Upcoming Loft and Condo Developments in Downtown Kitchener
By Warren McNeil,
We have been contacted recently by a few people who are thinking about moving into the Kitchener Downtown Core because of a couple of upcoming developments. These new developments are the “City Centre Condominiums” which is being developed by Andrin Homes award winning builder of the Kaufman Lofts and the Arrow Lofts which are being built by Auburn Developments. These new upcoming developments in downtown Kitchener are going to be happening in the next couple of years. Here is a quick breakdown.
The Centre Block Development by Andrin Homes is a multimillion dollar redevelopment of the centre block. This new development is expected to breathe new life into the downtown area. Andrin homes proposes a mixture of residential development, ground floor retail and connected private and public outdoor spaces.
The Arrow Lofts are a factory conversion of the old Arrow Shirt factory. Here is a breakdown of what the lofts will be like:
converted factory with 134 units
16 storey building with 184 units
900-1300 sq.ft
12 foot ceilings
top floor units are proposed to be 2 bedroom units with a nice view of downtown Kitchener and Victoria Park
Here is a quote from Auburn Developments about the new Arrow lofts that are going to be built:
“Combining Kitchener’s rich heritage with modern, spacious design, Arrow Lofts will see the conversion of the former Arrow shirt factory into a beautiful residential space. Located on Benton Street, this exciting two-phased development will include 134 units in the converted factory, and 184 units in the new 16-storey building just to the west. Ample parking and nearby amenities will make Arrow Lofts the perfect base to take advantage of Kitchener’s vibrant city life.”
In addition the afformentioned developments, there is also the Tannery District which I mentioned the other day in a blog post…
“The Tannery District“. The redevelopment of this property was a result of the city’s 30 million investment in the new U of W’s School of Pharmacy which is located nearby. The Tannery District will be filled with restaurants, retail and office space catering to emerging technology. The Tannery’s central courtyard will be a venue for special events and festivals.
These new developments are really going to help transform the downtown core. In five years, downtown Kitchener is going to look alot different. If you don’t want to wait for these condominiums to be built, there are plenty of resale lofts and condos available.
Today I am going to talk to you about a few things you need to do before shopping for a home. Buying a home is probably the single largest investment that you will ever make in your life so it is very important to understand the entire process. The following tips will help save time, money and headaches.
Number 5: Employment: It is very important to ensure that you have solid employment before buying a house. You should also try and keep your debt in check and to make sure that you aren’t overextending yourself. Maintain good credit so that you will be able to get a mortgage.
Number 4: Down payment: When buying a home, you will require down payment. You should save up at least 5% of the cost of a house as well as a little extra for closing costs such as lawyer fees, land transfer tax and a home inspection.
Number 3: Pre-approval – By getting pre-approved, you will know exactly how much you can afford so you don’t waste your time looking at houses that are above or below your price range. The other reason to get preapproved is so you can lock in an interest rate so that if the interest rates go up you will already have the best rate.
Number 2: Choose a good realtor to help you through the process. Buyers are able to choose a real estate agent the same way sellers can. The goal of a seller’s agent is to sell the house for the highest amount of money with the most favourable terms. Likewise, the goal of the buyer’s agent is to help the buyer purchase the house for the lowest price with the most favourable terms. Working with your own licensed realtor will ensure that you are not taken advantage of. A buyer’s agent will be able to tell you what the other homes sold for in an area as well as protect you with special offer conditions. They will also negotiate price and all the terms of any offers. Don’t risk buying a home without your own buyer’s agent.
And the Number 1 thing to do before shopping for a home is:
Determine your Wants and Needs: Work with your buyers agent to create a list of everything you want in a home. Some things to consider are: Area, Size, the total number of bedrooms & bathroom, the age of the house and the style of the home. Sometimes you need to look at a few houses before you find the one you like. Knowing what you want can help reduce the time it takes to search for a new home.
Shopping for a new home can be an exciting adventure. If you follow the tips above, you will be better prepared to start shopping for that perfect home.
If you are thinking about buying a house in the Waterloo Region and you would like to get started with this exciting adventure, please visit our website at www.clickthathouse.com or call us at 519-498-8118. Thanks for watching and see you next time!
We are a full-time real estate team in Waterloo Region, Woolwich & Wellesley Townships. We enjoy assisting buyers and sellers with the purchase or sale of real estate in the Kitchener-Waterloo, Cambridge, Elmira, Wellesley, Wilmot, Drayton and everywhere in between. If you would like us to help you with your home search, please check out our brand-newfree search website or if you are thinking of selling, get a free market evaluation.
This is a question that gets asked almost every day. However the answer is a lot more complicated then just saying “it’s good” or “it’s bad”. Each area of the Kitchener-Waterloo real estate market is different. For example, according to the KW real Estate Board, condos in Kitchener-Waterloo had an increase in 2009 of 2.2% over 2008. Freehold condos increased by 2.2% and single detached homes increase was 0.3%.
In order to get a really accurate evaluation of the market, we need to isolate the area that you are most interested in. For example, lets look at freehold condominiums in Waterloo West less then 10 years old. The next thing we do is pull up all the freehold townhouses that sold within the last year. Feb 1, 2009 – Feb 1, 2010. I get the following information.
Freehold Condominiums in Waterloo West less then 10 years old (Feb 1, 2009 – Feb 1, 2010)
units sold 83
average sale price: 249,500
average list to sale price ratio: 98%
average days on market: 38
Now lets do the same comparison for Feb 1, 2008- Feb 1, 2009
Freehold Condominiums in Waterloo West less then 10 years old (Feb 1, 2008 – Feb 1, 2009)
units sold: 59
average sale price: $250.439
average list to sale price ratio: 99%
average days on market: 62
As you can see there is quite a bit of difference. Last year, there were 30 more freehold condos sold then in the same period in 2008. The average sale price was pretty much the same. In 2008 the list to sale price was higher then 2009. The average days on market was alot better in 2009 then in 2008.
What’s my point here? Well it’s simple, each area of the market require seperate analysis to get truly accurate data. From now on, my response when somebody asks the question, “How’s the Kitchener-Waterloo Real Estate Market?” will be, it all depends on what information you are looking for. For Kitchener-Waterloo as a whole, I would say great!
Anyways, thanks for reading!
We are a full-time real estate team in Kitchener Waterloo area. We enjoy assisting buyers and sellers with the purchase or sale of real estate in the Kitchener-Waterloo or Cambridge areas. If you would like us to help you with your home search, please check out our brand-newfree search website or if you are thinking of selling, get a free market evaluation.
Filed under:
Condos and Lofts — Tags: andrin homes, arrow, auburn developments, center block condos in downtown kitchener, condominiums, downtown kitchener condos, kaufman lofts, kitchener waterloo apartment style condos, new developments, revitalization of downtown kitchener —
wmcneil @ May 20, 2010 4:58 pm
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