QUOTE (JimWhitelaw @ Jan 11 2010, 02:11 PM) Hi,
I`m looking at a potential quick turn opportunity in Edmonton, but I don`t know the neighborhood well. I can`t tell if it`s a decent location for re-gentrification or a potential war zone.
The location is in Parkdale, 115 st & 85 Ave, just north of Fort Road.
Anyone familiar with this area? What do I need to know about Parkdale?
Thx.
We live in Delton which is north of 118th ave and west of 82nd street. We also own a number of condos along 82nd street and one in Montrose (118th east of Wayne Gretzky Drive/Fort Road).
Despite its rough edges, we really like the neighbourhood and for the most part, we`ve been very happy with our condos.
That said, you don`t choose to live in that neck of the woods: you just end up there. When my then-girlfriend (now my wife) was looking to buy for the first time, Delton was what she could afford. I`m sure given her dithers, she`d have chosen a location that`s a little more refined.
We`ve been very happy with our tenant profile but it`s a lot of work. I`m on three condo boards to ensure that the complexes are kept up and maintained and that we do everything in our power to keep out undesirable elements. Our suites have been renovated and we need to keep on top of any little repair so that the properties show exceptionally well. We go out of our way to be friendly and cordial so that tenants realize they`re not just getting one of our beautiful suites, but that they`re also getting awesome landlords. They need to see the value of living in a less desirable neighbourhood.
I`m more of a long-term guy so I don`t know how much weight you want to give my flipping advice but I think the key to a successful flip in that neck of the woods will depend on you presenting the property in such a light that buyers are willing to sacrifice the location.
It`ll have to be priced exceptionally well and it`ll also need to show exceptionally well. I also think you`ll really need to be able to justify it to buyers. What does this property deliver that justifies buying in an undesirable neighbourhood?
I think it`s possible to make money short-term down there but you`ll need to get it at the right price, have a clear, reasonable plan that you`re able to follow, and then market the hell out of it.
Best of luck.