The Downtown Condo Thread

[Manhattan]

Never heard of paying for your rent when a project is late. And every project is late. Is this normal?

[Sugarphreak]

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[msommers]

You certainly did a lot of legwork to earn that, no doubt about it. But I think new buyers expecting anything of that proportion would be fooling themselves!

[Sugarphreak]

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[BigMass]

Originally posted by Sugarphreak

Truth is that if you take 20 minutes to read the contract, you will know more about it than the sales people. That puts you in the drivers seat immediately.

depends on the market. ATM you have overseas buyers showing up at sales events that can't speak a word of English having their translators say, "i'll take floors 26-29". This is from sales events I've attended as well. They salespeople would barely take the time to talk to me because I was asking questions. They would much rather be dealing with people that just plop down cash without any questions. And there are TONS of people doing just that now. This market is so crazy that the only people in the driver's seat are the sellers.

[Mr_John]

Originally posted by frizzlefry


The minute the builder handed management off to a management company. About 2 months after they moved in. The builder charged what they advertised, the condo mgmt company said yeah, its going to cost way more. Happened to me too. Its very typical.

Edit : Fees instantly became 480 per month plus 50 for the parking spot.

Was your condo built by Pointe of View by any chance? When researching builders before I purchased, I had read that they were notorious for doing this.

And, if you don't mind me asking, how much are you paying in condo fees/sqft.

Originally posted by Power_Of_Rotary

Just buy from a trustworthy builder that has existing condos around town. You can see how those are being taken care of and how well the finished products are (finishing, issues, etc).

Agreed. Balboa, Qualex and Cove Properties seem to be reputable builders with many downtown condos to compare with.

To condo owners, does 45cents/sqft. sound low/reasonable/high? Just trying to prepare myself.

[BananaFob]

Originally posted by Mr_John


Was your condo built by Pointe of View by any chance? When researching builders before I purchased, I had read that they were notorious for doing this.

And, if you don't mind me asking, how much are you paying in condo fees/sqft.



Agreed. Balboa, Qualex and Cove Properties seem to be reputable builders with many downtown condos to compare with.

To condo owners, does 45cents/sqft. sound low/reasonable/high? Just trying to prepare myself.

.45/sf is considered average, but it depends on the amenities in the building though. If it's an existing building, it's smart to look at the condo docs/minutes to see whether they have traditionally used special assessments or dipped into the reserve fund for capital expenditures.

[BigMass]

Originally posted by Mr_John


Was your condo built by Pointe of View by any chance? When researching builders before I purchased, I had read that they were notorious for doing this.

And, if you don't mind me asking, how much are you paying in condo fees/sqft.



Agreed. Balboa, Qualex and Cove Properties seem to be reputable builders with many downtown condos to compare with.

To condo owners, does 45cents/sqft. sound low/reasonable/high? Just trying to prepare myself.

50 cents is median for a modest established building that's run well... less than that would probably be for a brand new construction and more than that for an older building or a higher end one with a lot of amenities.

For example, i'm looking at existing 800sqft 2 bedroom units and a $400/ month condo fee is about what I would be comfortable paying

[frizzlefry]

Originally posted by Mr_John


Was your condo built by Pointe of View by any chance? When researching builders before I purchased, I had read that they were notorious for doing this.

And, if you don't mind me asking, how much are you paying in condo fees/sqft.

Funny. Why yes it was. Right now I am paying $410 for 720sqft

[Disoblige]

Originally posted by frizzlefry


Funny. Why yes it was. Right now I am paying $410 for 720sqft

Makes a lot of sense. I was always told to stay far far away from POV condos.

[Sugarphreak]

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[cam_wmh]

Originally posted by woodywoodford
Anybody know if any good units (with the terraces, view) are still available in The Park?

Also kind of wonder, will having a nice condo like that/improved greenery clean up the seedy population around there at all? Definitely no shortage of hookers on those streets at this point, that's for sure.

That's the last hooker stroll in town, a CPS friend quoted to me. 2nd street around 15th ave

[scboss]

Originally posted by civic_rida
Whats a good complex downtown thats more high end with a concierge.
Family has a residence in a complex in Vegas and to be honest the condos in calgary dont even come close.
How could they get away with building something like "Colours".

When researching to buy a condo Battistella is one of the best developers when it comes to re-assessments and the condo fees raising. I think all of there buildings have no concierge or amenities. For me condo fees are the most important thing and at colours my condo is $306 for 690 sq ft.

With low condo fees you can easily make lots of money renting out your condo and using it as a income property

[cam_wmh]

Originally posted by warcaster


When researching to buy a condo Battistella is one of the best developers when it comes to re-assessments and the condo fees raising. I think all of there buildings have no concierge or amenities. For me condo fees are the most important thing and at colours my condo is $306 for 690 sq ft.

With low condo fees you can easily make lots of money renting out your condo and using it as a income property

I have a friend in Chartreuce, that has had quite a few Special Assessments.

[scboss]

Originally posted by cam_wmh


I have a friend in Chartreuce, that has had quite a few Special Assessments.

Yeah but thats a 11 unit building with lofts not a high rise

[flipstah]

Bumpity!

Thoughts on Verve @ EV?

http://www.vervecalgary.com/

I like their designs and layout of the exterior; retail areas on the surface to keep things lively.

Interior is typical modern IKEA layout.

Still uneasy about the EV area in general though. Thoughts?

[BigMass]

Originally posted by flipstah
Bumpity!

Thoughts on Verve @ EV?

http://www.vervecalgary.com/

I like their designs and layout of the exterior; retail areas on the surface to keep things lively.

Interior is typical modern IKEA layout.

Still uneasy about the EV area in general though. Thoughts?

I'd be more uneasy about the current hosing market than EV. The location is great if the building can avoid big assessments due to future flooding. Remember that the EV location is not just about EV but about the new library, music center and Inglewood. Right now Kensignton is popular due to the ease of access and ctrain. Once the SW LRT hits through Inglewood, it will link that entire corridor into EV and become a new posh hang out spot that gives EV residents easier access to. Also, our downtown is very centralized and no matter where you live, it's going to be a good location.

[scboss]

Originally posted by flipstah
Bumpity!

Thoughts on Verve @ EV?

http://www.vervecalgary.com/

I like their designs and layout of the exterior; retail areas on the surface to keep things lively.

Interior is typical modern IKEA layout.

Still uneasy about the EV area in general though. Thoughts?

Problem with east village is that it will be tough to get a mortgage for anything in the flood zone. When purchasing my condo in vic park td literally made us sign a waiver about not being in the flood zone to cover there ass.

Research your ass off tho massive risk vs reward when getting any prebuild

[flipstah]

Originally posted by warcaster


Problem with east village is that it will be tough to get a mortgage for anything in the flood zone. When purchasing my condo in vic park td literally made us sign a waiver about not being in the flood zone to cover there ass.

Research your ass off tho massive risk vs reward when getting any prebuild

Really? That sucks. EV has the potential but something is telling me otherwise.

I mean, cleanup alone is pricey. The City might use property taxes to get the cost back...

[Neil4Speed]

Anyone out there think that Condo prices will take a dip once these big projects come to fruition? Right now, simply, there isn't allot to look at. In the last 5 years, only a few bigger condos actually have people living in them. Vantage Pointe, Four on Mcleod, Luna, Stella, Nova, Chocolate, Union, and Colors.

A few of these are done already, but 33 big projects is significant. I mean, your probably looking at 3k+ condos coming up in the new two years.

Mark on 10th [Connaught]
Ven [Kensington]
6th and Tenth [Connaught]
The River [Mission]
Steps [Bridgeland]
The Guardian [Victoria Park]
Evolution [Downtown East Village]
Calla [Connaught]
3 Eau Claire [Eau Claire]
Riverhouse [Downtown East Village]
District [Mission]
The Park [Victoria Park]
Lucida [Connaught]
Bridgeland Crossings [Bridgeland]
Tribeca [Mission]
Lido [Kensington]
Smith [Connaught]
Drake [Connaught]
Alura [Victoria Park]
Tela [Mission]
First [Downtown East Village]
Mission 34 [Mission]
Avenue [Downtown West End]
Verve [Downtown East Village]
Keynote Two [Victoria Park]
Vogue [Downtown]
43 Park [Bridgeland]
Kings on Fourth [Eau Claire]
Einstein [South Calgary]
St John's 10th St [Kensington]
The Block [Lower Mount Royal]
Pixel [Kensington]
Ten [Lower Mount Royal]