Private Investor
This may be a tad off topic, but if any of you were curious what this project is doing to the real estate in the immediate area, I will share my story.
I am a 30 year old Nurse that lives and works in Edmonton - I have been watching this project for a while now and eyeing up investment homes in the area. On August 1, 2012, I will be taking possession of a detached raised bungalow that is a 20 minute walk away from this project in Little Italy (McCauley).
The areas around the arena are rough, but detached home inventory within walking distance of the project zone is declining to the point that I would start to call it scarce soon.
The inner city areas surrounding the arena also have active revitalization plans and funding in place
http://www.edmonton.ca/city_government/projects_redevelopment/neighbourhood-revitalization.aspx. If anyone out there was thinking of investing near the arena, I would be looking into it sooner than later!
If you find available homes, they are still valued price - in my case my new home was purchased in 2006 for $260,000 - however the city`s 2012 assessment of the property is $213,000 - my final purchase price was $192,000.
It is 1,012 sqft detached home with a separate entrance for the suite below. I have had to sift through about 100 e-mail responses of people wanting to rent the home from me on Kijiji ($1,200 for the top, $800 for the suite) - my mortgage payment is just $600.
After the arena is in place and my new neighborhood `s revitalization program is further along, I will end up moving into the home for my own use since I am a Downtown kinda guy.
It`s a solid home, completely renovated with great curb appeal in a neighborhood with great bones!
Thanks for listening!
