Brad,
Great points - thanks! I`d be looking at getting into something (single-family, townhouse) in the next 3-4 years and starting my practice...my timing could be great (would a basement rental suite be a good idea)? I think the tear down/rebuild idea is intriguing - but not following the economic fundamentals...this could be risky! All in all, I`m really excited for this area and will watch it closely. I`m walking distance to Bronte Harbour...those townhomes are beautiful!
- Matt
QUOTE (brad @ Sep 29 2009, 07:50 AM) I live on Bronte so I may be a little biased, but I also see what is going on here every day. Between driving to and from where ever, and giving my dog crazy long walks, I know this area very well.
Original owners (homes build in late 1960`s and early 1970`s) are on there way out of the area and young families are snapping up the homes. Knock downs, additions and renovations are all over the place. You can`t drive down many streets in the area and not see a dumpster bin in a few drives.The "Shores" condos are definitely a big boost to the area, but there is so much more going on. The power center and movies @ QEW/Burloak, closing of the Petro Canada refinery, on/off ramps/bridges @ Burloak and Bronte and 3rd line, Hopedale mall is getting a face lift, work/live townhomes on Lakeshore, big fancy (700k plus) townhomes that were but up on Marine Dr. across form Bronte Harbour boat club, Sobey`s mall is getting demolished and 2 condos going up. I could go on, but you get the point.
If you already live in Oakvile you will benefit from the ripple. BUT, if you are considering buying a principle residence in Oakville I don"t know why you would consider any other part of Town. The homes here are unique and COME WITH LAND AND TREES. I can`t stress how appealing the lot size and mature trees are. New sub divisions have a billion homes in them, they all look the same, narrow roads, small lots, no trees, tight driveways, been there done that!
For the comment that this area is very expensive, consider the surrounding homes along Lakeshoe, east into Oakville, and west into Burlington. The 400k to 500k for a single family home on a 60` wide and 130` deep (minimum) lot, and you are getting insane value. You don`t have to drive 2 km either direction and you are surrounded by homes that hit the high hundred thousands all the way up to a very common 1.5-3 million.
For a principle residence, this is an absolute jack pot, for an investment you would be looking at going tear down and re-build, The #`s don`t work well here for a "typical" rental.
Just my 2 cents.
Brad