Where would you buy a house downtown?

[KillerPancake]

Hello all! Been lurking here for quite a long time, and have always enjoyed the information, discourse and especially the photo threads. Time now to start a conversation of my own.

Let's say you had a few criteria, and were looking to purchase downtown:
- A larger home with good, solid bones (brick)
- Architectural value and character, inside and out (i.e. nice wood work inside, interesting brickwork and features outside)
- In need of a little love - room to improve to bring value and make the home a great place to live (but not something that you'd need to throw a grenade in and start over).
- Up and coming neighbourhood - decent value increase over a 5-10 year horizon due to location, location, location.

What areas would you be looking at? Some examples:
- Durand - not up and coming any more, I'd say it's THERE. Even places in need of a lot of work are commanding high prices. The desirability of the core neighbourhood is expanding outwards to the surrounding area.
- Westdale - families returning, renovating and occupying homes that were rented to students. Prices are sky-high.

Mac is of course a big reason for the above areas doing well and this can only continue as Innovation Park gets off the ground.

So, where are some other hidden gems that are still closer to being on the "ground floor?" Why would you consider these areas primed and ready to take off?

Here's the background info... I've enjoyed life in my first home on the mountain amid the sprawl, in a nice worry-free new townhouse. Based on appreciation in the area, and improvements to the place I'll see a tidy gain on selling. Have always liked the idea of living downtown and having an older home and am ready to make the move. Capable of light to heavy renovations. Have seen some candidates at great prices (e.g. some really nice stuff on Sherman S. that have been busted up into duplexes, triplexes, etc.). Definitely concerned about the "location, location, location" portion of the real-estate equation, but willing to allow a time-horizon on that.

Lots of tidbits of info on this subject dispersed throughout countless threads, but looking to get your most current ideas in a thread with a singular purpose.

KP

[mattgrande]

My first thought is Stinson. I think we're going to see values in that neighbourhood go up quite a bit in the next five years.

[DC1983]

Originally Posted by mattgrande

My first thought is Stinson. I think we're going to see values in that neighbourhood go up quite a bit in the next five years.

North End (West NE, especially), Corktown, Stinson, Strathcona and of course Kirkendall.

Outside of downtown, a HOT market is Crown Point (just east of The Delta, Gage Park area). Torontonians love it!?

[bigguy1231]

I kind of like the area around Victoria Park. It's close to downtown and lots of ammenities in the area. The area also has a wide range of housing at fairly reasonable prices.

[DC1983]

Originally Posted by bigguy1231

I kind of like the area around Victoria Park. It's close to downtown and lots of ammenities in the area. The area also has a wide range of housing at fairly reasonable prices.

Strathcona
My mom moved from Oakville back to this neighbourhood last year and is very happy she did!

[Jon Dalton]

- A larger home with good, solid bones (brick)
- Architectural value and character, inside and out (i.e. nice wood work inside, interesting brickwork and features outside)
- In need of a little love - room to improve to bring value and make the home a great place to live (but not something that you'd need to throw a grenade in and start over).
- Up and coming neighbourhood - decent value increase over a 5-10 year horizon due to location, location, location.

I'd say the Central neighbourhood (roughly James to Bay, Cannon to Barton) has all of this, which is why I just bought a house there. I'd also look a block or two east of James, as it has similar quality houses and you will pay a bit less for the same thing east of James. The location is great because it's easy walking distance to the farmer's market, James Street commercial area, Bayfront Park and the new GO and VIA station which should be built in two years.

If James Street turns into the next Locke (I hope this does not happen), I guess the values will go through the roof. However, if it continues to revitalize as a mixed commercial street, which is what it always has been, the area should still be a sound investment. Regardless of what happens on James Street, other amenities like the GO station are permanent infrastructure that will not go away, lending stability to the area.

[SteelTown]

The West Harbourfront area will be a hot spot once all day GO service happens at James St North (2013 I heard), which also includes VIA service.

[DC1983]

Originally Posted by SteelTown

The West Harbourfront area will be a hot spot once all day GO service happens at James St North (2013 I heard), which also includes VIA service.

As per my Real Estate connections, Steeltown is 150% correct. All of the North End will benefit from GO, but especially the 'West Harbour' area as the agents like to call it *bleh* .. it's actually North End West :p

And ps, where did this 'West Harbour' name come from? If it's from the breakwave at the boat club, it reads 'Harbour West'. So I'm not too sure?

It's like how Toronto Real Estate Agents are calling The Beaches 'The Beach' now.. LAME!

[BrianE]

Can't go wrong with Stinson, St. Clair, Blakely or another poster mentioned Crown Point. I've personally witnessed many Century brick houses either flipped or bought and renovated. Friend of mine bought in Crown Point few years ago, he's renovating as we speak, keeping the wood trim and floors but taking down the plaster and insulating. I live in Blakley and bought 5 years ago, did the renovation thing, on the cheap, did the work ourselves with good materials mostly cosmetic updating. Can't say that we've seen a massive windfall from our investment. Hamilton just doesn't have housing values that appreciate at the rate of Toronto or Burlington but we haven't exactly lost money either.

I gotta say though, the biggest asset that we appreciate the most hasn't even been our house, it's Gage Park. We spend so much time there it's practically our backyard.

[thistleclub]

Not that it doesn't have its charms (the Delta area is one of Hamilton's most unique) but Crown Point is a surprise reincarnation considering its previous rep as Flavour Country.

http://www.thespec.com/news/local/ar...ads-to-arrests
http://www.thespec.com/news/local/ar...tence-vacation
http://www.thespec.com/news/local/ar...-owner-in-face
http://www.thespec.com/news/local/ar...ed-man-charged
http://www.thespec.com/news/local/ar...ssault-on-girl
http://www.thespec.com/news/local/ar...eating-of-teen
http://www.thespec.com/news/article/...-t-help-police
http://www.thespec.com/news/local/ar...er-information
http://www.thespec.com/news/local/ar...nd-9mm-handgun

But just like anywhere, one or two blocks can make all the difference, and demographics are forever changing. Although if you're going to be technical about it, "downtown" involves four core neighbourhoods... Durand, Corktown, Central and Beasley. (The downtown being Queen/Hunter/Wellington and, depending on your inclination, Cannon or Barton... roughly between the accesses at Queen & Wellington and the two sets of rails.)

[emge]

While Strathcona is an excellent neighbourhood, I don't think you'll see the same appreciation in it as in times past. We have friends who bought a small 3 bed/1 bath with basement apartment 2 years ago for 199,000 and a similar one with updates just sold for 260,000. Homes are in demand, which means reselling you'll have an easier time of it, but other neighbourhoods have better bargains starting out and more unloved older homes to find bargains on.

I'd just be very, very cautious of anything north of King that's also west of Wellington - those few blocks really do make an enormous difference until you get further east of downtown, and even then it's a patchwork.

[flar]

Specifically downtown, I wouldn't buy except on a couple select streets in Beasley. Central and Durand and Corktown are hit or miss as well, with some great streets and some not. I think Central is the best in the immediate downtown area. There are some absolute gems in these neighbourhoods, but some low rent apartments that introduce sketchiness.

But downtown is the whole lower city to some people, so extending outward, I would consider:

St. Clair/Blakely/Delta area: solid, more modern homes, nice yards and streets, good prices

Stinson: great character, but these are fancy Victorians, so might be looking at some serious renovation and repair costs.

Landsdale: the undiscovered Stinson with amazing housing stock but pockets of extreme poverty

Strathcona and the North End: eclectic homes, developing into nice neighbourhoods

Kirkendall and the southern Durand: already pretty expensive but still a bargain compared to other cities