A report prepared by Cobourg’s Economic Development Department has listed all the Downtown commercial units and building lots available for sale or lease (as of 26 September). Although it’s part of a report that will be the subject of another post, by itself, the information contained is an excellent list of properties that need a marketing effort to get them occupied. The report of the 26 vacant units also identifies to what extent each is ready for occupancy and use. Only 8 of the 26 are turnkey and require few if any improvements. Although the CIP program helps with external improvements, it seems to be not often used for internal defects not visible from the outside although these are in… Read complete articleDowntown Vacancies – Nov 2017
At the Committee of the Whole meeting on October 2nd, Council approved a site plan application for the property at 16 Park Street. An existing four unit building in poor shape will be demolished and a new six unit building constructed in its place. There is no rezoning required and the existing building is not a heritage building although the main front door is considered “heritage”. Unfortunately it is in bad shape so cannot be preserved although the developer promises a new door that will have a heritage look. The existing units are 2,636 sq. ft. total (average 660 sq. ft.) and the new building will be 4,844 sq. ft. for an average 807 sq. ft. – so the units… Read complete articleSix More Rental Units for Cobourg
According to Real Estate statistics, sales activity and prices in both Toronto and West Northumberland (primarily Cobourg and Port Hope) have dropped from the bubble in April and are possibly at a bottom. Optimistic Real Estate Board reports suggest that sales activity at least “may be carving out a bottom” and we know that reduced activity depresses prices. However, prices in August in both Cobourg and Toronto were still up from August 2016 – 10.4% in Cobourg and 3% in Toronto. Note that the Toronto Real Estate Board (TREB) blames most of the drop on fewer high end detached sales – Condo and Apartments are still selling well. Specifically, TREB says: The average selling price for all home types combined… Read complete articleHave Real Estate Prices Bottomed?