the42 Condos in Waterloo

Have you see the42 Condos yet?

This mid rise condo development was just completed this year, and has a prominent Uptown Waterloo location at Bridgeport & Peppler.

Momentum Developments is getting a lot of love around Waterloo these days for the release of their new development, RED Condominiums, which debuted last night to a VIP crowd and proceeded to sell out half the building.

the42 Condos on Bridgeport

The residential condos were completed this summer, and the building was registered as a condo last month.  Once a condo building is registered, owners receive title (ownership) and can sell their units on the MLS if they wish.

the42 Condos Resale Prices

Since registration, two condos have sold at the42, and the prices bode very well for everyone who bought back in 2008 during pre-construction.

A 2 bedroom unit was just sold by a private owner, and it sold for $392 per square foot.

A second unit was sold, and it hit $400 a square foot.

the42 Condos have been a very good investment so far – the average price was under $300 per square foot when these were sold pre-construction.

the42 Condo Interior Images

PS – remember these great pics? They’re from a 2 bedroom + den at the42 owned by WonderfulWaterloo member Sampson

the42 condos

Feel like there is more natural light in this kitchen than most other?  You’re right.

The owner of this residence worked with the builder to customize the floorplan, moving the kitchen adjacent to the terrace and it’s wall of windows.  I think it looks terrific – and it’s unique.

Notice the low VOC bamboo floors, just one of the lower impact “green” options that Momentum Developments offered at the42.

the42 Condos For Sale

For pricing & availability of the42 condos in Waterloo, call me at 519-772-4376 or email me directly at Benjamin AT BenjaminBach DOT com.

If you are interested in other Waterloo Condos, let us know what you are looking for. We have a selection of condos available under $200,000, as well as other pre-construction developments.  Whatever type of real estate investment you’re looking for, we can help you with it.

There are currently two units at the42 condos for sale – let me know if you’d like to set up a private tour.

Red Condos in Waterloo has HUGE Opening Night

It’s been a busy day of sales for Momentum Development’s newest Waterloo project, RED Condominiums on King Street at Allen in Uptown Waterloo.

They had a VIP launch last night, and are now over half sold – after just one day!

RED Condominiums in Waterloo by Momentum Developments

RED Condominiums in Waterloo 1/2 Sold Out

Momentum sold more than half the units at RED.

Every unit under $300,000 sold.

Every Studio unit sold. (Pricing was between 218,900 and 241,900)

Every 1 bedroom condo sold. (Pricing was between 257,900 and 344,900)

All but one of the Sub Penthouse residences (fifth floor) sold.

One Penthouse residence sold.

There is a great selection of 1 bedroom + den units, and two bedroom units left – everything else has been sold.

Big congratulations to the team at Momentum Developments – you’ve brought another exciting project to Waterloo, and the market has responded with a resounding ‘Thanks!’

If you’re interested in floorplans, we have them available here:  RED Condo Floor Plans.  If the floorplan you’re looking for hasn’t been added to our site yet, just send me an email & I will send it directly to you.

For pricing information, call me at 519-772-4376 or email me directly at Benjamin AT BenjaminBach DOT com.

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How to Price a Kitchener Waterloo Apartment Building

Value of a Kitchener Waterloo Apartment Building


One of things I find myself talk to real estate investors about these days is how to value a Kitchener Waterloo Apartment Building.  Seems there are lots of people looking to acquire high quality apartment buildings, but there is small supply of these buildings for sale, especially when we start talking about more than 50 units.

Most owners are happy to hold their buildings now  – multi family real estate is a notoriously stable investment during good times and bad (and stable investments are held in higher regard during recessionary times), but buyers are eager to deploy their capital into a stable asset.

This spread between available supply and current demand makes it a great time to sell your Kitchener Waterloo apartment building; case in point, we have recently seen quality multi family investment properties come to market and receive multiple offers in the first few days.

How to Price a Kitchener Waterloo Apartment Building

If you were going to sell your Kitchener Waterloo Apartment Building, how would you price it?

Right now, there is a large difference in ‘per suite’ asking prices for comparable apartment buildings online, with several active multi-family listings being priced considerably higher than comparable recent sales.

(Note: there are some properties, like brand new buildings or luxury apartment buildings, that sell for outside the normal range. For example, see: Two Waterloo Region Apartment Buildings Sell For $45+ million)

Click play to watch this quick video we put together looking at the prices of apartment buildings in Kitchener Waterloo

If you own a Kitchener Waterloo Apartment Building

If you have any questions about the multi-family investment market in Waterloo Region, call me directly at 519-772-4376 or email me at Benjamin@BenjaminBach.com

KW Commercial is your one stop shop for commercial, investment, retail and multi family advice and brokerage in Waterloo Region.  

We have buyers currently looking for a large Kitchener Waterloo Apartment Building – call us to discuss the sale of your property.

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TARGET Coming To Waterloo, London, Cambridge, Guelph, Stratford & Fergus

Big news for the Retail market in WATERLOO Region:

Target Opening in Waterloo, Cambridge, Guelph

That’s right – Target is coming to South Western Ontario in a BIG way!

There are five stores opening within a quick drive of Waterloo Region:

Conestoga Mall

Cambridge Centre

175 Stone Road West, Guelph

Gates of Fergus

Stratford Mall

Plus, 2 in London (Masonville and Westmount), several in the GTA and 2 in Hamilton.

None of the Zellers in Kitchener are being converted in the first round of Target Stores.

This is great news for the local COMMERCIAL REAL ESTATE market, and comes on the heels of the announcement of Apple’s new store in Waterloo.

Here is the full list of Target stores announced in the first round:

The rest of the stores in Canada are as follows:

Alberta
•       Chinook Centre, Calgary
•       Forest Lawn Shopping Centre, Calgary
•       Market Mall, Calgary
•       Shoppes at Shawnessy, Calgary
•       Signal Hill Centre, Calgary
•       Sunridge Mall, Calgary
•       Bonnie Doon, Edmonton
•       Kingsway Garden Mall, Edmonton
•       Mill Woods Town Centre, Edmonton
•       Prairie Mall, Grande Prairie
•       Bower Place, Red Deer
•       St. Albert Centre, St. Albert
•         Sherwood Park Mall, Sherwood Park

British Columbia
•       Abbotsford Power Centre, Abbotsford
•       Metropolis at Metrotown, Burnaby
•       Discovery Harbour Shopping Centre, Campbell River
•       Cottonwood Mall, Chilliwack
•       Coquitlam Centre, Coquitlam
•       Driftwood Mall, Courtenay
•       Tamarack Mall, Cranbrook
•       Scottsdale Mall, Delta
•       Willowbrook Shopping Centre, Langley
•       Haney Place Mall, Maple Ridge
•       Nanaimo North Town Centre, Nanaimo
•       Pine Centre, Prince George
•       Oakridge Shopping Centre, Vancouver
•       Village Green Mall, Vernon
•       Tillicum Mall,  Victoria

Manitoba
•       Shoppers Mall, Brandon
•       Grant Park, Winnipeg
•       Kildonan Place Shopping Centre, Winnipeg
•       Polo Park Shopping Centre, Winnipeg
•       Southdale Centre, Winnipeg

New Brunswick
•       McAllister Place, Saint John

Newfoundland and Labrador
•       Corner Brook, Corner Brook
•       Cabot Square, St. John,s

Nova Scotia
•       Bedford Place, Bedford
•       Mic Mac Mall, Dartmouth

Ontario
•       Durham Centre, Ajax
•       Aurora Shopping Centre, Aurora
•       Bramalea City Centre, Brampton
•       Shoppers World Brampton, Brampton
•       Trinity Common, Brampton
•       Burlington Mall, Burlington
•       Millcroft Centre, Burlington
•       Cambridge Centre, Cambridge
•       Woodbine Centre, Etobicoke
•       Gates of Fergus, Fergus
•       175 Stone Road W., Guelph
•       Centre Mall, Hamilton
•       South Hamilton Square, Hamilton
•       Hazeldean Mall, Kanata
•       Cataraqui Town Centre, Kingston
•       Lindsay Square Mall, Lindsay
•       Masonville Place, London
•      Westmount Shopping Centre, London
•       Milton Mall Shopping Centre, Milton
•       Erin Mills Town Centre, Mississauga
•       Square One, Mississauga
•       Meadowlands Shopping Centre, Nepean
•       Upper Canada Mall, Newmarket
•       1899 Algonquin Ave., North Bay
•       Centerpoint Mall, North York
•       Orillia Square Mall, Orillia
•       Place D,Orleans, Orleans
•       Five Points Mall, Oshawa
•       Bayshore Shopping Centre, Ottawa
•       Billings Bridge Plaza, Ottawa
•       RioCan St. Laurent, Ottawa
•       Hillcrest Mall, Richmond Hill
•       Bridlewood Mall, Scarborough
•       County Fair Mall, Smiths Falls
•       Niagara Pen Centre, St. Catharines
•       Stratford Mall, Stratford
•       Sudbury Supermall, Sudbury
•       Intercity Shopping Centre, Thunder Bay
•       Cloverdale Mall, Toronto
•       Shoppers World Danforth, Toronto
•       East York Town Centre, Toronto
•       Flamborough Power Centre, Waterdown
•       Conestoga Mall, Waterloo
•       Taunton Gardens Power Centre, Whitby
•       Devonshire Mall, Windsor

Prince Edward Island
•       Charlottetown Mall, Charlottetown

Quebec
•       Galeries d,Anjou, Anjou
•       Faubourg Boisbriand, Boisbriand
•       Carrefour Angrignon, Lasalle
•       Mega Centre Notre-Dame, Laval
•       Galeries Chagnon , Levis
•       Place Longueuil, Longueuil
•       Place Alexis Nihon, Montreal
•       Place Vertu, Montreal
•       Terrarium Shopping Centre, Pointe Claire
•       Les Galeries De La Capitale, Quebec City
•       Place Fleur De Lys, Quebec City
•       Place Laurier, Quebec
•       Le Carrefour Rimouski, Rimouski
•       Promenades Saint-Bruno, Saint-Bruno-de-Montarville
•       Carrefour Saint-Georges, Saint-Georges
•       Carrefour Richelieu,  Saint- Jean sur-Richelieu
•       Carrefour du Nord, Saint Jerome
•       Carrefour de L,Estrie, Sherbrooke
•       Les Rivieres Shopping Centre, Trois Rivieres

Saskatchewan
•       Northgate Mall, Regina
•       The Centre, Saskatoon

Apple Store Coming to Kitchener Waterloo

NEWS Alert: Apple Store coming to Conestoga Mall in Waterloo

Over at BenjaminBach.com there is big news that will affect the commercial real estate landscape in Kitchener Waterloo.
Apple is opening a retail store in Conestoga Mall.
Now, this isn’t confirmed by Apple or Ivanhoe Cambridge yet (owners of Conestoga Mall), but there are some tell-tale signs that allow us to confidently state that Apple is coming to town.
Click through to Apple Store coming to Conestoga Mall in Waterloo to see the proof for yourself!
What impact will this have on the commercial real estate market in Kitchener Waterloo, especially retailers in the area ?
Benjamin Bach comments, over at his main blog:
Having Apple as a destination tenant at Conestoga Mall is great news for all the other stores in the area – except maybe Future Shops’s Apple department – because people will head to the mall to check out the new toys at Apple, and they’ll inevitably browse around and grab food at adjacent businesses.
What does it mean for competing retailers like Carbon Computing?  When Apple has come into similar communities, it has been hard for independent authorized retailers to stay in business and maintain a valuable point of differentiation.
It seems like the $75 million investment into Conestoga Mall over the past few years is paying off for owner Ivanhoe Cambridge.  Even more good news for the mall will follow – I predict that Target moves into the Zellers space too (the other option being the Zellers space in Bridgeport Plaza)

Commercial Real Estate Development in Waterloo

Over at BenjaminBach.com we’re looking at three commercial real estate developments in North Waterloo.

Look Smart By Investing Where The Jobs Are

How do you buy Real Estate? Location, location, location.

Buy Property Near The Jobs!

Are you looking to invest in an area where the employment capacity is increasing? Take a look at residential investment properties near Weber Street North between Northfield and Benjamin Road.

This short stretch of road in North Waterloo adjacent to an investment property we just sold is seeing a lot of intensification through redevelopment. Let’s take a look at what’s in the pipeline:

North Waterloo Development Projects

580 Weber Street North, Former NCR Site

Purchased by GPM Investments in 2008 for ~ $20,000,000

Plans for 350,000 – 500,000 square feet of offices in 8-12 buildings

The former NCR site is huge – 37 acres with an existing building of approx 280,000 square feet as is. To give you an idea of the expansion potential, the site currently houses a couple baseball fields.

GPM (the same firm that is developing Sportsworld Crossing) has plans to add an additional 8 buildings (between 2,670 and 50,000 sq ft) to the site, to compliment the existing building. According to The Record, they’re debating whether to modify or replace the existing office building.

 

600 Weber Street North

Under redevelopment by the Marsland Corporation – 106,000 square feet

The Marsland Family owns some prominent office real estate in Kitchener Waterloo, including the Marsland Centre on Erb in Uptown Waterloo, two buildings RIM leases on Phillip, the Sybase building in the University of Waterloo Research & Technology park, and several Class A high-tech offices on Randall.

They are currently renovating their 100,000+ sq ft property at 600 Weber Street North, and have plans for a new 50,000 square foot building next door at 598 Weber Street North. This site is immediately north of the NCR site

Potential redevelopment site, Weber Street North

15 acres, existing building is 152,000 sq ft

This site, just south of Benjamin Road on Weber, is another potential office redevelopment. The site is currently being marketed by CB RE.

Location, Location, Location

Oh – there is also a proposed Light Rapid Transit (LRT) stop at Northfield and Parkside, one block from Northfield & Weber. And SmartCentres just poured millions into a new retail development anchored by Walmart a minute away in St Jacobs.

Your future tenants enjoy things like that.

When you are investing in a residential rental property in Waterloo, you can buy one of the shiny new condos for $$$ in uptown, or buy a comparative bargain in the Northlake neighbourhood near major tech firms, new retail development and LRT.

Your money, your call. For a list of affordable investment opportunities in the North Waterloo area, send me an email at Benjamin @ BenjaminBach.com or call me at 519-772-4376

Note: Leasing at the NCR site is handled through Colliers; 600 Weber is for lease through DTZ Barnicke.

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Out With The Car Lots, In With Two More Towers

A builder from Guelph has bought a 2.4 acre block of downtown Kitchener – bordered by Madison, King, Cameron and Charles – for $3.6 million, or $1,500,000 per acre.

 

Click map to enlarge

Fusion Homes bought the property and plans to put two highrise towers on site, plus townhouses and some retail.

From The Record:

“We are planning a substantial mixed-use development on the property,” Lee Piccoli, president of Fusion Homes, said.

At least two highrise buildings are to be constructed and very likely some townhouses as well. The company will look into the demand for office and retail space in that area, but that will not be a large part of the project.

Piccoli did not want to speculate on when construction will begin.

“I am very bullish on downtown Kitchener,” Piccoli said. “When the opportunity came up, we jumped at it.”

Surface-parking lots now dominate the block where a used-car lot and a car rental agency operate.

“I think as a developer you’re always trying to see something, not as it looks now, but as it looks three or five years from now. So that is something that we found really attractive about the property,” Piccoli said.

King Street East has seen slow, steady improvement since the City of Kitchener built the $22-million farmers’ market, which opened in 2005.

Since then, three bakeries, two restaurants and a small grocery store have opened on adjacent blocks. Abandoned homes on Madison, Eby, Cedar and Duke streets have been renovated and occupied.

Fusion Homes’ move follows, by six years, the creation of a special program — called the economic development investment fund — that pumped about $100 million into different downtown projects.

“The mayor and the council seem really committed to the redevelopment,” Piccoli said.

The past 10 years have seen a growing list of high-density development in the core and central neighbourhoods, including — the Sandhills development and Iron Horse Towers on Queen Street South, the Kaufman Lofts on King Street, Lofts on Mansion, Le Marche Residences behind Your Kitchener Market, The Regency at Queen and Weber streets and the Drewlo apartments on Victoria Street South adjacent to Victoria Park.

Read the whole article

Over at WonderfulWaterloo.com, we’ve been talking about the need for a grocery store downtown. Looks like the City also sees the need. While looking over the zoning for the King Street East mixed0use corridor, I found this:

“Two submissions were received requesting that staff consider an increase to the amount of permitted retail floor space. One submission made this suggestion citing the example of a food store use that would require greater leasable floor area than the 1,000 square metre limit currently defined in the Official Plan and MU Zones. Staff agree that 1,000 square metre limit on retail floor area could preclude a larger format food store use. Staff are also of the opinion that a larger format food store use would be consistent with the Official Plan Policy intent to serve adjacent residential neighbourhoods, and further could be catalytic for future residential intensification within the corridor. Staff note that a large food store may not be appropriate in all areas of the Mixed Use Corridor, and therefore propose to focus the applicable Official Plan Policies and Zoning provision enabling such a use to a the portion of the King Street East Mixed Use Corridor located between King Street East, Charles Street East, Preston Avenue and Cedar Street South.

Official Plan Amendment OP09/04/COK/HH and a revision to the draft proposed zoning in the King Street East Mixed Use Corridor were drafted to implement this suggested revision. Staff recommend increasing the retail floor space limit from 1,000 square metres to up to 5,000 square metres on the ground floor for food store use provided that it be internal to a large mixed use development.”

From: http://kitchener.ca/en/businessinkit…ningreport.pdf

Between this proposed development and the City Centre condos by Andrin, there are four new towers coming to a downtown King Street in the next few years, plus a lot of infrastructure development like the new Kitchener Transit Hub. Pretty cool!

What do you think?

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