While real estate prices shot up from Toronto to Vancouver, “the Hamilton real estate market sort of missed the party” says real estate developer Harry Stinson. He’s getting the party started at Stinson School lofts in a historic downtown Hamilton neighbourhood.

Homes that would be valued at $300,000 to $400,000 in other cities are selling for $200,000, in an area that is ripe for a renaissance. Savvy buyers are “snapping up older homes now” and bringing them back from rundown rooming houses to stately single homes. The Stinson School is a classic example of how the neighbourhood can evolve.

“At one stage this was a very prestigious, high-end neighbourhood. You drive around the neighbourhood and you see these grand brick homes,” Stinson suggests. Set back from Main Street, it’s an area that is easily overlooked. Just by removing some trees from the school property has revealed the castle-like building that is generating a lot of interest as it transforms into loft apartments.

Among Stinson’s previous successes is the Candy Factory Lofts in Toronto, a loft development that was a success despite the neighbourhood. The old industrial building across the street from a park populated by junkies and littered with syringes, was reinvented as loft apartments at a time when buyers “were hungry for something different, with flair, something exotic”.

“As the Candy Factory was to Toronto, the Stinson School is to Hamilton,” advises Stinson.

As pre-sales continue at the Stinson School Lofts, the developer has seen interest from out-of-town buyers. Anyone who buys is making a sound investment, according to Stinson, who predicts that by the time the units are ready to occupy in two years, they will have increased in value by 50 per cent. Surrounding properties have the potential to jump in value from $300,000 to $500,000 over the next three years as the lofts impact the neighbourhood.

While location is touted as the most important asset of a property, Stinson contends that location is a constant but value is what increases. Stinson School for example, has been ensconced on Stinson Street since 1895 with its hardwood floors, massive windows, 14-foot ceilings, impressive woodwork and architectural detail. Buyers can get into this project for just $5,000 at signing. During the first year, a payment of 15 per cent of the value is required, that’s $45,000 on a $299,000 unit. If, as he predicts, the condo loft is worth $350,000 in two years, the buyer has recouped the down payment.

Stinson says, “Real estate is a tangible investment.” What he is offering in Hamilton is new to Hamilton, a city he observes that is maturing.

To truly appreciate the scope of Stinson Lofts and its potential impact on the area, Stinson recommends a visit. To find out more, go to the website at www.stinsonschool.com.