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Thread: The Downtown Condo Thread

  1. #1601
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    Quote Originally Posted by TomcoPDR View Post
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    Look at the bed setup of unit #350 and the one you listed. Feels like listed by same owner.

    Or did those waterfront units had options to buy those hotel style built in wall beds like that?
    I think that's how it is and don't think same owner.

    Crazy you can probably close that 644 unit even lower. Amazing price for 2/2/2 even tho smaller ish at 730sq.ft

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    Quote Originally Posted by max_boost View Post
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    Can't compete against this baller and his pricing https://www.realtor.ca/real-estate/2...gary-chinatown

    It's so cheap it makes me want to buy it
    Clearly our definition of "cheap" is worlds apart

    $2,500/month using 20% down including property taxes and condo fees. That's nutty, especially for something on the 6th floor not facing the river!
    Last edited by msommers; 03-08-2019 at 03:31 PM.
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    Quote Originally Posted by msommers View Post
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    Clearly our definition of "cheap" is worlds apart

    $2,500/month using 20% down including property taxes and condo fees. That's nutty, especially for something on the 6th floor not facing the river!
    This condo was probably 100 to 150k more during the boom time...

    real estate only goes up right?
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    What i can think of for their rationale behind the price is the two parking spots. Realtors will give you various amounts for value of a parking spot, I have heard as low as $15000 and as high as $40000 per titled stall.

    Two bedrooms at 732 sqft is laughable in my opinion. There are many established older buildings that give you 1100+ sqft for maintenance fees that are less than what this place offers, for a purchase price that is also much lower. But the reality is there is always a buyer out there, and if these sellers can afford to carry this property for a while, they will come along.

    Finally, look at the amenities including concierge. That condo fee pays for those and the concierge's salary.

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    Quote Originally Posted by Mys73ri0 View Post
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    This condo was probably 100 to 150k more during the boom time...

    real estate only goes up right?
    Right. To think I looked at million dollar condos 5 years ago and 800k ones as well before deciding in a boom bust scenario I better take the 600k one.

    With that said I finally have a serious interested party so hopefully I get an offer, if not, I think it's time to pull the plug and wait for 2020/2021

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    Quote Originally Posted by max_boost View Post
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    With that said I finally have a serious interested party so hopefully I get an offer, if not, I think it's time to pull the plug and wait for 2020/2021
    Nah, I think this RE down turn is in for long haul.

    Commerical tax vs Residential tax ratio in Calgary is 4.7:1 CoC is looking at adopting ratios like other cities of 3.7:1. This will add cost to home ownership and remove more people from buying.

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    I'm expecting to bag-hold for the long haul.
    Might have to consider renting out soon.

    Unless Amazon HQ2 talks reignite and Calgary's in the running

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    Fair enough. Either way I'm nicely settled back in.

    Worst case scenario, get a roomie and rent out my 2 parking spots to cover things should I go funemployed

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    Quote Originally Posted by ee2k View Post
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    What i can think of for their rationale behind the price is the two parking spots. Realtors will give you various amounts for value of a parking spot, I have heard as low as $15000 and as high as $40000 per titled stall.
    Nothing special about the condo itself until I noticed the 2 parking stalls which are $$$. Public parkade across the street goes for $400/month. We'll be conservative and say you can rent out one of the spots for $300/month. That's an annual return of 7% on a valuation of $50K per stall assuming its 100% down equity. If you're taking out a mortgage say with 25% down as most people would you're essentially leveraging your investment 4X which means you're earning upwards of 20% on that parking stall. So yes each stall is easily worth $50K as an investment property.

    If you lived in the place and only need one stall and value the parking as the above calculation then you can basically take $50K off the purchase price and look at it as a 2 bed 1 parking condo selling for $380K. Pretty good deal indeed .

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    Quote Originally Posted by Manhattan View Post
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    Nothing special about the condo itself until I noticed the 2 parking stalls which are $$$. Public parkade across the street goes for $400/month. We'll be conservative and say you can rent out one of the spots for $300/month. That's an annual return of 7% on a valuation of $50K per stall assuming its 100% down equity. If you're taking out a mortgage say with 25% down as most people would you're essentially leveraging your investment 4X which means you're earning upwards of 20% on that parking stall. So yes each stall is easily worth $50K as an investment property.

    If you lived in the place and only need one stall and value the parking as the above calculation then you can basically take $50K off the purchase price and look at it as a 2 bed 1 parking condo selling for $380K. Pretty good deal indeed .
    Smart way of looking at it!
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    I've used spa ceiling in the past and they were great. I'd recommend them over van ceiling any day

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    Are there complexes that offer EV charging in their parking stalls? Curious how condo owners have been coping with owning Teslas and other EV's


    Quote Originally Posted by Buster View Post
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    The benefit of masks is not known at this time. But we do know it is some non-trivial amount more than zero.

    We also know that the cost of mask use is, essentially, zero.

    So the cost:benefit of mask use is approaching infinity. I'll take that every time. And every time I see someone without a mask, I think they are stupid.

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    Quote Originally Posted by flipstah View Post
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    Are there complexes that offer EV charging in their parking stalls? Curious how condo owners have been coping with owning Teslas and other EV's
    I think there are only shared ones but not at stall.

    https://liveatthemet.com/rxofz/amenities.aspx

    I think I saw like 3-5 spots there.
    Last edited by Xtrema; 11-19-2020 at 05:49 PM.

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    Quote Originally Posted by Manhattan View Post
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    Nothing special about the condo itself until I noticed the 2 parking stalls which are $$$. Public parkade across the street goes for $400/month. We'll be conservative and say you can rent out one of the spots for $300/month. That's an annual return of 7% on a valuation of $50K per stall assuming its 100% down equity. If you're taking out a mortgage say with 25% down as most people would you're essentially leveraging your investment 4X which means you're earning upwards of 20% on that parking stall. So yes each stall is easily worth $50K as an investment property.

    If you lived in the place and only need one stall and value the parking as the above calculation then you can basically take $50K off the purchase price and look at it as a 2 bed 1 parking condo selling for $380K. Pretty good deal indeed .
    A little late to the party? This is not news in many major cities around the globe. HK is prime example with parking spaces going for over 6m HKD (over 1m CAD).

    Parking spots have a higher ROI and much easier to maintain/manage compared to a condo/house. However, remember parking space has dues/fees (mine was around 50CAD a month).
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