When Buying a Condo in London Ontario, Are Buyers Still Overpaying?

Are buyers still overpaying when buying a condo in London Ontario? In 61% of the time, yes!

Overpaying for real estate in London Ontario over the past few months is happening quite often and I have heard the following from buyers and their Realtors.

do not overpay for a home in London Ontario

 

  • “There is nothing I can do about it”.
  • “That’s just the way the real estate market is right now.”
  • “It is what it is”
  • “Get with the times”

Really? So, you are just going to sit there and take it?

Learned helplessness is a condition in which  buyers adapt to a scarcity mindset,  with the fear of loss being huge and instant gratification a must & not thinking of the second and third consequences of overpaying for a home in London Ontario and feeling that there is nothing they can do about it.

That their offer and the acceptance of the offer is totally out of their control.

Yes, the real estate market in London Ontario is vibrant and as a home owner, that is quite positive, yet the consequences of overzealous buyers and their Realtor’s actions will have a negative long term  effect , as history has proven over and over and that the axiom “What goes up must come down”, holds true.

As a home buyer in London Ontario, you have choices and there are strategies you can take to ensure you do not over pay and get caught up in the frenzy.

Let me know if you do not want to overpay, I won’t let you!

Selling a Townhouse In London Ontario Quicker?

When thinking about selling a townhouse in London Ontario & area, where do you start?

Ask about selling a condo in London Ontario

When do you start?

Is there a difference if it is a townhouse or an apartment?

A freehold or a regular condo corporation?

How would you feel if you knew some surefire ways to prepare before selling a townhouse or a town home or an apartment condo in downtown London, if you knew about the timely steps to take, the questions to ask, the caveats to be aware of?

From experience of selling 100’s of condominiums in London Ontario, this will get you thinking and keep you on track before, during and after you list your condo for sale on MLS

   Here it Is!

 

Searching For London Ontario Condos To Get The Right One

As another way of helping past clients, they said that learning about how they went about searching for London Ontario condos, helped them make  wise decisions and a good financial choice.

Would it be of benefit to you to if you could get what I call ‘market education’, (to look at 3-4 properties that are similar to  what you are looking for,  not to make an offer or buy  on any of those 4, but to learn a little about the market?

take my car

Then, when you are ready, you will know what to expect and to better clarify your wants & needs.

As well, I will leave you with a 40 page in-depth buyer manual loaded with tips and ideas, from the just looking stage to the day you move in.

There is no obligation on your part, no signing anything, just an old fashion face to face meeting that again, past clients said really helped them.

Again, we see 3 or 4 places, the idea is not to buy these but to get to know what you can buy for your money.

Again, let’s go look at a few and keep your cheque book at home!!!!!

PS:

  • No signing anything
  • No blah blah blah stuff , such as ,”we’re #1, we sell gazillions of homes, 
  • No, “I’m a miracle worker and can find your dream home for 1/2 price
  • No begging ,” Please buy from me or they are going to take away my house, kids and Mercedes!
  • No  BS 
  • No coffee, tea or lunch (if you are not bringing your chequebook, I’m not buying either!)

Searching For a Condo In London Ontario With No Luck?

Are you spending countless hours searching the MLS, real estate magazines, weekend classified ads and real estate websites looking for the ideal condo in London Ontario & area, be it an apartment in a high rise, a two storey townhouse or a detached town home , that is within your price range and in a good neighbourhood in London Ontario?

searching for a condo in London Ontario

Going to Open Houses? Going To Builder’s Models?

Have you missed out on some because they already have an offer or were sold before you even knew about it being for sale?

You may be missing out on some great condos that sell in a day or two or one that was priced so   agressively that it sells as soon as it comes on the market or in a specific area?

Is all that searching working for you  or is that you wish to avoid a pesky or bothersome real estate person (don’t blame you)?

Or, perhaps you are curious or you are in the ‘just thinking stage’ of real estate. Perhaps to purchase or sell.

Regardless, like fashion, real estate changes fast, people change, neighbourhoods change, real estate markets change and the motivation of buyers and sellers change.

So how do I, as a real estate professional, as a Broker of Record and Owner keep you, the curious, the maybe, the must have by the end of the month, the retiree, the downsizer, the upsizer, the DINK’s (double incomes,no kids), the tire kicker, deal maker, bread winner or just plain ready to move informed about real estate in London Ontario?

My asociates and I view a lot of houses and condos every week. We do loads of searches daily for clients, we are constantly researching properties, even For Sale By Owners.

we find houses in London Ontario

As professional house hunters in London we know the jungle, the alleys, the streets, avenues, crescents  and can guide you on the right path to ensure your purchase is wise & financially sensible.

You won’t have to jump off any cliffs, scale any mountains, wrestle a crocodile, put up with a pushy real estate salesperson, cross-eyed lawyers, impotent mortgage lenders, near sighted home inspectors, all you have to do is put up with us!

  These folks did and they are still with us!

Frustrated Finding London Ontario Condos?

Are you spending countless hours searching the MLS, real estate magazines, weekend classified ads and real estate websites looking for the ideal condo, be it an apartment in a high rise, a two storey townhouse or a detached town home , that is within your price range and in a good neighbourhood in London Ontario?

searching for a condo in London Ontario

Going to Open Houses? Going To Builder’s Models?

Have you missed out on some because they already have an offer or were sold before you even knew about it being for sale?

You may be missing out on some great condos that sell in a day or two or one that was priced so   agressively that it sells as soon as it comes on the market or in a specific area?

Is all that searching working for you  or is that you wish to avoid a pesky or bothersome real estate person (don’t blame you)?

Or, perhaps you are curious or you are in the ‘just thinking stage’ of real estate. Perhaps to purchase or sell.

Regardless, like fashion, real estate changes fast, people change, neighbourhoods change, real estate markets change and the motivation of buyers and sellers change.

So how do I, as a real estate professional, as a Broker of Record and Owner keep you, the curious, the maybe, the must have by the end of the month, the retiree, the downsizer, the upsizer, the DINK’s (double incomes,no kids), the tire kicker, deal maker, bread winner or just plain ready to move informed about real estate in London Ontario?

My asociates and I view a lot of houses and condos every week. We do loads of searches daily for clients, we are constantly researching properties, even For Sale By Owners.

we find houses in London Ontario

As professional house hunters in London we know the jungle, the alleys, the streets, avenues, crescents  and can guide you on the right path to ensure your purchase is wise & financially sensible.

You won’t have to jump off any cliffs, scale any mountains, wrestle a crocodile, put up with a pushy real estate salesperson, cross-eyed lawyers, impotent mortgage lenders, near sighted home inspectors, all you have to do is put up with us!

  These folks did and they are still with us!

363 Colborne St Downtown London Ontario Condos

363 Colborne St Downtown London Ontario condos

              363 Colborne St London Ontario  indoor pool

363 Colborne St is a 26 story condo building in downtown London Ontario and part of the Colborne Centre, which includes 323 Colborne St .  Minutes’ walk to some of the finest restaurants in London, Covent Garden Market, Budweiser Gardens, Victoria Park. You can  take a stroll down to the farmers market, downtown festivals and enjoy plays and activities at the Grand Theatre.

This downtown London Ontario apartment condo building has:

  • Underground Parking
  • Guest Parking
  • Controlled Entry
  • Surveillance System
  •  Public Transit
  • Elevator
  • Ensuite Laundry
  • Swimming Pool
  • Hot Tub
  • Exercise Area
  • Tennis Courts
  • Balcony / Patio
  • Large Closets / Ensuite Storage
  • Cable
  • In 2017, 16 apartments were sold through our MLS, from as low as $125,000 to as high of $200,000, these took about 30 days to sell and sold for 98.35% of the asking price.  I have prepared a 29 page report showing these 16 sales which includes prices, amenities and quite a few ideas on saving time and money if you were considering buying an apartment or thinking of selling your downtown apartment condo, you can download these reports here
  • Other apartment condos for sale in London Ontario

 

Year 1 bedroom average price 2 bedroom average price
2016  $145,375  $167,188
2015  $136,000  $148,233
2014  $134.000  $162,464
2013  $126,100  $159,040

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Shortage of Condos For Sale London Ontario

There is a real shortage of condos for sale London Ontario including townhouses, town homes and apartment condos!

The London and St Thomas Association of REALTORS® (LSTAR) announced 400 homes were sold in January, down 28.8% from January 2017, which held the record for best January results since.

London Ontario Real Estate Market Graph

Why were sales down?

Very few homes for sale! There were 623 new home listings on MLS, down 31.8% from last January, and there were 1,020 active listings, down 27.7% from this time last year.

Average home sales price continues to rise across London and St. Thomas. The average sales price in the region was $333,424, up 9.8%, London South was $351,167 , up 11.5%, London North was $397,075, up 6.2%, London East, was $294,348, an increase of 32.1% from January 2017.

In St. Thomas, it was $247,135, up 19.7% over last January. 30 homes sold in January in St Thomas, down 36.2% from last year. There were 66 active listings, down 34.7% from last January, and there were 46 new listings, down 32.4% from the previous year.

As you can see, this is a seller’s market. A seller’s market is when there are more buyers than sellers and a lack of good homes for sale.

sellers Market London Ontario

What does this all mean?

If you were ever contemplating selling a house or a condo in London Ontario and area, now is a good time to capitalize on the market. Will the spring be better or worse? Who knows but what I do know, gambling on home prices is even worse than investing or should I say gambling in the stock market, mutual funds, playing the ponies or flipping a coin!

The following chart is based on data taken from the CREA National MLS® Report for December 2017 (Canadian Real Estate Association). It provides a snapshot of how average home prices in London and St. Thomas compare to other major Ontario and Canadian centres.

January 2018 London Ontario Real Estate Market Results

1510 Richmond London Ontario Condos Near Western

1510 Richmond Street London Ontario

1510 Richmond Street  London Ontario is an eight-storey building with covered parking and open parking with 97 high rise apartment condo units consisting of one-bedroom-plus-den, two bedrooms and a few three and four-bedroom units.

Called “Wyndham Place” , these  apartment condos near Western are sought after as they are only a few  minutes away from the University, London Health Sciences Centre and Masonville Mall and shopping area. 

1510 Richmond Street Lobby

Features:

·         Controlled Entry

·         Exercise Centre

·         Sauna

·         Whirlpool

·         In-Unit laundry

·         On bus route

 In 2017, 14 apartment condos were sold through our MLS system, from as low as $174,000 to a high of $299,000, these that sold took about 34 days to sell and sold for 97.77% of the asking price.

 I have prepared a 27 page detailed report of these activities in 2017, along with valuable advice if you are considering listing your unit for sale and for buyers, how strong do you feel your ability to negotiate would be if you were armed with these facts? Get your reports now!

· In 2016, sale prices were from $170,000 to $210,000

All Condos for sale on MLS in London Ontario

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1600 Adelaide St London Ontario Apartment Condos

1600 Adelaide Street North London Ontario

1600 Adelaide Street London Ontario has a great location and great prices  to make this high rise condo apartment building in London Ontario one of the best values in London. Known as Stoneybrook Towers this well maintained highrise condo building has  one and two bedroom units and when they become available for sale, they do not last long!

  • Bus routes to Western & Fanshawe
  • Sobey’s, Home Depot, Tim Horton’s across the street
  • Visitor parking
  • Exercise Room
  • Party Room
  • In 2017, 6 apartment condos were sold through our MLS system, averaging 103.7% of the asking price and taking about 13 days to sell.
  • I have prepared a 22 page analysis of the 6 units that did sell, with prices , amenities and some helpful ideas. If you are either a buyer or a seller, having this information before you make any decisions will make a huge difference to your bank account! You can get this information now.
  • 2016 Average price for one bedroom $94,500
  • 2016 Average price for a two bedroom $122,900

​  All Condos in London Ontario For Sale on MLS

Other apartment buildings that may be of interest

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Luxury Highrise Apartment Condo Building London Ontario

240 Village Walk Blvd London Ontario

240 Village Walk Blvd London Ontario is a luxury highrise apartment condo building located just off Sunnningdale Road West, off of Richmond Street North and about two kilometers northwest of Masonville Mall & The University of Western Ontario.

240 Village Walk patio

This quality building has a fitness center, indoor pool, billiards room, theatre, lounge and underground parking. The heating and cooling systems are provided through a centralized gas-fired boiler and water cooling method, heat is included in the condo fees.

240 Village Walk Pool  240 Village Walk Fitness Centre

The building has a mixture of one bedroom plus den  and ranging in size between 1051-1111 sq. ft. and two bedrooms plus den are 1402-1804 sq. ft.

There were 14 sales through MLS in 2017, with a low of $294,500 and up to $635,000, these took about 43 days to sell and sold for about 98.3% of the asking price.

I have prepared a 28 page analysis of the building’s activity in 2017, it includes sale prices, amenities and valuable tips! If you are considering buying one of these units or selling one, either way, armed with this information will guarantee a wise decision process. Get your no obligation 28 page report now!

2016 prices started at $265,000 for a one bedroom plus den and depending on the model for a 2 bedroom model around the $359,000 mark and one for $625,000 for a larger 2 bedroom.

240 Village Walk London Ontario

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For current listings and for all condos in London Ontario , go to Vertical Living London Ontario