Inside the data | 920 Edinburgh Road S

INSIDE_DATA_920EDIN

Fox Bend is situated smack in the middle between Kortright Road and Gordon Street, on the corner of Edinburgh Road South and Rickson Avenue. A mere 2 KM from the University of Guelph, on a bus route and close to shopping centres, have made this development a popular place to rent among students for the past several years. Built in 2000 by Reid’s Heritage Homes – this complex was originally targeted to young families, first time home buyers and investors. Gradually over time, Fox Bend has seen a demographic shift to more investor ownership than homeownership.

Guelph as a whole has become a hot bed for the out of town real estate investor, with many of them looking to property management companies local to the area to maintain and lease these properties on their behalf. In doing so, landlords feel a sense of comfort knowing their units are achieving appropriate rents levels while at the same time being well kept.

Unit owners of Fox Bend and other properties managed by Inspirah Property Management Ltd. and Inspirah Rental Management Ltd. will be pleased to know they have an option when it comes to leasing their property.

They can choose to try and rent it themselves or, leave it to Inspirah Rental Management Ltd. and their president – Mark Roberts, to ensure their homes are not only occupied but, earning the landlord their maximum revenue potential.

Fox Bend is a development of eighty-four townhome condominiums made up of 2, 3 and 4 bedroom units, with forty-eight homes having their very own private single driveway and attached single car garage.

Condo fees range from as low as $140/mth. for a 1,000 sqft. unit to approximately $182/mth. for 1,275 sqft. unit. Low monthly condo fees are just another reason why 920 Edinburgh Road South has been a viable and affordable option for many investors over the years.

At the time this article was written, units at Fox Bend and managed by Inspirah Rental Management Ltd. are receiving $1,350/mth. (plus utilities) or, $1,550/mth. (utilities included) for 3-bedroom units. 4-bedroom units are generating $1,700/mth. (plus utilities) or, $1,900/mth. (utilities included).

Since 2010, Fox Bend has seen an average of 5.6 units sold per year, with a year over year average inflation rate of 5.92%.

The Numbers:

1,000 square foot units

  • 2010
    Average Sale Price | $214,000
    Total Volume of Units Sold | 1
    Percentage Increase in Sale Price (Year Over Year) | 10.51%
  • 2011
    No Sales
  • 2012
    Average Sale Price | $237,450
    Total Volume of Units Sold | 2
    Percentage Increase in Sale Price (Year Over Year) | 9.88% (increase from 2010 sale)
  • 2013
    Average Sale Price | $243,000
    Total Volume of Units Sold | 1
    Percentage Increase in Sale Price (Year Over Year) | 2.28%
  • 2014
    Average Sale Price | $262,900
    Total Volume of Units Sold | 1
    Percentage Increase in Sale Price (Year Over Year) | 7.57%

1,200 square foot units

  • 2010
    Average Sale Price | $242,500
    Total Volume of Units Sold | 6
    Percentage Increase in Sale Price (Year Over Year) | – 0.74%
  • 2011
    Average Sale Price | $244,900
    Total Volume of Units Sold | 1
    Percentage Increase in Sale Price (Year Over Year) | 1.70%
  • 2012
    No Sales
  • 2013
    Average Sale Price | $275,183
    Total Volume of Units Sold | 6
    Percentage Increase in Sale Price (Year Over Year) | 11.00% (increase from 2011 sale)
  • 2014
    Average Sale Price | $292,500
    Total Volume of Units Sold | 1
    Percentage Increase in Sale Price (Year Over Year) | 5.92%

1,275 square foot units

  • 2010
    Average Sale Price | $241,00
    Total Volume of Units Sold | 1
    Percentage Increase in Sale Price (Year Over Year) | 6.68%
  • 2011
    Average Sale Price | $267,800
    Total Volume of Units Sold | 51
    Percentage Increase in Sale Price (Year Over Year) | 10.01%
  • 2012
    Average Sale Price | $278,500
    Total Volume of Units Sold | 1
    Percentage Increase in Sale Price (Year Over Year) | 3.84%
  • 2013
    Average Sale Price | $279,000
    Total Volume of Units Sold | 1
    Percentage Increase in Sale Price (Year Over Year) | 0.18% 
  • 2014
    Average Sale Price | $303,500
    Total Volume of Units Sold | 1
    Percentage Increase in Sale Price (Year Over Year) | 8.07%

Fox Bend is approaching fifteen years of age, and although the interior of some units are becoming dated and tired on the inside, the exterior of these buildings and surrounding grounds have been and continue to be well taken care of. (New roofs for all units were completed this past summer – 2014.) It is my opinion; with the relatively low cost of borrowing and very manageable condo fees, these townhomes should continue to be a good investment going forward for those looking to enter into, or, add to their real estate portfolio.

Other reasons why investing in Fox Bend makes good financial sense:

  • Established and efficiently run Property Management Company – Inspriah Property Management Ltd.
  • Inspirah Rental Management Ltd. will lease units on owners behalf
  • Low condominium fees (currently below $200/mth.)
  • Grounds and buildings well maintained
  • Easy access to Hwy. 401, University of Guelph and shopping centres
  • On bus route serviced by City of Guelph Transit
  • University of Guelph enrolment levels continue to steadily climb
  • Low interest rates for the foreseeable future.

TWTalk is a two way street – your thoughts, opinions and engagement are always welcome and encouraged.

 

Tom Hillson

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