[quote user=ThomasBeyer]1000 m in snow and ice is a long distance.
2 LRT stations is better than one, but not a lot better.
McCauley is a crappy area in transition, good and bad within a block, so the LRT line is less relevant here than the exact location.
This area in Edmonton will eventually get better, but that might be 10-15 years out. Many sub-locations in McCauley are horrible today, like downtown east side Vancouver, THE worst part of Edmonton. How close are you to River Valley ? It will get better with the new stadium and other initiatives but it will be a decade at least until this becomes a desirable/trendy area. Aim for a ten year hold with cahs-flow, and you will be OK in 2023 !
Thanks for your LRT distancing opinions. However, my question had much less to do with McCauley perceptions and opinions than it did with distance to LRT.
The area simply is not as bad as it was - is it fantastic? No, but as you said, it is an area in transition. It's also not an area for the more mainstream investor...
I am absolutely pleased I purchased when I did...before any major announcements - I have been watching this area for years and the number of detached single family homes/bare lots/commercial for sale in Queen Mary Park, Central McDougall, McCauley, Boyle Street are the lowest they have ever been - there is not a lot of selection.
As it stands, I generate $1,000 a month free and clear of my mortgage, taxes, utilities etc. Renters really do want to be in this area, and if I could copy and paste the amount of responses for the main-floor and the basement suite when I advertised them for rent...it was mind boggling the response. A Professor from Concordia, Nurses from the Royal Alexandra, Social Worker from the NE Medical Centre, professionals from DT, families with small children, people from Ontario, people from BC, people from everywhere...it was insane and they all came cash in hand for the deposit.
I would have to completely agree with you 10 year assessment - the neighbourhood will be completely unrecognizable in 2023
http://www2.canada.com/edmontonjournal/news/story.html?id=8b0ce032-4ee1-4ed7-9c21-0b8655bfb7f9
University of Alberta Economists/Researchers Brad Humphreys and Xia Feng:
"A new state-of-the art facility integrated in a comprehensive urban redevelopment program and located in the heart of a large city might be expected to generate increases in residential property values near hundreds of millions of dollars within a mile of that facility, if the location, planning, construction, and development is carried out carefully," the study states.
http://www.reincanada.com/real-estate-news-view/articletype/articleview/articleid/217/neighbourhoods-near-edmonton-airport-proposed-arena-fertile-ground-for-real-estate-investors-author-says.aspx
Don Campbell:
"If shovels hit the ground on a new downtown Edmonton arena, real-estate investors should dig around area neighbourhoods for house-buying opportunities, says real-estate author Don Campbell."
He says once those projects start, savvy investors will buy properties in the surrounding areas, `and then let the tide raise the boats together.`
http://www.reincanada.com/rein-research-reports/articletype/articleview/articleid/111/edmonton-2010-upate-the-impact-of-transportation-changes-on-real-estate.aspx
Don Campbell and Cutting Edge Research:
"Edmonton transportation improvements will deliver a 10%`20% enhancement of real estate values in the regions most affected. In the future, these areas will outperform the rest. If the market goes up everywhere, these areas will increase by about 10%`20% more. If the Edmonton values drop, these will drop by 10%`20% less.
With the completion of the Anthony Henday Ring Road and the extension of the LRT, real estate prices in key neighbourhoods (listed below) will increase more quickly than other regions of the city due to improved transportation linkages. Improved accessibility drives real estate demand.
Second Tier: Areas which will also feel a strong positive impact with one of the major improvements significantly increasing long term demand: South Mill Woods, Pleasant View, Lendrum, Jamieson, Glastonbury, McCauley, east Queen Mary Park, McDougall, Spruce Avenue, and Prince Rupert.
http://en.wikipedia.org/wiki/McCauley,_Edmonton#Revitalization for a list of what's currently going on in the neighbourhood.
This doesn't count things like the Royal Alexandra Museum, The Quarters, the Performing Arts building north of the RAM, the Edmonton Remand Centre closing...this area is definitely in transition and it is definately an area for consideration for investors whom like to roll the dice a little more than the average investor.
Again, thanks for the LRT opinions...
