225 Queen Street
| 225 Queen Street | Property | |
|---|---|---|
| # of Units | 12 | |
| Built | N/A | |
| Average MLS Selling Price 2017 | No MLS Sales | |
| Average MLS Selling Price 2016 | $28,500 | |
| Average MLS Selling Price 2014 -2015 | $23,300 | |
| Average MLS Selling Price 2009 | $45,000 |
Images
Details:
Located in one of the older pockets of Sarnia, these compact units are very affordable. These are two bedroom units with gas heat. Walking distance to the river and one block from Rainbow Park.
There is a very good possibility that this might be the very first condo complex on this Sarnia site that you will be checking out. It is, after all, labelled as being number one.
When we first launched this Sarnia site back in 2010, we cautiously touted this complex as having gas heat, as being walking distance to parks and downtown and being close to the Detroit River. In some respects, it’s attractive pricings almost seemed, in a way, to be too good to be true.
Now to fast forward this scenario into present times. See our two new 2018 pictures. Are you as surprised as we are to see that this complex now has boarded up windows and doors? It is entirely vacant now.
What went wrong? Structural issues, bad tenant issues, mold or grow-op issues or did the banks or investors holding paper on these units, loose faith in the “investment quality” of these units? Something obviously triggered a decision to say enough is enough and to take it off life support.
Let’s put on our investment thinking caps for a moment. Isn’t it true that with older buildings, a series of age related issues can surface at what seems to be the most inopportune periods of time? Shingles, for example, on a structure this large would cost a considerable amount of money so that is something a reserve fund would have to deal with. When it comes to issues like the need for new windows, decks, fences and eavestroughs, how do you determine which issue warrants the most attention? The cost of repaving parking lots is something also that is seldom budgeted for. It takes a special skill set and years of patience to turn around any condo building that is approaching a state of distress. On rare occasions the task simply becomes too great.
In this instance, there were warning signs that things were in disarray like selling prices of only $23,000 per unit in 2014 and 2015. Unit prices which seem to be unusually low are priced that way for a reason.
The good news is that the other twenty-five or thirty condo projects in our “Sarnia Central” area do not show signs of these types of issues. There are plenty of “investment grade” townhouses on a multiple number of streets. Please explore all these other options and feel free to contact us with any questions that you may have! Sarnia is a family friendly town and a great place to raise a family.
Property Manager:
None
