The next Ossington strip
by Tim Broadway
You all know we need and want to make money, and one of the best ways for the normal person with the normal salary, is in real estate and small business. Many colleagues and clients of mine are full, part, or silent partners in bars and restaurants. Some of these people got into the Ossington strip as it was going through its metamorphosis from heroin karaoke to hipster doofis, and are making a killing. Now there are too many bars on Ossington, there was a one year moratorium on new liquor licenses, and the virus is spreading west-ward along Dundas.
What I wanted to know, and am convinced I know now, is where will it spread to next? Usually to do well, you need to get in on an area that is going to go through the same changes as Ossington, which is low value properties with low value tenants shifting to the extreme opposite of good value in both (not medium value to higher). This can only be realized by a change in demographic, in a very depressed area, which is usually a result of a rising population. This of course leads to demand for the area, which leads to residential prices rising, occupants with more disposable income, thus pulling demand into the area for shopping and leisure that a new demographic requires.
Where is this new revolutionary hotbed of change? I’m convinced its between Lansdowne and Dufferin, on Bloor. The home prices north of Bloor-traditionally much lower than those south of Bloor-have already been steadily rising, the new owners of which have been drawing in proprietors of such illustrious businesses as the 3 speed, new art galleries, organic foodstores, and so on. I am convinced that entrepreneurs are going to buy more properties and businesses on Bloor, more bars, galleries and food stores will open, driving traffic to the area, pushing prices through the ceiling exactly the same was as the Ossington. The similarities are uncanny: terrible area, with slow change at first, as one brave soul breaks through the first initial barrier of uncertainty, while others are quick to follow his pioneering new lead. As people move to our wonderful city, prices in the core have to go up.
Today I looked at three properties on Bloor in the area: 1220, 1196, and 1195 Bloor.W, all on the first block east of Brock. In I think the heart of the imminent metamorphosis. 1220, with 18 ft of street footing, was $619,000. 1196, with only 14ft, was $650,000. And 1195, with 20ft of footing, first door west of the 3 speed, was $850,000. I am thoroughly convinced that these 3 properties will soon house something new, hip, cultured, and refined. Mark my word on it. Wait and see. And if I’m right, you should come work with me.