Posted December 08, 2018 12:02:06In many ways, the two homes are a direct reflection of their owners.
Westwood condos, which were built in the late 1950s, have been in the family since the 1880s.
They are now worth nearly $1.6 million.
Brook house, which opened in the 1980s, are more recent and have a much larger footprint.
Both are listed for sale on the Toronto Real Estate Board’s website for between $1 million and $2 million.
But when it comes to condominium owners, they are not so far apart.
Westglen Hills, Ont.-based Brookhouse Properties and Westwood condo-investment company, are in similar positions to the Westglen Hill condominium, which has had a few owners over the years.
West Glen Hills resident and owner, David Westwood, says his condominium was built in 1966 and has been in his family since 1970.
He was in the market when Brookhouse bought the condominium for $1,900,000 and has kept it there since.
WestGlen Hills also houses a large number of Westwood’s condominium projects, including the Brookhouse development.
WestWood also owns the Brookhill, a four-storey condominium complex, and a five-storeys Brookhouse, a five storeys condominium development.
But Westglens Hills condominium is the first to go into receivership.
The Westglenes also sold the Brookshire Condominiums and the Brookhaven Condominium, two properties in the Westwood group, for a combined $3.5 million.
The Brooklands also had to sell its Brookhouse condominium at a loss, the sale valued the project at $1 billion.
West Glen Hills is now the third-largest condominium market in Canada, according to a 2015 report by the Canadian Real Estate Association.
Its population is estimated at 3,700 people, according the Association.
The population of the region is around 2,000 people.
Westbrook condominium developer, John M. Westwood says he has not had to cut back on his costs since the project went into receiverships.
West Glen Hills resident, Tim Westwood also has said he has had to reduce his monthly condo payment to $250 a month, a number he has said has increased since the Brookings purchased the properties.
In the past few years, Westwood has also taken the time to develop his Brook House project, which is the tallest condo project in Ontario, at a reported cost of $1-billion.
But now, the situation appears to be a bit different.
West glen hills condo sales have decreased by roughly 25 per cent over the past five years, according an analysis by realtor.com.
The decrease has been attributed to the fact that Brookhouses condo sales are expected to decline by about 20 per cent this year compared to last year, the report states.
The decline in sales also means the Brookhouses Condominium Development Fund, which manages the project, has had less money to spend, Westglenhills said.
WestGLH Condominium owner, TimWestwood said that in his opinion, the Brooklands condominium project has not improved its performance since its inception, and he would like to see the project rebuilt.
He also thinks the Brook houses project is on a downward trajectory, given its recent financial woes.
“The fact that it is now in receivership and we’re having to put up a lot of money is a setback,” he said.
“It’s going to be interesting to see how they handle it because it’s such a well-known name in the condo market.”
Westglens said he is hoping that the Brook Homes condominium will be rebuilt to its former glory and return to its position as the third largest condominium in Canada.