To buy or not to buy

I didnt really want to start a new thread, but I need some opinions, seeing as there are a lot of smart real estate minded people on the board.

I was thinking of buying a condo in evergreen/bridlewood this week, possesion time is spring 2007. I would be selling it just before possession. On monday they have a price increase of about $5k so I was thinking friday after work throwing my $500 down to secure one.

Is this still a good idea?

I hear there are quite a few condos going up which might satisfy demand, but they still will have price increases throughout the year I hope.

With only 5% down and with the current market, it seems to be a good idea to make a few dollars over a year (I got bills to pay, this could help).

Thanks for the input

Yes it's a great idea!

But you didn't mention a few things; How much are they? Where are they located? How big? Etc.

The nice thing about them is that you'd only need to pay the downpayment now. Once its ready you have the choice of renting it out or selling it. The only problem with selling is realtor fees, but there are ways you can sell fast without ever needing one.

Well I would probably buy a 2 bedroom, around 900 sq ft, and they are building some near me at 162ave and 24th St. SW. It is technically Bridlewood I beleive, cause I think its on the south side of 162nd.

2 bed, 1 bath w/ Underground Parking is about $113-127k (775 or 787sq ft). There are a few options below that, a few above that. 2 bed/2 bath is $130-146 (806-1050sq ft).

I'm assuming a 2 bedroom would be easier to resell??

2 bedroom / 2 bathroom would be the easiest to resell or rent out. Most people in the market for a 2 bedroom condo prefer the second bathroom. Its better for having guests/room mates.

Just watch out because there is quite a few condo complexes going up in the Bridlewood / Evergreen area.

Everybody is doing condo flip thing. My fear is when all these condos are completed in the next few years it will flood the market. All these people buying hoping to flip just before completion have created a false demand. Just hope you can cover the mortgage if you can't sell or rent it out for months.

those are some really good prices
do you know what builder??

Those condos are right across from ours.
We live on 162 ave and 24th street in the point of view condos that are already there.

We have a 2 bedroom 1 bath, cause its just me and my bf.
We thought you lost a lot of room for the second bathroom, and we didn't really need it. If you are renting it though, you may want 2 bathrooms.

THere have been a few that have gone up for sale, and they seem to take 2 - 3 months to sell. Rumor is they have gone up a bit in price (approx 10,000)

Good luck!

Ya....i'm not sure what to do, I should have done this a year ago but I was saving for other shit, like Wedding and a house.

I'm not looking to make a killing, I just want to maybe double my 5% down which I hope wouldn't be too hard, then I could afford to pay off my line of credit :)

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Originally posted by G
Everybody is doing condo flip thing. My fear is when all these condos are completed in the next few years it will flood the market. All these people buying hoping to flip just before completion have created a false demand. Just hope you can cover the mortgage if you can't sell or rent it out for months.

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There's a lot of developments going up, but there will always be a demand for them (now, anyways). Hopefully it won't slow down, but no one should purchase one if they cannot put away 6 months of mortgage payments prior to purchase in case no one buys or rents.