what`s going on in London, Ontario?

[MiguelMartinez]

Hi folks, my wife and I have been away for a few months doing an adoption abroad and we are now back.

what are some of the news happpening in the London area? I tried to follow up with the mailings and when we could online.

Any of the investors in that area, some info would be appreciated.
Best regards,

 

[Kimberly]

Welcome back... and with such awesome news!

The London real estate market is offering some great deals... refinished 3 bedrooms townhouse condos in the $129,000 price range, apt condos from $89,000, single family brick 3 bedroom homes for $165,000 duplexes $145,000+... as we know, London doesn`t play in the highs and lows of the shifting economy... relatively stable throughout. A city of 388,000.. great university and college town... awesome deals there if that`s what you`re into... new housing developments in every corner of London... softened up over the past 6 months but still great deals on 2 storey new 1400sq ft + from $239,000.

As part of SouthWestern Ontario, we`ve been caught up in the softening of the automotive industry, but London is well diversified, which explains the steady go. As my husband is an income property owner as well as a real estate agen in London, the lisitings that come up daily as well as the number of solds are showing a promising spring market. Seems to be a spurt in the first time buyers as well... something to do with a 2.5% prime perhaps.

Although the area around has been hit with some major layoffs eg St Thomas closing of Sterling truck plant, delay in bringing on additional line in Woodstock Toyota plant, London`s focus on hospital/health care, education, digital gaming companies, aircraft manuf etc make it diversified from the auto industry. The city council is licking its lips with the $120 million injection ($40m from federal, $40 m provincial just announced in yesterday`s budget, whitch matches their $40m), to be spent on infrastructure, road, sewers etc.

Never a top ten town... maybe 11th or 12th... close enough for me.

Maybe we can meet up at ACRE in a few weeks.

Kimberly

 

[Andrew Benedict]

If you guys are following the licensing of rental properties here is a message i got from LPMA........The Planning Committee passed a motion to extend the tenant tax to properties of 6 units or less and also tabled a proposal to extend it to all tenants in buildings of up to 5 storeys. City Council votes on the bylaw at their meeting that will be held at City Hall on Monday, March 30[sup]th[/sup] at 5:00 pm. We encourage you to attend the meeting. The public won’t be allowed to speak but your presence will send a message.

 

[jessebowness]

Great run down Kimberly!
Thanks!

 

[londontrump]

QUOTE (AndrewB12 @ Mar 27 2009, 07:37 PM) If you guys are following the licensing of rental properties here is a message i got from LPMA........The Planning Committee passed a motion to extend the tenant tax to properties of 6 units or less and also tabled a proposal to extend it to all tenants in buildings of up to 5 storeys. City Council votes on the bylaw at their meeting that will be held at City Hall on Monday, March 30[sup]th[/sup] at 5:00 pm. We encourage you to attend the meeting. The public won`t be allowed to speak but your presence will send a message.


Andrew, where can I get more info on this?

ok, i just read up on this new "tenant tax", I think all investment property owners need to write city council with their concerns. This is a huge deal, and from both tenant, landlord, housing market, and local economy. First of all, I`m not a slum lord, but these types of properties keeps people off the streets. If you have the city enforcing these landlords to pay additional fees and expenses number one will raise rents forcing the ones who can not afford it into government housing. 2, Investors are going to steer away from investing in London and move towards other cities like Kitchener/Waterloo/Guelph. This will have a major effect on the local housing market. End result, higher living expenses for renters & decreasing housing market. I think City counsel should spend more time on influencing new business`s and growing our economy. Times are tough enough, Not the right time to introduce controversy in our Local economy.

 

[Andrew Benedict]

Hey, just send me an email and i can get you some more info.
[email protected]

Thanks,
Andrew

 

[westboundventures]

I have a friend who has been investing in London, ON for a few years now and has done fairly well. However, he is very dissatisfied with his current realtor.

He is looking for a new realtor in the London area who specializes in residential investment property. (REIN-trained is even better!) Can anyone give me some referals?

Thanks very much,

 

[Kimberly]

Peter:

As a London REIN investor, I`ve used Richard Miller, a real estate agent in London with Realty Executives - he owns investment residential properties in London as well as Ottawa way, REIN trained, and works/worked with investors - both REIN and non REIN. He has a background in mechanical engineering as well so he can offer some great insight and suggestions on properties being considered. Best to have your friend call Richard and see what an asset he can be on his team..cell...519-868-8328. PS He`s my husband as well.... no bias here!!

 

[westboundventures]

QUOTE (Kimberly @ Apr 14 2009, 06:34 PM) Peter:

As a London REIN investor, I`ve used Richard Miller, a real estate agent in London with Realty Executives - he owns investment residential properties in London as well as Ottawa way, REIN trained, and works/worked with investors - both REIN and non REIN. He has a background in mechanical engineering as well so he can offer some great insight and suggestions on properties being considered. Best to have your friend call Richard and see what an asset he can be on his team..cell...519-868-8328. PS He`s my husband as well.... no bias here!!

a little bias is OK!! He sounds like the type of agent my friend needs, thank you for the referral.

 

[MiguelMartinez]

Great info thanks guys!!! It`s good to see the old London gang still around. Let`s keep in touch.
Peter, please let me know if your friend is looking for residential or commercial, feel free to call me for more info. Kimberly`s husband is good as well.
Best regards,
Miguel

 

[MikeMcC874]

QUOTE (MiguelMartinez @ Apr 17 2009, 03:43 PM) Great info thanks guys!!! It`s good to see the old London gang still around. Let`s keep in touch.
Peter, please let me know if your friend is looking for residential or commercial, feel free to call me for more info. Kimberly`s husband is good as well.
Best regards,
Miguel

So does this `London gang` ever get together?

I would love a chance to meet some of you, maybe buy you a coffee and ask dumb questions...

Mike