By Jennifer Lynn Walker
I am getting quite a bit of people looking for “NDG Condos” in the search engines and landing on my site. Of course, I am not surprised as it is a very desirable community to live in.
The trendy Monkland street is the heart of the village. For instance it has a touch of new age, organic living with coffee shops, restaurants, and a few pubs. Variety enough to satisfy any style and taste. The district has quick access to the highways, and proximity to public transport. Over the years, it has become very trendy and what started out as one or two blocks of commercial businesses, has turned into twelve and growing. Affluence is moving in. I have had Westmount home owners selling and moving to NDG!
At the West part of NDG are smaller dwellings. In and around Concordia university, there are a lot more students and cheaper housing is available. Most of the commercial area of NDG is on Sherbrooke street West.
Half of the demographic is from 25-64 years and ¾ of the population being renters and half with their university degree. What’s most interesting of all is that 70% of the buildings are seven floors or less. These buildings are the duplexes, triplexes and small apartments in the area. A lot of these buildings are the ones being converted into condos.
Where are all the duplexes?
Back in the day, Monkland NDG was known for its brownstone duplex buildings and large homes. Over the years, a lot of these duplexes have turned into condos, creating more affordable housing. There are two types of condos, divided and undivided. Before you start on your buying journey, you want to know The Difference Between Divided and Undivided. The bank rules, downpayment, and coop agreement are very different.
A great area for real estate investing, is having one area surrounded by other great areas. Neighbouring next to NDG is Saint-Henri. Another very trendy town that has exploded and still growing. When Le Plateau prices went through the roof, all the buyers started investing and fixing up this charming, turn of the century town. Old brick businesses and plexes converting into condos. Read more on Real Estate Investing in Saint-Henri.
What is the allure?
Most houses and condos are about the same price. The allure of condos is the freedom of house maintenance. Because the building itself, the roof, brick, windows, foundation, etc., is common area, you don’t have the hands-on responsibility. The NDG area is a great place to buy. Over the last 20 years, the NDG condo market has proven itself to continually rise in price and be a solid area for great real estate investment.
Repossessions: What The Banks Don’t Tell You
By Jennifer Lynn WalkerNew real estate investors often think of repossessions as a way to get started in the business. A repossession happens when property owners can’t pay their mortgage. The bank takes over the property and sells it to recoup its money.The idea that...
What To Look For When Buying a Condo
Well it’s no surprise that the condo market is not doing all that great for sellers. Over the last year the statistics show a decline in sale volume and price. Average days to sell a condo is now 123 days, compared to 90 days in 2009. The construction of condos are still going strong and there aren’t enough buyers to go around. In NDG/CDN alone there are about 950 condos for sale, and since January 2015, there were only 435 sales in those areas. Which means it took 6 months to sell 1/2 the product on the market. And this area is one of the lucky ones.
So what to do?
Buying real estate is a great investment. 12 years ago after reading “Rich Dad, Poor Dad” by Robert Kiyosake, convinced me that I wanted to get into real estate. I got my license and also bought my first property. Since then, with the real estate I own, my equity grew from 50,000$ to $300,000. Whether it be a house, condo or plex, buying the right one make a difference to your pocket book.
Benefits of working with a realtor when buying a home
I see a LOT of buyers visiting open houses and booking visits on their own, who are not represented by a real estate broker. I'm always amazed at this because of the value of working with one outways going about it on your own. There are only benefits. In fact not...
