Condos In Hamilton

by Darrin DeRoches June 17 - 23, 2010

Every time you drive into Toronto you see a new tower of glass and steel; thousands of new condos are hitting the market.  The self–proclaimed “condo king” Harry Stinson left the city and came to Hamilton to create several condo projects.  I have only read about his projects and it is advertised his new project, the Hamilton Grand, is already 50  per cent sold and all they have done is put up a website and a sign.  He has another project, the old Stinson School, which is very unique.  I have never had the pleasure to meet Harry, but I applaud the work he is doing and wait patiently to see the shovel hit the ground to start the project.    The project that interests me the most right now is the Film Work Lofts at the corner of King William and Catherine streets.  It is the old Spectator building that began a conversion years ago, went bankrupt and then a man who I have met bought the failed project for $3,101,010 (you now the pizza number).  He has taken this failed project, made the right changes and has sold over 80 per cent of the units before his proposed launch this week.  This is all happening in Hamilton in the condo market.  Years ago, the Bell Lofts sold out faster than any other project in Canada (I’ve been told) right off the plans, years before construction.  This building located right across from city hall still holds a niche as the condo tower to live in.    There have been other very successful condo projects in the city (Rebecca Lofts, Allenby School, etc.) and more coming (Herkimer at Bay).  There are other builders taking older buildings and creating new condos throughout the city.  Most Hamiltonians would be surprised people are shelling out over $3000,000 on condos in the downtown core.  The average condo built in Hamilton is going for around $200–plus a square foot. In Toronto, the average is $500 a square foot. The quality is all there, from stainless to granite and nice ceramics: you are getting a well appointed condo for a fair price.    The last big question is the dreaded condo fees.  They start low in new builds and are up to about $450 a month for a 1000 square foot condo.  It seems a lot of money to spend monthly, but with the higher fees you get more amenities (pool, fitness center etc.) plus if you compare the cost of upkeep in a similar priced home you would spend about the same in home improvements and maintenance.   So if you are thinking of investing in real estate, think condo.  They are easy to maintain and at the cost to buy in Hamilton you can rent them out and let the tenant pay off your investment!  Check out the new condos in Hamilton at www.filmworklofts.com, www.hamiltongrand.ca   and  www.herkimeratbay.com, to name a few.    There are more projects out there geared to different ages and economic levels. Pick the right building and you will see your investment grow. Condos conversions have just begun: choose wisely! V Darrin DeRoches is a local real estate and mortgage broker. He can be reached to answer questions, comments or stories about real estate experiences through this weekly column at mail@uniquerealty.ca.