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190 Fleming Dr London Ontario, Canada

190 Fleming Dr.

190 Fleming Dr.

Units40

Built1998

Average MLS Selling Price 2022$650,000 (based on 2 MLS sales)

Average MLS Selling Price 2021$414,700 (based on 6 MLS sales)

Average MLS Selling Price 2020$332,000 (based on 2 MLS sales)

Average MLS Selling Price 2019$283,000 (based on 2 MLS sales)

Average MLS Selling Price 2018$258,000 (based on 4 MLS sales)

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Amenities

Details:

This is number one on our Fanshawe College area search and because of that it is the complex in this in subsection that gets the highest number of hits. Let us make a few points about investing in "Fanshawe College" condo units for rental purposes.

Point One: In some areas of the city, some complexes have rules about people living together having to be related to each other. In this area of the city, not so much.

Point Two: Is the bubble bursting on student income condos and more exactly condo projects just like this? Not really. Ride the Oxford Street buses during the day. You will be surprised at the number of students spending two hours or more in their day just getting to and from Fanshawe College. *(Perhaps the bubble could be bursting. Both of the 2022 sales happened in the first three months of the year which as we all know was a high point in our market).

Point Three: This complex has an all brick exterior construction. We note that minimum outside maintenance is required to keep this complex running. Big "on-site" dumpsters in the adequate numbers take the trash away and poured cement rear patio areas have eliminated any need to ever replace rear deckings. There are none.

Point Four: LONG TERM INVESTORS TAKE NOTE. THIS COMPLEX OF FORTY UNITS HAS A HISTORY OF RISING PRICES. Are you up to the challenge of managing an income property like this? Prices here jumped over $5000 per month in 2021 and then jumped over $19,700 per month in 2022!.

We also note that this complex was registered as condos in 1997 however, it was owned by a block of investors up until 2009. This is when units first started to become available for sale.

Finally Point Five: We would like to point out that the Fanshawe student rental business, unlike the Western University rental business can be a little bit tricky. Covid also threw a curve ball into the student rental market.

With the way Fanshawe College organizes it's courses students tend to be more in transit and are sometimes reluctant to sign up for one year leases. Some students leave the country for the summer.

Here now are some more detailed notes about this complex. All red brick, black shutters, back shingles, white trim around the windows. These are three plus two bedroom units with 2.5 baths. When we say 2.5 baths we mean each basement has an extra four piece bathroom. Gas heat. This complex is built in six clusters with two clusters (units 26-41) backing onto Fanshawe College Blvd. These units have lower level walkouts. In our 2019 sales historey, both of the units that sold had this feature. Known unit sizes are in the 1,077, 1,100, 1,200, 1,332 and 1,350 sq. ft. range. There are pet restrictions. The condo fees going into 2022 are in the $295.00 per month range and include one parking sport and exterior maintenance. Walking to school from here takes about four minutes. Visit the City of London website, press the "map section" and find Fanshawe College. Zoom in to see how close this complex is to the school. It's almost like living on campus.

We should also mention that there are rules about living here students must follow and security cameras highly visible watching the outside common areas. Also posted on outside walls for all to see are signs pointing out these rules.

The sign says:
1) No excessive noise anytime
2) No open alcohol permitted on green space.
3) Social gatherings only permitted in the interior or rear of your unit (as long as complaints are not received).

We now have to note that St. Patrick's Day in 2012 there was a riot that made headlines around the world. Google this detail if you wish.

Finally we note shopping is near by and to the immediate east is the open greenspace of "Farnsborough Park". Students sometimes need space to kick a ball around.

Property Manager

EQB Property 905-848-3300

[ view Fanshawe College area map ]

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