Fanshawe College
London
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595 Third Street
595 Third Street
Units75
BuiltOlder
Registered as condos1990
Average MLS Selling Price 2022$543,200 (based on 5 MLS sales)
Average MLS Selling Price 2021$392,500 (based on 6 MLS sales)
Average MLS Selling Price 2020$288,300 (based on 5 MLS sales)
Average MLS Selling Price 2019$239,900 (based on 8 MLS sales)
Average MLS Selling Price 2018$187,300 (based on 9 MLS sales)
Amenities
Details:
This is a large condo project. There are fourteen clusters of units ranging in size from four to seven units. One cluster of six units face directly onto the street and unit sizes are 1,000, 1,090, 1,198, 1,221, and 1,280 square feet.
There are two entrances into this complex. When you pull into the main entranceway on the south side of this complex you are greeted with two clusters of seven units each and one cluster of six units all lined up in a row. Other complexes offer more interesting site layouts and less of a high density feel.
Gas heat. Open parking. These are three bedroom units. Many units have had a historey of being used for rental purposes and many past investors went for long periods of time without witnessing their investment units appreciate in value very much. All of that has changed over the last five years as rising real estate prices across town have helped to increase the value of all real estate properties here in London.* Prices in 2021 were up over $75,000 and prices in 2022 went up another $141,000. That's wild.
In this complex you will find a mix of two brick colours. The front clusters of units are all red brick with light tan siding and brown shingles. The units forming the south row of this complex and the very rear row of this complex have sand colour bricking with two different siding colours.
Rear cement stairs from a back door on each unit, to lower outside patio areas. Some units have lower basement windows which are above grade. Many of these now selling at these current higher prices have had complete makeovers.
* Are these units now good investments? Peter Daoust here, Broker at Remax Advantage Realty Inc. in London with over 30 years of experience working in the London condo marketplace. London is growing so it will always need more rental units. It could be said that the "Fanshawe College" student market is changing with new buildings like the new "Foundry First" student rental building on the south west corner of First Street and Oxford Street competing in this market space. This type of competition did not exist only a few years ago.
It could also be said that several of the older condo townhouse complexes around the Fanshawe College area have always taken longer to try and sell than other newer and more aesthetically pleasing complexes. Finally in my opinion there seems to be a divergence in thinking's in how much "all done up" units can now easily be rented for? Projected rents sometimes touted by hopeful vendors seem to exceed what many other current tenants in the complex are paying in rent. These are all things to consider. Prices in 2021 were up over $75,000.
Property Manager
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