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The Windsor Condo Market and Cars
By Peter Daoust
The State of Michigan has the highest unemployment rate of any state in the U.S.  In January 2010, the unemployment rate stood at a staggering 14.3%. Yet, that doesn’t mean everyone living there is out of a job. There are some design people busy at Chrysler, working overtime trying to get the bugs out of the new 6.4 liter V8 Hemi engine for their 2011 Dodge Challenger cars (est. horsepower 475-500) to replace this year’s model 6.1 liter V8. The GM designers are equally busy, worrying now if their 426 horsepower motor in their 2010 Chevy Camero is big enough. In a similar race the boys at Ford are excited about their new 412 horsepower motor in their 2011 Mustang GT. Way to go Detroit!
Now back to a more sobering reality. The Windsor economy is tied to the automotive industry and has struggled to stay afloat in the last couple of years. The Windsor unemployment rate is now the highest of any city in Canada. It’s a border town and with the high Canadian dollar and with the new passport requirements, tourists are not coming over in the same numbers to visit as they once did. It’s also a casino town but who can now afford to gamble? That’s what 3,600 casino workers now have to worry about.
2008 and 2009 were particularly bad years for Windsor with a long term garbage strike in 2009 and with GM and Chrysler both going bankrupt. On a more technical note, the value of the Ford stock dropped down to the $1.50 price range during this period of time and has since rebounded back up to the $14.00 range. What a gut wrenching roller coaster ride it has been!
During this period of time real estate prices in Windsor suffered and any sort of a near term recovery is still somewhat questionable. The following four charts of condo sale prices will add more meaning to all of this.
150 Park Street 2 Bedrooms $75,500 – $ 78,000 $ 128,000 $ 125,000 $ 120,000
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