The Downtown Condo Thread

[sexualbanana]

Originally posted by ercchry


makes this one a good deal then... well, besides the condo fees

http://beta.realtor.ca/propertyDetai...rtyId=13699385

Design and appearance-wise, I love the Lewis Lofts. But I just think they are crazy over-priced for what they offer.

[ercchry]

Originally posted by sexualbanana


Design and appearance-wise, I love the Lewis Lofts. But I just think they are crazy over-priced for what they offer.

this one isnt the lewis loft building... but i dunno, if you look at the square footage you get with that one jordan listed for $500k... its pretty good compared to these new builds downtown. plus you get crazy high ceilings and the cool industrial design.

[sexualbanana]

Originally posted by ercchry


this one isnt the lewis loft building... but i dunno, if you look at the square footage you get with that one jordan listed for $500k... its pretty good compared to these new builds downtown. plus you get crazy high ceilings and the cool industrial design.

Right. I think they're the Imperial Lofts?

Anyways, I think lofts are damn cool. But unless I'm 7 feet tall, high ceilings aren't much of a selling feature. I'd be much more into this place if it was $30k less (though still out of my desired price range).

[BananaFob]

Originally posted by sexualbanana


Right. I think they're the Imperial Lofts?

Anyways, I think lofts are damn cool. But unless I'm 7 feet tall, high ceilings aren't much of a selling feature. I'd be much more into this place if it was $30k less (though still out of my desired price range).

I'm 5'7" and I have 14ft ceilings in my condo makes a world of difference imo.

[Neil4Speed]

Originally posted by sexualbanana


Right. I think they're the Imperial Lofts?

Anyways, I think lofts are damn cool. But unless I'm 7 feet tall, high ceilings aren't much of a selling feature. I'd be much more into this place if it was $30k less (though still out of my desired price range).

Yes Imperial, Imperial is a pretty cool design as well, lower price point than Lewis.

High ceilings make a big difference when entertaining. The area doesn't really feel stuffy even with allot of people.

[buh_buh]

that 700sq ft unit feels pretty stuffy if you've been inside it.
It's a small 700sq ft if you know what I mean. Lots of wasted space in that layout, but what can you do, it's a converted building from the '20s repurposed as a condo.

IIRC there's also a special assessment for one of the walls for Imperial right now as well. Not 100% sure.

[scboss]

It took me 2 years to pull the trigger on a place because I was scared as shit lol. Wish i would have done it a long time ago lol. Sure a lot is going on the market but your condo will always go up if

Its in a sick location (vic park, eau claire etc)
Amazing view (#1 most important thing for resale)

All the condos I was looking at were in the 320k-400k and were getting snatched up within 7 days. The view will always be what gives your condo that wow factor and sells it instantly.

5 years ago my condo was 305k(prebuild) and I spent 350k lol. My condo was renting for 2200 before I moved in shoulda did this a long time ago

[scboss]

Originally posted by ercchry


this one isnt the lewis loft building... but i dunno, if you look at the square footage you get with that one jordan listed for $500k... its pretty good compared to these new builds downtown. plus you get crazy high ceilings and the cool industrial design.

Almost bought here. I would like to add that the penthouses have 2 car private garages. Pimp place but the one I looked at was severely out dated

[Manhattan]

Is it still true that 2 bedroom units hold their value better than 1 bedrooms? Of course it's nicer to live in a bigger 2 bedroom unit which typically have better and/or corner views. Seems to me that 1 bed units are an easier sell nowadays because of the lower price point as a lot of people are getting priced out of the market at upwards of 400-500K.

[flipstah]

Originally posted by Manhattan
Is it still true that 2 bedroom units hold their value better than 1 bedrooms? Of course it's nicer to live in a bigger 2 bedroom unit which typically have better and/or corner views. Seems to me that 1 bed units are an easier sell nowadays because of the lower price point as a lot of people are getting priced out of the market at upwards of 400-500K.

Depends on location and dimensions. A small 2-bedroom would get trumped over a big 1-bedroom.

[ercchry]

Originally posted by Manhattan
Is it still true that 2 bedroom units hold their value better than 1 bedrooms? Of course it's nicer to live in a bigger 2 bedroom unit which typically have better and/or corner views. Seems to me that 1 bed units are an easier sell nowadays because of the lower price point as a lot of people are getting priced out of the market at upwards of 400-500K.

wait... did you just say there is no condo market over $500k?!

there are many factors between 1 or 2 bedroom... normally while renting you can demand more for a 2 bedroom since you are attracting 2 people who will split the monthly bill and it will be cheaper than renting a 1 bedroom

if you plan to live in it yourself, and you have an SO... 2 bedroom is infinitely greater than a one bedroom if you care for your sanity at all.

[Isaiah]

Originally posted by flipstah


Depends on location and dimensions. A small 2-bedroom would get trumped over a big 1-bedroom.

Originally posted by ercchry


wait... did you just say there is no condo market over $500k?!

Wait... Nope, that's not what he said.

Read it again. Then read it again. If doubts still persist, repeat.

[Manhattan]

Lots of factors to consider for sure. Quick look at some recent DT condo sales shows 1 bedroom units are fetching ~$50/sq ft higher than 2 beds.

[msommers]

From a buyer's perspective, do you want to be buying a place relying that you have a roommate to fill that other room? Or would it be a nice option that brings in extra money should you choose to do it, not out of necessity? Hence the reason why not everyone is wanting or able to get a 400K+ condo downtown. I honestly believe that most first-time home buyers looking DT are buying 1 bedroom places for the downtown lifestyle but can't spend 350K+ without relying on a roommate. I mean it's doable but when you crunch the numbers, it doesn't leave a ton of money left over and who wants to be house poor (only idiots trying to impress). My guess is that most budgets are in the 250-325 range at most for single income, FTHB. Whether that gets you a 1 or 2 bed depends on a lot. I was looking at The Mark and really considering it, but the only way it made sense was relying on a roommate which I just could not handle. I mean who wants to be living in a place, relying that the other room is occupied?! As a result, I think the 1 bedroom DT is much more favourable for a buyer, and also for a renter.

Yeah having extra income coming in sounds great until your roommate makes you want to pull your hair out. I've done the roommate thing and having lived on my own for well over a year, I'd never go back. In a condo it's just way too small for me to have another person living there that isn't the GF/Wife.

There is something to be said about having your own space and your own peace and quiet when you want it. Roommates don't allow that option in a condo.

I bet most people lurking or replying in this thread are not investors or people looking to rent out, it's people considering their first place, they work downtown and don't want to commute. And spending 400K+ just isn't an option. I mean 300K is probably pushing it with one income coming in. From another perspective, consider two incomes looking to make a 600K place their very first home?! To me that sounds nuts but for a 300K on one income that sounds very doable right? It's not easy with one income.

Eric it's pretty obvious you favour renting places and having roommates, and seems a venture you're comfortable and doing well with, which is awesome, honestly it is. But not everyone is on board with that for various reasons and need to find a budget and place that makes sense for them. And a 400K+ loft is not that! I thought I made decent money but it wasn't until I started looking was it a major wakeup call that I just couldn't get the place I had in mind without living in the boonies. Looking DT and surrounding exacerbates that.

Coles: Not everyone has a 400K budget. Not everyone wants to have a roommate.

[flipstah]

Originally posted by msommers
From a buyer's perspective, do you want to be buying a place relying that you have a roommate to fill that other room? Or would it be a nice option that brings in extra money should you choose to do it, not out of necessity? Hence the reason why not everyone is wanting or able to get a 400K+ condo downtown. I honestly believe that most first-time home buyers looking DT are buying 1 bedroom places for the downtown lifestyle but can't spend 350K+ without relying on a roommate. I mean it's doable but when you crunch the numbers, it doesn't leave a ton of money left over and who wants to be house poor (only idiots trying to impress). My guess is that most budgets are in the 250-325 range at most for single income, FTHB. Whether that gets you a 1 or 2 bed depends on a lot. I was looking at The Mark and really considering it, but the only way it made sense was relying on a roommate which I just could not handle. I mean who wants to be living in a place, relying that the other room is occupied?! As a result, I think the 1 bedroom DT is much more favourable for a buyer, and also for a renter.

Yeah having extra income coming in sounds great until your roommate makes you want to pull your hair out. I've done the roommate thing and having lived on my own for well over a year, I'd never go back. In a condo it's just way too small for me to have another person living there that isn't the GF/Wife.

There is something to be said about having your own space and your own peace and quiet when you want it. Roommates don't allow that option in a condo.

I bet most people lurking or replying in this thread are not investors or people looking to rent out, it's people considering their first place, they work downtown and don't want to commute. And spending 400K+ just isn't an option. I mean 300K is probably pushing it with one income coming in.

Eric it's pretty obvious you favour renting places and having roommates, and seems a venture you're comfortable and doing well with, which is awesome, honestly it is. But not everyone is on board with that for various reasons and need to find a budget and place that makes sense for them. And a 400K+ loft is not that! I thought I made decent money but it wasn't until I started looking was it a major wakeup call that I just couldn't get the place I had in mind without living in the boonies. Looking DT and surrounding exacerbates that.

Coles: Not everyone has a 400K budget. Not everyone wants to have a roommate.

Sounds right on the money.

I'm not looking for roommates and I went slack-jawed for what Mark on 10th was asking for. Too rich for my blood.

I am looking for the 250-320k price range, which is ~$800ish semi-monthly, which is not too bad.

Cheaper is always better. Sometimes.

[ercchry]

if living alone... bachelor suite in china town for under $100k

but yeah, GF and i did the one bedroom condo (650sqft w/den) thing before... never... NEVER again, unless its a 1200sqft loft

any fight ended with me hopping in the car and leaving cause there is no where to go!

[flipstah]

Originally posted by ercchry
if living alone... bachelor suite in china town for under $100k

but yeah, GF and i did the one bedroom condo (650sqft w/den) thing before... never... NEVER again, unless its a 1200sqft loft

any fight ended with me hopping in the car and leaving cause there is no where to go!

LOL I saw one of those listings. Nice renovation for the unit; no parking though.

I love the smell of chao fan in the morning.

[ercchry]

Originally posted by flipstah


LOL I saw one of those listings. Nice renovation for the unit; no parking though.

I love the smell of chao fan in the morning.

shit, at 360sqft you could reno it annually

[flipstah]

Originally posted by ercchry


shit, at 360sqft you could reno it annually

If you're really creative, you can do a lot on 360sqft.

Haven't you seen those HGTV shows? I never miss 'em!

[Manhattan]

Originally posted by msommers
Coles: Not everyone has a 400K budget. Not everyone wants to have a roommate.

Thank you for not making me look like a for thinking 400K is too steep for some people.

EDIT: When I was condo shopping about 5 years ago the advice was always to go for 2 bedrooms. You could still buy a nice 2 bedroom DT unit in the mid 300's. Seems like preferences are changing with rising prices.