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By wentworthst (anonymous) | Posted January 01, 2011 at 17:25:25
Which is why we asked "And what then?"
The answers are not rosy; ANY developer is looking at building next door to... let's just say "an old neighbourhood with questionable housing conditions at this stage". The talk I heard is of buying up whole streets just to recover potential.
Can we not agree that "property opportunities"-- large & small--- are currently plentiful here in Ward 3? Because I can make a list for anyone looking to spend $1 million and up on a "waiting to be torn up or down".
Yes-- in an ideal urban environment, of course selling a large property might be a pay-off for the city. But is that how it works out in this city? And, I'm sorry, but IMHO, not in Ward 3 at this time; our real estate values are 1/2 to 1/3 the average across the whole painted "Code Red" zone now....
As we know, I thank The Spec in particular for making it twice as hard to get a mortgage or fire insurance here and while fixing nothing... It really hurt us here on paper. And its relevant because now, when outside interest looks at the area, they get scared off; too risky to lend.
Comment edited by wentworthst on 2011-01-01 17:26:07
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