Yonge and Sheppard - what's happening?

[Victor Page]

I'm considering building a house with basement rental unit on a lot 2-3 streets south of Sheppard between Yonge and Bayview.

Development in the area has obviously been furiously underway for a long time now but it seems to have stalled in certain ways.

I think there is a highrise with Whole Foods store at the based planned for the Dominion/National Sports Centre site. But it hasn't started yet.

There are dozens of old bungalows lined along Sheppard, both east and west of Yonge, housing ramshackle businesses. I would have expected these to have been snapped up and redeveloped long ago (into townhouses, condos or commercial buildings). There is still a vacant lot right on the NW corner of Yonge and Sheppard for crying out loud.

Can anyone share any insight into what's happening?

 

[Therion]

I think there is a lot less interest in developing residential single detached units on major streets. If you drive around Willowdale and the surrounding area, there are still many old bungalows available for redevelopment before developers have to think about buying those on Sheppard. Prices are also reaching a point where buying a bungalow for $600,000 and then building a 3000 sq. ft house at $200/sq. ft will not provide much in the way of profits. Re-development has definitely slowed in this area.

 

[Victor Page]

The houses I'm looking at are not on Sheppard as per my original post. Also, I'm looking to live in the house so not too worried about making a quick profit. I just wondered if anyone had any insight on the development of the surrounding area - am I buying into the next yonge/eglinton with viable retail/commercial strips or will it continue with the existing hodge podge of crummy commercial rental units?

 

[luxome]

The houses I'm looking at are not on Sheppard as per my original post. Also, I'm looking to live in the house so not too worried about making a quick profit. I just wondered if anyone had any insight on the development of the surrounding area - am I buying into the next yonge/eglinton with viable retail/commercial strips or will it continue with the existing hodge podge of crummy commercial rental units?

well, i would start with what is convenient for YOU and your family. Then once you narrowed down your location, then start looking for income properties within that neighbourhood.

I would drive by the neighbourhood day/night to get a better feel of what it is really like. Afterall, you're the judge. You make the decisions so make sure it feels right to you.