Economic Development, Rod Regier, is admittedly excited by this next step in the project.

“It’s coming at the right time,” he says. “We’ve had some great announcements in the downtown recently with The Tannery and The Communitech Hub developed there, followed by the Google move. So we’re very excited about where this fits into the overall constellation.”

Regier says the next step is to get more people living in the downtown and he believes Tuesday’s announcement is a positive move in that direction.

Centre Block has sat dormant for almost a decade after the city learned of plans for a pornographic movie theatre and began buying up property. To date, Kitchener has spent about $9-million acquiring lands in the area bounded by King, Young, Duke and Ontario streets. Previous efforts to develop the property, including a potential relocation of the Main Branch of the Kitchener Public Library, have failed.

Kaufman Lofts as Investment Condos: Looking at the numbers

kaufman lofts exteriorWe just published a new video about the Kaufman Lofts, but if you didn’t see that lets take a look at the cash flow from an investment in these Kitchener Condos.

Let’s assume a real estate investor is looking at a 1 bedroom condo here. There are units available around $180,000 – a unit at this price is amongst the smallest available, but still in demand by buyers and tenants alike.

(These figures are all projections. Contact Benjamin for a personalized consultation)

kaufman lofts real estate rental analysis

The sheet above (click to enlarge it) shows us the assumptions we’re using:

$1200 a month in rent

$3000 condo fee and $1700 in property tax annually etc.

It also shows us the mortgage options – this investor is using a 20% downpayment, and getting a 80% LTV (Loan to Value) mortgage.

Now let’s look at the cash flow (click to enlarge):

kaufman lofts real estate rental analysis 2As we can see, a Kaufman Loft can generate a positive cash flow for a real estate investor, based on these figures.

Over 20 years, what will your return on equity be? Let’s look at another cash flow projection:

Click to enlarge

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

Related Real Estate Investment Articles:

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

144 Park New Luxury Condos in Waterloo

Top 10 Reasons to Invest in Kitchener Waterloo Real Estate

Bauer Lofts, new luxury condos in Waterloo, Ontario

3 Things You Should Look For Before Investing in a Condo in Kitchener Waterloo

New Report Released About Kitchener Waterloo Real Estate

Why do Real Estate Investors like buying condos at Kitchener’s Kaufman Lofts?

A real estate investor recently asked me why people like buying condos at the Kaufman Lofts in Kitchener, Ontario

Between the terrific location (across from the new Health Sciences campus at the corner of King and Victoria St in downtown Kitchener), the iconic nature of the property – Kaufman Footwear has been there since the early 20th century – and the premier rents the condos generate, they can make a great real estate investment.

Click Play to watch the video. This looks at the reasons investors like buying condos here, and goes through the potential cash flow that the rental unit can generate.

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

Related Real Estate Investment Articles:

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

144 Park New Luxury Condos in Waterloo

Top 10 Reasons to Invest in Kitchener Waterloo Real Estate

Bauer Lofts, new luxury condos in Waterloo, Ontario

3 Things You Should Look For Before Investing in a Condo in Kitchener Waterloo

New Report Released About Kitchener Waterloo Real Estate

3 Things You Should Look For Before Investing in a Condo in Kitchener Waterloo Over the last few years our clients have been investing…

Why we invest in Kitchener Waterloo Real Estate Yesterday I had the chance to sit down with two…

Kitchener Waterloo Real Estate Market Update – October 2009 September 2009 was a very busy month for real estate…

Commercial Real Estate news heard on Twitter Not familiar with Twitter? Twitter is a communication platform where…

What happened in Kitchener Waterloo Real Estate in ‘09? This morning we looked at the strong sales the KW…

Canadian Real Estate Market Growth Based on Demand An interesting article on the national real estate market in…

Market Update: Real Estate selling fast in Kitchener Waterloo “I can’t believe this sold in 2 days – the…

Another condo for sale at 565 Greenfield in Kitchener sells fast

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

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

  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?

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