Quote:
Originally Posted by FairHamilton
I would expect that houses in the lower city to remain stable with some steady increases in pricing.
I think you'll find greater differences in market conditions (pricing ups and downs) between the lower city and the 'suburban' areas, than market differences between different lower city neighbourhoods.
I think the lower city is somewhat protected from pricing decreases as the prices are already low vis-a-vis what you get for your money. That coupled with higher fuel prices and ready access to services (i.e. transit, healthcare, stores, etc) protect the lower city prices.
$200K would buy a nice sized home in an nice area that is rapidly gentrifying like my neighbourhood just east of Sherman between King & Main. You'd get a south address (more desireable) and be a stones throw from the very nice neighbourhood of Blakely. Close the the King and Main Steet transit corridors.
I think $140K would put in you on the North side of King which has a lot of neighbourhoods that while a little rough around the edges are also gentrifying. My friend paid $97K (I think he overpaid by $6K - 7K) for his home in the Wentworth & Barton area 18 months ago and 2 of his neighbours homes are on the marke to for $135K now. He's thinking of putting his on the market at $139K, but he will only break even after all improvements and fees are taken into account.
It's worth noting that any house, no matter where you purchase, will need a budget of at least $10K for improvements, and more likely $15K - $25K depending on condition. There is all kinds of work being done all over our neighbourhood, new roofs, new windows, new electrical, new porches, etc...... There's hardly a street without at least one house having a dumpster out front.
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I know someone who just bought in the Cannon/Sherman area for $159,000...and someone else who bought on the same street/almost identical home (but not nearly as nice inside) for $165,000 3 months later.
Granted, the first house seemed to be a good deal. Apparently it was.