Waterpark Place… What a wonderful place. 
It starts with that first impression – waterfalls at the entrance to the grounds, ponds and fountains near the door, marble foyer….  Elegant, yet comfortable and welcoming.
Waterpark Place, as you surely know, has a reputation for being the best condominium complex in the region fabulous location near the Waterloo core, quality construction, exceptional floorplans, meticulously maintained by top notch management and wonderful residents with a wealth of skills and talents to bring to the table.  The human investment by the residents adds much to the excellent lifestyle enjoyed here.

One of the important aspects of quality management of Waterpark Place is that the condo corporation had the foresight to implement Reserve Fund Studies on a regular basis right from the inception of Waterpark Place.  This despite the fact that such studies were not made mandatory until the Condominium Act was updated in 1998.  These studies have allowed Waterpark Place to plan for financial requirements necessary to repair and maintain the property and thus protect your financial investment.  This planning speaks to the very important aspect of sustainability of this condominium complex!

Looking back on the history of Waterpark Place, we find that the original buyers of the units were typically retirees and empty nesters who were trading in their family homes for smaller yet functional space.  Quantity of space was gladly exchanged for quality of space.  In that very beginning, in the 80’s, when Sifton Properties partnered with Doug Owen to build this, his dream project, the concept of condominium living was relatively foreign to most KW residents.  Over the years, though, this carefree lifestyle has become increasingly valued and has really taken off….

In the 80’s, 4 Willow was built and sold first.  It sold out quickly, largely to those retirees and empty nesters mentioned earlier.   Preconstruction selling of 6 Willow saw an increase in investment minded purchasers entering into the mix. 
But in 1989 and 1990, there was a definite adjustment in the Real Estate Market throughout most of Southwestern Ontario and the market slowed noticeably.  The effect was certainly felt in the new construction sales at 6 Willow.  The values of resale houses in the region dipped and sales slowed and naturally, this affected people’s ability to make their desired move to condominium living.  Moving into the early 90’s, the sale of the new condos here was indeed challenging.  In response, there were incentive offered to sweeten the pot – inducements such as new appliances being included in the purchase price and even a “Trading Places” program whereby the builder purchased people’s homes from them in order to make their purchase into Waterpark Place happen.  These challenging times were made even more difficult by the introduction of the GST in 1991 and it’s application to new construction purchases.

When 6 Willow was registered in 1991, there was cause for celebration and indeed there was an Oktoberfest party planned to mark the event and it took place in the newly completely party room. 

Sales of new units continued in the early 90’s and during this time resale prices in the complex took a bit of a hit.  Resale had some temporary problems competing with the brand new sales and for a period, resale values dipped somewhat – but in 1996, 1997, when all the new condo units were finally sold out, resale prices finally began to enjoy an increase.  Finally! Whew!

As we moved into the new millennium, real estate really began to take off in KW as a whole and up to the present we have seen average home prices rising at values around 7% per year. 

Now, historically, condominium resale prices have not been as volatile as single detached house resale prices.  This means they haven’t tended to increase in value at as high a level as house prices when the market is rising and they also haven’t tended to drop in value as rapidly as houses when the market is slowing.  Perhaps this is best explained by noting that, historically, condo living has been driven more by a lifestyle choice than by a desire to see return on investment. 

In recent years, however, we’ve seem this trend starting to change.  Changes in demographics have increased the draw to condominium living.  While the original purchasers were mainly retirees and empty nesters, the current condo population is far more varied.  Increasingly, for instance, single career women are attracted to the low maintenance and high security lifestyle and to the amenities such as excellent recreational facilities and social activity opportunities.  Across the region, increasingly we see influx of University faculty to serve and the expanding universities and executives to fill positions in the high tech sector. And that group of retirees and empty nesters is stretching out longer and as we live longer and enjoy good health farther into advancing years.

Happily, values at Waterpark Place continue to grow alongside the Region’s overall Real Estate Market due the factors presented.  Additionally, proximity to the vibrant new face of Uptown Waterloo, the Universities and the high tech park, continue to buoy values here.  Recent Waterloo development of note includes news that Luther Village is opening100 new units and that the CANBAR lands next to the Waterloo Rec Complex will be developed into 1000 new units.  Though we are still a good couple of years away from construction there, and no firm decisions have been made, it is speculated that these units may be all rental in nature.  If this is indeed the case, values at Waterpark Place will only be further protected and buoyed.

In summary, there isn’t another condominium complex like this in Waterloo and all indications point to the likelihood that demand for these units will only increase as time goes on.