We've generally stayed away from Alberta Ave because the headaches of managing and tenanting the property far outweighed the low price tags. However, with an $8.5 million , 5 block-per-year revitalization in the works it's starting to look more and more attractive.
"Alberta Avenue, the 27-block stretch of 118th Avenue north of downtown, is getting a facelift. Crews are beginning work on "streetscaping" five blocks of the avenue, putting in new road surfaces, new and wider sidewalks, new trees and better lighting." Susan Ruttan, edmontonjournal.com
Don R. Campbell often says to not be the first in the area to start the gentrification but come in the middle when the risk takers have done most of the work. I would say this is a good indication that properties in this previously forsaken (drugs, prostitution and crime) area are going to make a nice profit.
My good friend has been active by spreading flower seeds on walks with her dog, in hopes of beautifying the area around her investment property. Looks like the city is ready to follow her lead.
Glenn Simon Inc. Edmonton Real Estate Experts - delivers superior, revenue joint venture properties in the power house region of the Alberta Oil Sands, Canada. Anyone Anywhere can own Canadian RE.
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Hi Todd & Danielle. I'm almost embarrassed to say this is my first comment on your blog. I read them religiously! I couldn't agree more about the potential for growth and financial gain in the Alberta Avenue area. I've watched real estate trends since I was 12 years old (sounds a bit strange but true - I'm a real estate junkie!) anyways, when I moved to Edmonton from Vancouver in 2000 I started exploring the city neighborhoods. As soon as I came east across 97th street and saw the state of some homes and the type of people walking the streets I knew it was a gold mine! 26 at the time and a renter I tried desperately to get a friend of mine to invest with me in the area. As a native Edmontonian he said it would be a cold day... you get the idea.
I've watched Vancouver closely and what was once the 'hood' is now prime real estate. People just don't seem to understand that a city's core can only grow so far before it has to move into the outlying areas. I still wish I'd bought a home in the area for less than $75,000 back in the day.
On the bright side, I invested in a home on 101 street in behind NAIT. I paid $125,000 for it in 2005, did some well needed cosmetic improvements like flooring and paint and now my property is worth close to $400,000. Why? Because the down town core has been and always will be the best place to make a long term investment for future city growth. I've also been keeping up on the revitalization plan for the area and am excited to see the changes! My friend will eat his words!
Dawna,
Thanks for reading our blog. It's nice to know somebody does. It's very interesting that you have been interested in real estate for so long. What are your feelings about Alberta's future? As far as I can see there are two camps - "It's over" or the "Years of stability ahead" . We are in the latter camp and I think your interest in gentrification of inner city areas would put you there as well. You are very right in choosing those areas as there is only a limited supply. When we started investing we were in rough areas of Winnipeg and did very well as those areas were bought up for new developments.
If you had bought in 2000 you would have seen excellent appreciation by now but I think you would have had some years filled with headaches. 2005 was a great time for you to get into the market of course 2003 would have been a bit better. Our main buying criteria is areas in proximity to transportation, so around the Anthony Henday, near the proposed LRT stations etc. They will also see great appreciation over the next few years.
I went to your website and your work looks amazing!
Thanks again for the comment,
Danielle Millar