Since June 2007, twenty-one units have resold from Phase 1,
and the prices they are garnering are impressive.
Waterloo Region, (March 14, 2008) - The success story of the
Kaufman loft development by Andrin Homes in Kitchener's downtown is a well
known one in this community. When the factory conversion project first hit
the market back in the spring of 2005, loft units sold out in a matter of
months and the developer was honoured with the 2005 Best Small Scale Project
Brownie Award in the Heritage/Adaptive Reuse category from the Canadian
Urban Institute. But the developer of this real estate achievement isn't the
only one smiling. Original buyers of these units, whether they acquired them
as investments, or to reside in them, should be feeling very good about
their purchase.
According to a study conducted by Coldwell Banker Peter Benninger Realty
based on MLS® data owned by the Kitchener-Waterloo Real Estate Board, Inc.
covering the period of June 1, 2007 to March 13, 2008, twenty-one units have
resold from Phase 1 of the Kaufman Lofts to-date, and the prices they are
garnering are impressive.
When the lofts were first introduced to the market by the builder, prices
ranged from $114,990 for a 515 sq. ft. unit, to $197,990 for a 1,120 sq. ft.
unit. On a per square foot basis they averaged $203. Today, on the resale
market, sold units have ranged from just under $150,000 to $299,900 with an
average per square foot price of $281. For those original buyers of Phase 1
units (those who purchased prior to the builder adding two storeys,
increasing the number of units from 113 to 155 and the prices to an average
of $249 per square foot) that means they have seen an average appreciation
of 38 percent*.
"This is significant." said Tim Ingold, Broker and Manager of New Home Sales
at Coldwell Banker Peter Benninger Realty. "And it shows that when it comes
to buying in a new condo development, it really does pay off to get in
early".
While the amount of resale activity that has occurred at the Kaufman Lofts
does seem high for such a short period of time, some of it can be explained
by the younger demographic of the people who purchased there. "Certainly
there were those who bought units in order to flip them later, but a lot of
purchasers simply found that by the time their units were finally ready,
their personal circumstances had changed." Ingold continued. "Some, who were
single, found themselves married, or relocating to another city for a new
job. A lot can happen in two years, especially in the younger age groups."
In general, apartment style condos have been appreciating in
Kitchener-Waterloo. In researching MLS® data owned by the Kitchener-Waterloo
Real Estate Board, Inc. Coldwell Banker Peter Benninger Realty found that
the average selling price of an apartment condo sold between April 1, 2005
and September 30, 2005 was $137,573 and the average price of a condo
apartment sold between June 1, 2007 and March 14, 2007 was $163,787, which
is an appreciation of 19 percent. While these are healthy gains, it pales in
comparison to the increases seen during the same period at the Kaufman
Lofts.
The success of this project bodes well for downtown Kitchener's retailers,
as well as for future residential developments. The continued activity at
the Kaufman Lofts through the MLS® resale market proves that people want to
live downtown Kitchener, and they are willing to pay more to do so.
What makes the Kaufman Loft Building so special?
Chalk it up to several factors:
It's unique and they're not making buildings like this anymore.
Built in 1908 the former Kaufman Footwear Plant is a landmark, with
important historical significance, located at King St. and Victoria St. the gateway to downtown
Kitchener.
Originally called the Kaufman Rubber Plant the building was designed by
Albert Kahn, famed architect of Henry Ford and "foremost industrial
architect" of the early 20th century.
The building is grand, solid, and handsome with concrete frame and brick
exterior facade.
These are true lofts in a former factory with ceilings up to 13.5 feet,
polished concrete floors, columns, and huge windows.
Loft conversion by an experienced and reputable builder, Andrin Homes
Phase 1 of the Kaufman Lofts consists of 155 loft units located at 404 King
St. W. Occupancy of phase 1 began in the summer of 2007. Phase 2 of the
Kaufman Lofts, 410 King St. W. was first marketed in the Fall of 2005 and
consists of 115 loft units which is slated for occupancy in Spring 2008.
* The survey does not account for upgrades which add to the value of the
unit.
About Coldwell Banker Peter Benninger Realty
Coldwell Banker Peter Benninger Realty serves the area of Waterloo Region
with a staff of over 100 specializing in the acquisition and disposition of
all real estate property types. The company was founded by Peter Benninger
in 1985 and has become one of the leading real estate brokerage offices in
the Coldwell Banker International Network. The brokerage is centrally
located in Canada's Technology Triangle in a beautiful state-of-the-art
building which houses the firm's innovative Real Estate Consumer Centre.
From the comfortable setting of the Real Estate Consumer Centre customers
can enjoy a 'one-stop' shopping experience: explore builder exhibits in the
New Homes Gallery, search for a home from one of the many computer
terminals, apply for a mortgage, and take advantage of a full range of
Concierge Services.
