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Tight Real Estate Market in Kitchener Waterloo

Property listings are down 33% at the end of January, compared to last January – there are less homes available for sale, and we have more demand from buyers and investors.  Many people are trying to take advantage of historically low mortgage interest rates, and others want to buy and invest before the mortgage changes coming in April

We’re seeing some properties selling for $10,000+ above list price in multiple offer situations; 

There are units and buildings available that are good real estate investors, ranging from $125,000 to several million dollars.  Contact me for full details, and a cash flow & return on investment analysis

If you are looking to buy, sell or invest, send me an email or give me a call.

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Centre Block to bring $95 million development to Kitchener downtown

Exciting news this week about a new development in downtown Kitchener, on the Centre Block land that the city has acquired over the past 10 years at a cost of about $13 million.  From The Record:

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.

Many people wonder how the city got into the land assembly business.  Turns out, it’s an interesting story…

[Carl Zehr] has held the mayor’s chair for 13 years and Centre Block has been an issue for at least 10 of those years. Looking back on it now, Zehr said the city never wanted to get into the business of assembling the land and attracting a developer.

It started when someone called Zehr saying a cinema for porno flicks was about to open on the second floor of a building along the King Street stretch of Centre Block. City councillors quickly rezoned the land to prevent that from happening, and the owner sued. The settlement had the city buy the building and compensate the owner for the loss of his business.

He said the entire council deserves credit for taking the long-term view of Centre Block.

Under the terms of the development agreement, Andrin must take out building permits for the first phase by Nov. 30, 2012. The first phase includes an underground-parking garage, a condo building with about 240 units and a three storey building. Those buildings will be on King Street.

The second phase calls for another condo building, with about 140 units, at the corner of Young and Duke streets with another building that wraps around that section of the block.

The third and final phase includes the development of the Mayfair Hotel into a boutique hotel-spa. The city, development and some downtown property owners are looking for ways to advance the redevelopment of that corner.

…

The cost of the entire development is estimated at $95 million. Regier credits the city’s work to attract the University of Waterloo school of pharmacy and the Wilfrid Laurier University faculty of social work to downtown Kitchener in helping to secure Andrin as a developer for Centre Block.

“I think things are coming together right now, the real estate market in this region remains strong and people are excited about the downtown,” he said.

The city and the developer are hoping to repeat earlier successes with downtown condos. Andrin redeveloped the old Kaufman factory on King Street West into condos that sold quickly. Lofts on Mansion and the condos at the Kitchener Market also proved popular.

Are you excited for this development to come to downtown Kitchener?  Do you think it will be a great place to live? 

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A few more quick stats on the ‘09 KW Real Estate Market

Following up on the recent post What happened in Kitchener Waterloo Real Estate in ‘09, here are a few more detailed statistics on residential home sales on the KW Real Estate board in 2009:

The most active residential price segment were homes $200,000-$250,000, with 1794 sales

Overall there was more than $1,680,000,000 (1.6+ billion) worth of residential homes sold. That breaks down as follows:

4201 detached
1174 condo
529 semis
500 townhouses

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Kitchener Waterloo’s Centre Block Condo Development Moving Forward

(image of proposed Centre Block development from City of Kitchener)

The Kitchener Waterloo Record is reporting that the long awaited Centre Block development in downtown Kitchener is moving forward:

A Brampton-based developer says he will sign an agreement next month with the City of Kitchener for a project that will add 385 condos to the core.

Peter Smith, president of Andrin Homes, said an agreement should be in place by mid-January for the redevelopment of the city-owned half of Centre Block, which is bounded by King, Young, Duke and Ontario streets.

The City of Kitchener has a lot of information about this development on their website, including these details about the proposed development:

Andrin envisions a dynamic, inspiring, sustainable and engaging redevelopmentconcept for the Centre Block, consisting of a mixed-use complex, combining:

• A total of up to 401 residential units, offering a range of residential suite types, including lofts, affordable condominiums, larger family oriented dwellings, live/work units and penthouses.
• Vibrant new retail spaces along King Street.
• A multi-level underground parking structure for up to 714 spaces, with public parking and parking for the retail users at the first level and secure residential parking on the lower level(s).
• A boutique hotel and spa in the restored and renovated heritage structures at the corner of Duke and Young Streets.
• A public/private courtyard with linkages from Duke Street, Young Street and the underground public parking structure. A linkage from King Street to the courtyard will be provided through a public galleria.
• A design that will strive for architectural excellence and be:
  • Compatible with the existing physical, heritage and social context of the site, including restoration and redevelopment of the existing heritage structures into a boutique hotel and spa;
  • Responsive to angular planes to minimize shadow impacts;
  • Address positively the existing City Hall to the west;
  • Enhance the main street qualities of the three street frontages;
  • Provide opportunities for outdoor animated uses such as cafés on King Street West; and
  • Overall safety and security within the site will be an important element of design considerations

The land was sold to Andrin by the City of Kitchener earlier this year for $3.1 million, after spending $13 million & 9 years to acquire the land.

What do you think about this development? Personally, I’m glad to see more well planned developments coming to the downtown Kitchener core.

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Vacancy rate in Waterloo falls to 1%

Canada Mortgage and Housing Corporation (CMHC) just released their Rental Market Report for the Kitchener and Guelph CMAs.  This report outlines the vacancy rates, average rents, availability rates etc., and breaks the information down by category – i.e. vacancy rate for 2 bedroom apartment vs 1 bedroom apartments, or comparing rates in new apartment buildings vs older ones.

The vacancy rate in the City of Waterloo fell slightly to 1%, the tightest rental market in the entire region. 

The vacancy rate for Kitchener City went up to 3.4%, and the Cambridge City rate was the highest at 5.6%.  CMHC does not break Cambridge CMA down at all, so we don’t get to see the differences between the older core and the newer areas.

CMHC speculated that the higher rate in Cambridge was caused by “two factors: completion of a 133-unit rental apartment building in July and the movement of renter households to newly completed homes in the City of Cambridge.”

CMHC attributed the increase in the vacancy rates to a number of factors, including young many people becoming home owners (the cost of ownership decreased with mortgage interest rates staying near historic 60 year lows), as well as lower income renters moving home or taking on a roommate to save money on housing due to the downturn in some sectors of the economy.

 

The report reinforced something our investor clients already knew.  Newer properties, those built after 1990, have the lowest vacancy rate, and the highest average rent.  Buildings built prior to 1960 have the highest vacancy rates.  Most of our clients are buying newer properties, for a few reasons including this.

If you have any questions about the real estate market in Kitchener Waterloo, or about buying or selling investment property, you can call me at 519 772 4376 or email me.  You can find me on twitter at www.twitter.com/BenjaminBach

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Investing in New Construction Real Estate in Waterloo Region

Over at our real estate investment site, we’ve posted a video q & a about investing in new construction condominiums and condo townhouses.  The questions I’ve been asked by Investors about these are pretty similar in most cases, so I thought I’d let you in on the chat.  Click play:

What questions do you have about new construction, or about investing in real estate in general?  Leave them in the comments, let me know on twitter @benjaminbach, add me on facebook and send me a msg, or email me at Benjamin@BenjaminBach.com (you can also call me directly at 519 772 4376).

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Open House Weekend – Kitchener Waterloo Homes For Sale

Here’s another Keller Williams Realty Open House Extravaganza. We’re painting
the town red!

Please consider visiting these fine homes and tell the
Realtor that I sent you!

$215,000 ~ 33-12 Holborn Drive, Kitchener ~ Saturday Jan 10th 12-2pm
WOW! 1200 sq ft open concept condo in Stanley Park! 3 bedrooms, 2 parking spots. http://www.Kitchener-Condos.com for more

$259,000 ~ 85 Glenview Ave, Cambridge ~ Sunday Jan 11th 2-4pm
This great 4 bedroom home is nicely situated near one of Cambridge’s finest parks. Go to www.85Glenview.com for a visual tour.

$184,900 ~ 83 Mooregate Cres, Kitchener ~ Sat/Sun Jan 10th & 11th 2-4pm
A great investment opportunity! Only 7 years old, this 3 bedroom, 3
bathroom house is open concept, and a single car garage. All appliances
are included, close to all amenities. MLS # 0847317

$284,000 ~ 196 Vermont Street, Waterloo ~ Sat/Sun Jan 10th & 11th 2-4pm
Cozy, updated bungalow in desirable Waterloo location. Close to
schools, shopping and expressway! Great for young families and empty
nesters. MLS 0847302

$219,900 ~ 391 Lee Circle Waterloo ~ Sunday Jan 11th 1-3pm
Lincoln Village bungalow, finished recreation room, parking for 4 cars, newer vinyl flooring, eat-in kitchen, large shed. MLS

$339,000 ~ 23-545 Laurelwood Drive Waterloo ~ Sunday Jan 11th 2-4pm
Gorgeous bungalow condo, end unit with 9’ ceilings, gas fireplace,
hardwood floors in living room and dining room, double size deck,
professionally finished recreation room, sound attenuated common walls,
vaulted ceiling, inground sprinkler system. MLS

$249,900 ~ 325 Martindale Cres, Waterloo ~ Saturday Jan 10th 2-4pm
Quiet, mature neighbourhood. Large fenced yard, Close to Universities. MLS# 0844184

$340,259 ~ 590 Goldthread St, Waterloo ~ Saturday Jan 10th 2-4pm
Open concept, brand new home 3bed/3bath immediate occupancy Close to schools. MLS# 0834331

$549,900 ~ 557 Leighland Dr. Waterloo ~ Sunday Jan 11th 2-4pm
Custom built home with 4 B/R up + 1 down. Walk out basement with in-law potential. MLS# 0837624

$229,900 ~ 54 Tamvale Cres, Kitchener ~ Sat/Sun Jan 10th & 11th 2-4pm
Newly renovated semi on quiet crescent. Close to schools and shopping.
Walk out basement to stone patio and fenced yard. MLS# 0847365

$212,100 ~ 170 Coach Hill Dr, Kitchener ~ Sunday Jan 11th 2-4pm
Move in condition with 166 foot deep fenced lot and huge deck. MLS# 0844537

$444,900 ~ 348 Wyecroft Bl, Waterloo ~ Saturday Jan 10th 2-4pm
Priced to sell. Fabulous Beechwood home 4 bed/3 bath. Gardeners delight, waterfall and pond. MLS# 837856

$259,900 ~ 306 Westmeadow Dr, Kitchener ~ Sat/Sun Jan 10th & 11th 2-4pm
Brand new home. 3 bed/2 bath with Great room above garage. Immediate occupancy. MLS# 0844580

$298,000 ~ 40 Renner Drive , Cambridge ~ Sunday Jan 11th 2-4pm
Lovely open concept Hespeler home with walkout basement; Master bedroom
with walk in close and ensuite bath. Unspoiled basement; minutes to
401. MLS# 0847113

$244,900 ~ 50 Farrier Place, Kitchener ~ Sunday Jan 11th 2-4pm
Fantastic bungalow on quiet cul-de-sac with 2 walkouts; wood fireplace
in rec room with walk out to huge pie shaped lot; double drive, single
garage. MLS# 0847280

$264,900 ~ 15 Highpark Drive, Kitchener ~ Sunday Jan 11th 2-4pm
Fabulous bungalow on large lot with inground salt water pool; carpet
free; large rec room with bar and pool table included; 2 sheds, one
with hydro. MLS# 0841672

$270,000 ~ 1117 Copper Leaf Cres, Kitchener ~ Sat/Sun Jan 10th & 11th 2-4pm
3 bedroom, 3 bathroom home in Laurentian West. Finished top to bottom. Immediate possession available. MLS # 0911040

$229,900 ~ 209 Samuel Street, Kitchener ~ Sat/Sun Jan 10th & 11th 2-4pm
East Ward! Beautiful old world charm in desirable neighbourhood. Single detached 3 bedroom,2 bathrooms, recent finished
basement, updated electrical, plumbing, furnace and central air. Just move in!

329 Northlake Dr unit 9, Waterloo ~ Sat/Sun Jan 10th & 11th 2-4pm
Perfect for First time Buyer or investor condo, 2 Bedrooms 1 Bathroom,
one level, controlled entry, close to shopping, Transit and Highways.

$250,000 ~ 419 Rittenhouse Road, Kitchener ~ Sat/Sun Jan 10th & 11th 2-4pm
Finished basement. Gas Fireplace single garage.

$250,000 ~ 110 Weber Street South, Waterloo ~ Saturday Jan 10th 2-4pm
Huge master, rental potential, detached garage.

$500,000 ~ 27 Paul Ave, Roseville ~ Sunday Jan 11th 2-4pm
1/2 acre lot, 3,200 Sq. Ft. 4 gas fireplaces.

$310,000 ~ 606 Manchester Road, Kitchener ~ Sunday Jan 11th 2-4pm
4 bedrooms, hardwood throughout, Rosemont Gem!

$214,900 ~ 257 Snyder’s Rd E Baden ~ Saturday Jan 10th 11-1pm
Beautifully decorated 3 bedroom, 2 storey home, ceramic floor in entry,
kitchen and powder room. Hardwood floor in living room, awesome 156
foot lot!

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If you’d like to see any of these beautiful homes, but can’t make the open house this weekend, email me or call me at the office – 519 570 4447

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Kitchener Waterloo’s Favourite Real Estate Agent** wants to show you how Investing in Real Estate can make you wealthy and build financial freedom and security for you and your family. Benjamin works with people from all across Ontario, Canada and the world helping them build wealth through smart real estate investments.

Benjamin is a Sales Representative, and runs the Wealth Team at Keller Williams Golden Triangle Realty in Kitchener Waterloo.

He’d love to answer any questions about buying, selling and owning a residential, or income & investment property in the greater Waterloo region.  To start on a plan to invest, email Benjamin today.

You can reach Benjamin at Benjamin(AT)BenjaminBach.com or call him at 519 570 4447

**Gold Award, Kitchener Waterloo Record Readers Select Awards 2007