Condo Shopping?

[eldoguy]

Mia.Copla, Lawyerman- time to sell, or bail?

In the Toronto market, listings were up 15 per cent in May, as sales continued a five-month slide. However, prices are still up a moderate 4 per cent year over year.

Meanwhile, an uncertain economy means the market is not expected to pick up anytime soon.

"Increasingly cautious homebuyers may keep listings on the market longer before being sold, which increases the importance of realistic pricing," Klump warned.




Toronto Star

 

[232356]

Tips

1. Buy close to transit, schools, highways, shopping
2. Buy at least a one and den or a two anything smaller or bigger tough to sell and won't appreciate as much
3. Buy something that faces south (greater resale value)
4. Buy something that is closer to the corner suites
5. Stay away from condos close to the garbage disposal thingy
6. It is better to get in on something small in a hot area than huge in a bad or poor area

 

[21pro]

Here's one - wait about a year. Prices will be a good deal lower than they are right now.

Don's been saying this since 2003.

excuse me for being a contrarian again, but this is how i make money....

there are alot of factors supporting price increases for the condo market. it's really a safe investment if you do your due diligence and practice caveat emptor...
1. gas prices lead to rising demand in convenient locations.
2. increased energy costs lead to rising demand in efficient multi unit structures.
3. because building costs are up over 38% since jun 2007, people buy more 'built-up' real estate instead of buying houses and 'on the ground' RE that costs more in renovations, etc...
4. investment in personal security is at an all-time high in the gta. condo living with concierge and parking garage leverages security with shared ownership... very cost effective instead of, alarmforce contract, upgrade garage door and locks, etc...

if condo lifestyle suited me, i'd buy in etobicoke or mississauga right now without delay. good luck in your search!

 

[Esco!]

Two bedrooms is easier to resell but one bedrooms are in high demand as well.

That depends on the sq footage.
I bought a 1,200 sg ft condo which is easier to resell than say an 800 to 900 sq ft 1 bedroom unit

Tips

1. Buy close to transit, schools, highways, shopping
2. Buy at least a one and den or a two anything smaller or bigger tough to sell and won't appreciate as much
3. Buy something that faces south (greater resale value)
4. Buy something that is closer to the corner suites
5. Stay away from condos close to the garbage disposal thingy
6. It is better to get in on something small in a hot area than huge in a bad or poor area

And dont buy a lower floor condo, always try to get the highest floor possible.
Not only for the view, but also you hear less traffic and construction noises the higher up you are

 

[Keebler Elf]

And dont buy a lower floor condo, always try to get the highest floor possible.
Not only for the view, but also you hear less traffic and construction noises the higher up you are

Good tip!

 

[21pro]

yeah, the lower floors are for the SPs and MPAs...

 

[tboy]

I actually heard that the higher up you go, the higher the prices so there's that to consider as well.

As for the sq footage, it all depends on where you are. If that 1200 sq ft unit was at the foot of yonge, it'd be going for around a million. It'd be easier to sell a 700 sq ft unit in that area as many people buy them for a "work late" pad who live in the 'burbs.

I've actually heard of people buying small condos downtown simply for the parking. At $400.00 per month and up for a parking space, and if you need a place to crash after working late, it really isn't that bad an idea. More so if you can rent the unit out if you don't need it.....

 

[Esco!]

As for the sq footage, it all depends on where you are. If that 1200 sq ft unit was at the foot of yonge, it'd be going for around a million.

No it wouldnt, it wouldnt even go for half a mill

Only in Yorkville would a 1,200 sq footer be around $7000,000 to $1,000,000.
And Yorkville is the numero uno spot for condos in Toronto

http://www.yorkvillecondominiumguide.com/html/condo.html

 

[Tangwhich]

I actually heard that the higher up you go, the higher the prices so there's that to consider as well.

Typically the prices quoted are for the lowest floor of that particular unit. Each floor above that adds $1000-$1500 to the price.

Regarding the square footage, keep in mind that your condo fees are based on that, so larger units will cost more to live in.

 

[Esco!]

I would not wanna live on the 2nd floor of that new condo building at Yonge & Bloor, that would
be a nightmare.
All that traffic, late night partygoers, bums that play their stupid saxophone at all hours, construction.......etc..etc
Its crazy!!

 

[Mia.Colpa]

Typically the prices quoted are for the lowest floor of that particular unit. Each floor above that adds $1000-$1500 to the price.

That is the case when you buy a new condo, however over the years that spread is not as great for some reason, in some buildings there is no difference unless you compare the top floors to the bottom. I own several condos in downtown Toronto in pretty good areas, sold many as well, and that's been my experience, also got the same feedback from many agents.

As for the sq footage, it all depends on where you are. If that 1200 sq ft unit was at the foot of yonge, 'd be going for around a million.

I own a few units at a new building near the foot of Yonge and won't get half a million today, hopefully in the next several years. I'd be lucky to get $400,000. A lot of the value has to do with the demographics and quality of the building. I can show you two condos side by side in downton TO where one building is over $800/sqft and the one beside it is $400/sqft.

 

[dandywriter]

for the financial side

consider using a mortgage broker (unless you're buying cash, of course ); I've used one for the last two condos I've bought, and they're worth every penny of costs (usually picked up by the mortgage company).

 

[tboy]

No it wouldnt, it wouldnt even go for half a mill

Only in Yorkville would a 1,200 sq footer be around $7000,000 to $1,000,000.
And Yorkville is the numero uno spot for condos in Toronto

http://www.yorkvillecondominiumguide.com/html/condo.html

Welp, then they are a steal....buy em up! Why do I say that? Because if they are getting $400 + psf in and around Carlaw and Dundas then they are a bargain on Yonge........

I just did a little research and supposedly the biggest units at 1 Bloor East are going for 8 million. The largest unit is about 2580 sq ft. Divide $8M by 2580 and you get $3100 psf.

Sorry, I was a little off, the new ICE condos are going for 631 psf so a 1200 would be selling for $758K

 

[Berlin]

Tips

1. Buy close to transit, schools, highways, shopping
2. Buy at least a one and den or a two anything smaller or bigger tough to sell and won't appreciate as much
3. Buy something that faces south (greater resale value)
4. Buy something that is closer to the corner suites
5. Stay away from condos close to the garbage disposal thingy
6. It is better to get in on something small in a hot area than huge in a bad or poor area

Pretty good collection there.

Along number 4, best to have your unit not too close to the elevator.

Look for any commercial loading docks/garbage bin access area across from the bldg that you are interested, if there's one around you better check the sound insulation of the unit.
That can be fucking noisy and happens early in A.M.

If your suite faces west, make sure the insuite A/C would be strong enough to cool your unit in summer . I have a couple units in which tenants have to add portable ac for summer . In fact the whole side of that bldg has that problem. I'm not kidding, don't under estimate our Canadian sun.

And to say it again : location, location, location.


Good luck.

 

[Don]

If that 1200 sq ft unit was at the foot of yonge, it'd be going for around a million.

Here's 1200 sq ft at the foot of yonge going for under 270K

http://www.mls.ca/PropertyDetails.a...rt=2&of=1&ps=10&o=A&Mode=0&PropertyID=7045655

 

[FailsW0rth]

Buy a place where most of the people in the building are owners.

you dont want renters..they dont give two shits about the condo
they end up leaving all their crap in the garage garbage when they move out.

althought u can find some pretty interesting stuff...not that i ever have.

u want a building with mostly owners
owners , owners , owners

 

[tboy]

Here's 1200 sq ft at the foot of yonge going for under 270K

http://www.mls.ca/PropertyDetails.a...rt=2&of=1&ps=10&o=A&Mode=0&PropertyID=7045655

Perfect example of what I was talking about in regards to high maintenance fees: the above is a little less than my mortgage and more than double what I'm paying.

In addition, it isn't the foot of Yonge, that's at Wellesley.........

 

[basketcase]

But the fees at that unit must include a weekly visit to the on site in-call service

Seriously though...

Consider buying at about the time the building is being registered. It will cost you more than at the launch but the price generally goes up after the speculators start selling.

Other important things: Check up on the management company and the board.

 

[Mia.Colpa]

Perfect example of what I was talking about in regards to high maintenance fees: the above is a little less than my mortgage and more than double what I'm paying.

In addition, it isn't the foot of Yonge, that's at Wellesley.........

I agree, I don't consider that at the foot of Yonge, but I consider the following close enough to the foot of Yonge:


http://www.18yonge.com/project.html

I can now buy a two bedroom unit in that building, 900 sq ft for $350,000, I was tipped by someone of a seller who is desperate to sell. Monthly fees are around 40 cents per sq ft this year, but I expect it to go up next year significantly since it's a new building that is poorly managed, expect aroung 50 to 55 cents a sq ft. Great location, new building, good amenities. Negative is it's over the Gardiner and you could hear noise and inhale the exhaust at the lower floors, so I'd go for floors 20 and up.

You can also look at the Pinnacle towers, they are in the reasonable range still and just a tad south of 18 Yonge St.