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Thread: Buying a condo in the beltline

  1. #1
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    Default Buying a condo in the beltline

    Hey guys,

    I'm looking at purchasing my first property and hopefully making some money off it too as an investment in about five years.

    What do you think of the condos around the beltline?

    Do you think now is a good time to buy?

    Has anybody dealt with the developer Battistella?
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    I feel as though I am the resident RE bear here.

    With a five year time frame, I don't see condos being a good investment. Five years ago, of course, but not now.

    Sure, you can probably get a nice, cheap mortgage on a place right now because interest rate are at historic lows but in five years, do you think they interest rates will be as low as they are now? What is this going to do to the demand on real estate?
    Also, condos are sketch. I had one in lower Mount Royal and narrowly escaped a $15k special assessment. You don't own any land, just "space".

    In terms of purchasing a condo as an investment, far too risky for me at this time. Last fall, the condo market was on the verge of collapse. Due to interest rate cuts and the cancellation of some projects, the bleeding stopped. Ask again in one or two years.

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    Might not fully apply but here is the first sensible article about real estate I have read in the mass media in quite a long time:

    http://www.theglobeandmail.com/blogs...rticle1303740/

    I doubt this will get read as much as shilly articles pushed by industry insiders.

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    Default Re: Buying a condo in the beltline

    Originally posted by Chim
    Hey guys,

    I'm looking at purchasing my first property and hopefully making some money off it too as an investment in about five years.

    What do you think of the condos around the beltline?

    Do you think now is a good time to buy?

    Has anybody dealt with the developer Battistella?
    I would definitely purchase your first property....it's never a bad investment.

    Condos in the beltline are great investment...investing in the inner city or core is a great investment personally. My stipulations depend on the building (tasteful), reserve fund and income statements (agree with previous post) and low condo fees (varies). As for investment, Short term cashflow, rent it out. If you want to sell it in 5 years, you should profit. Either way...you own it, money in your pocket.

    No better time to buy than the present if your in the market. Low interest rates still.

    Never dealt with Battistella...great area as it's walking distance to everything you need.

    This is just my opinion, hope it helps.
    Ryan
    Last edited by 540i; 09-29-2009 at 09:39 AM.

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    I recently bought a condo, and the unit above mine (very similar) is renting for $2800/mo which is $1500 higher than my mortgage payments. I'm moving into mine, but if you are looking to rent it out, it can be pretty lucrative in the downtown area.

    The bigger the city gets, the more valuable downtown property becomes as well. I don't see how it could be a bad investment if you do due dilligence and take your time finding an excellent place.

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    mitsu3000gt which condo building are you in if you don't mind me asking?

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    Originally posted by ckangarloo
    Might not fully apply but here is the first sensible article about real estate I have read in the mass media in quite a long time:

    http://www.theglobeandmail.com/blogs...rticle1303740/

    I doubt this will get read as much as shilly articles pushed by industry insiders.
    Some pretty poor advice in that column.

    Suggesting that one continue to pay off their mortgage and pay no mind to their retirement is not a good idea. While both are bound to a fluctuating market, buying low in the equities market makes more sense than paying off more of your mortgage. There is no "guaranteed return" in a house, however it certainly makes good sense to buy into RRSPs when the market is down and you can buy more volume at a lower price.

    Saying that you should pay off your mortgage because "it feels good" isn't good enough for people who actually have a brain between their ears. Sure it feels good to pay off your mortgage, however I know people that own million dollar plus homes in full and have barely $100,000 in their RRSPs.

    Reminding people to be mortgage free by the time they retire isn't that hard. Considering most mortgages are 25 years in length and many retire around the 60-65 year mark. So unless you plan on buying a huge new house with no equity at the age of 50, this shouldn't be an issue. Besides, at 25 your mortgage payments may seem excessive, but in 10-15 years they will look like a joke compared to people that are just starting out. That's how it has been for decades.

    There is a balance. This writer doesn't seem to understand that.

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    I was thinking about picking up a place in this area as well.
    In terms of resale, is it better to be picking up a 1 bedroom or two bedroom?

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    Originally posted by spyce
    I was thinking about picking up a place in this area as well.
    In terms of resale, is it better to be picking up a 1 bedroom or two bedroom?
    Two bedroom, for sure.

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    I would consider buildings like Encore or Brava as they are looking to get a c train station in the next 5 years or under so property value tends to increase when your close to a c train. Also the prices in those buildings have come down a bit.

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    I just bought into Luna, I hope values go up and project starts soon...

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    Originally posted by sputnik
    Some pretty poor advice in that column.

    Suggesting that one continue to pay off their mortgage and pay no mind to their retirement is not a good idea. While both are bound to a fluctuating market, buying low in the equities market makes more sense than paying off more of your mortgage. There is no "guaranteed return" in a house, however it certainly makes good sense to buy into RRSPs when the market is down and you can buy more volume at a lower price.
    Really? What do you call the interest saved on every extra $$ that you can put towards your principle? That's about as guaranteed a return as you can get.
    heloc that shit

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    How much are 2 bed room condo's in the beltline?

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    Originally posted by Trini
    How much are 2 bed room condo's in the beltline?
    Depends on how nice the interior is... You can buy anything from 200k all the way clear to the million mark.

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    Buy in mission. Way cooler. WAY less junkies.

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    Hmm I'm still unsure how the beltline with turn out

    I do have higher expectations for currie barracks though.
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