Fanshawe College
London
Your Condo World
Specializing in Sales, Rentals and Investments for Condominiums!
550 Second St.
550 Second St.
Units65
Built1990
Registered as condos1996
Average MLS Selling Price 2022$415,000 (based on 2 MLS sales)
Average MLS Selling Price 2021$400,400 (based on 6 MLS sales)
Average MLS Selling Price 2020$304,800 (based on 5 MLS sales)
Average MLS Selling Price 2019$223,200 (based on 3 MLS sales)
Average MLS Selling Price 2018$185,700 (based on 8 MLS sales)
Amenities
Details:
After reading our comments on our first tab (the Fleming Drive Condos) you might be thinking that you want to become a landlord. Wouldn't this complex, given it's location being only two blocks from Fanshawe College be an obvious choice to pick? Well not so fast. Let us explain.
Being a landlord is not always smooth sailing and case in point is this complex here. Back in 2009 prices in this complex averaged $100,500 and six years later in 2015 only averaged $109,100. Imagine being a landlord during this time period worrying about appliances, the rent getting paid on time, tenant turnover and the possibility of special assessments. At times this exercise can be a challenge. That plus the aspect that tenants will always be gravitating towards newer and nicer complexes which may be coming to the marketplace.
The visual look of this complex is a little bit awkward. It's just south of the "E.D. Roosevelt Public School", north of single family homes on Dale street and behind this complex on the east side are the townhouses at 595 Third Street.
A set of hydro lines greet you as you first pull in. These units are "sand" brick colour and are built in thirteen clusters ranging from three to seven units. Large bright main floor windows and some units have slightly out of the ground rear basement windows.
This complex has a high density feel and some units need new rear doors. It's little things like that that which are noticeable especially if you are comparing this complex to 470 Second Street complex just down the street. Prices here you notice are lower than many other townhouse projects in this area.
We also note that if you are driving through this complex and you notice a for sale sign you see a telephone number on them that starts with 416. What's that all about? Well this area of the city has become a haven for "G.T.A." buyers who are attracted to this area because prices here are so much lower than what they are accustomed to. These are out-of-board listings. This also is a phenomenon which happens in other Ontario cities around university and college facilities. Student rental properties are viewed by many as an easy way to generate a positive cash flow. We note that this isn't always the case.
* Prices in this complex went up by about $100,000 in 2021 and then levelled off in 2022. We now hope that real estate continues to be a hot commodity in this area of south western Ontario.
Property Manager
Trademark 519-204-4004