Western University
London
Your Condo World
Specializing in Sales, Rentals and Investments for Condominiums!
1235 Richmond St.
1235 Richmond Street
Units311
Built2014
Registered as condos2016
Average MLS Selling Price 2022 (first 5 months), 2 bedroom$527,100 (based on 7 MLS sales)
Average MLS Selling Price 2022 (first 5 months), 3 bedroom$593,000 (based on 4 MLS sales)
Average MLS Selling Price 2021, 2 bedroom$409,300 (based on 25 MLS sales)
Average MLS Selling Price 2021, 3 bedroomNo MLS sales
Amenities
Details:
"Society" Condos
There is a bit of a story that goes along with this building and our version is one of many. Many people living in Old North and North London who drive by this building regularly know that it was "purpose built" for university students. It is interesting to note that 54% of the population in this neighbourhood is aged 20-29 (only 6% are 65+) and that 92% of the housing stock are apartments with 59% of the population having English as their primary language followed by Mandarin at 13%, Arabic at 6%, other languages at 5% and French 3%.
This building started off its life as being a rental building built exclusively for student living. It boasted of having a number of amenities including a rooftop patio, whirlpool spa, a 40 person theatre, a fitness club, and a games room with a fireplace. What a great place for students to live, as it was only about four blocks north of the Gates of the University. Once again it was purpose built for student living and the building was built without balconies.
This is a 19 story building with 18 units on the 13th-17th floors and 14 units on the 18th floor and 12 units on the 19th floor. In total there are 311 units serviced by three elevators. The building has 85 covered parking spots and 81 uncovered parking spots.
The thinking of the day was that most students didn't need parking spots.
In December 2018 it was announced that individual units in this building would start to be sold off as condos. Units were listed by G.T.A. real estate agents with the option of having these units continuing on as student rentals. A facebook page which is no longer active was set up boasting of London having a 98% occupancy rate for the rental market, 54% of property value growth over the past five years and a 94% employment rate. In all fairness, early buyers in have done well on their investments.
Known two-bedroom unit sizes are 785, 792, 809, 826, 833, 900, 936, 965, 977 and 995 sq. ft. Known three-bedroom unit sizes are 1063, 1072, and 1088 sq. ft. Going into 2022 the condo fees are in the $338-442 per month price range.
We have included this condo project in our University Section and in our Downtown section. Technically it isn't in our downtown section. The bus ride to get downtown takes about eight or ten minutes.
What now is this city going to allow being built across the street on a piece of land which now is vacant? If you Google "Ross Park Condos" a 2015 description shows an artist's conception of something that was once proposed. We also note that new twin walking bridges now connect a multi-use paved path through Ross Park over to the North London Athletic Fields located at Adelaide Street and Kipps Lane. This is yet another reason that the "Society Condo's" enjoys a very convienent location.
Are these units a prudent investment? That is a question we can't really answer. All we can really say is that highrise condo living along Richmond Street has worked well for many people over the year and for many people over the years for a variety of different reasons.
Property Manager
Craft Property Group 519-913-3334