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Thread: help with new condo build

  1. #1
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    Default help with new condo build

    looking at the overture in currie barracks by Jayman

    about 600k for 1200sqft 2bed2bath2underground parking.

    high end finishing, brand new

    vs

    downtown waterfront eau Claire by athem

    550k for 880sqft 2bed2bath. 1parking. nice dt view, older n lower finishing


    just looking to discuss
    feel free to share any information if you heard of anything or know of anyone that lives in these condos.

    Condos are always hit n miss with the fees like do they have proper reserve fund in place etc... and if its a new build like the overture are there problems? bad heating or bad water pressure, or poorly built things like that?

    I'm curios as to what you guys think has more value as being downtown vs currie barracks ?

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    880 sqft 2 bedroom is too small. That's all I have.
    Quote Originally Posted by Gestalt View Post
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    Quote Originally Posted by Gestalt View Post
    I dont get it. As price goes up, demand goes up?

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    especially for over 100k more than I paid for a brand new 2 storey walkout with a triple garage. that is nuts.

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    new construction means you have a lot of unknowns. Builders main goals are to get out of a new build by doing as little as possible. New construction is notorious for over stating the actual square footage so watch for that. Plus side are condo fees are low for a little while, you have a bit of warranty and good variety to pick from.

    Plus side to a building thats 2-5 yrs old is that any glaring issues have typically come out. The builder vs condo board battle has susbided and condo fees start to level out to a more normal cost. You have actual documentation on minutes and reserve fund started...

    New condos can sometimes delay reserve fund contributions for 3-4 years as the builder holds control and finally turns it over to the condo board. Some people dont mind this but it prevents the reserve from growing early and eventually costs owners in the end.

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    I have a 880 sqft 2 bedroom condo, I live by myself and find it's got plenty of space for one, even for two. Depends what you're into.
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    Originally posted by 03ozwhip
    especially for over 100k more than I paid for a brand new 2 storey walkout with a triple garage. that is nuts.
    Agreed. why live in a box downtown, when you can live in a box out of downtown for half the price.. or get a beautiful house elsewhere.

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    Originally posted by ShermanEF9


    Agreed. why live in a box downtown, when you can live in a box out of downtown for half the price.. or get a beautiful house elsewhere.
    There are many reasons to live closer to downtown depending on your lifestyle and where you work. You can't compare the price to some house with a triple car garage which I think isn't even located in the city.

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    Just hire Jordan, he will sort you out.

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    Originally posted by roopi


    There are many reasons to live closer to downtown depending on your lifestyle and where you work. You can't compare the price to some house with a triple car garage which I think isn't even located in the city.
    sure there are some reasons, but personally even if I was single, I could never justify spending that much on a condo.
    look at this...
    http://forums.beyond.ca/showthread.p...43#post4645743

    that's at bigger condo, looks really nice and is downtown with city views etc for less than half the price, that's reasonable.

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    If you're at the stage to spend that amount. I think the question you should ask is, what type of lifestyle you're aiming for? As the city grows, I sure as hell believe in location location location; over cheaper further out. (if reasonable money isn't the issue)... Sure it was cool growing up in the suburbs, all ur miniature world revolve around that community, school, activities, friends, low-med entry level work. But as we get old(er), convenience is key (but its convenience FOR YOU, and YOUR family; if both spouses are in med at the South hospital, my vote would be to live in New Brighton, or Mahogany; a country I only venture to once every 2 years or so).

    I'm bias against the West for some reason, anything past Elbow (Chinook park, Kingsland)... just don't like Glenmore West, so no comment on currie, I'm sure it's no diff than any other neighbourhood.

    But completely different beast than living downtown. Even downtown, I feel has their own little clichés. Beltline, Eau Claire, 10th, Stampede area.

    $550k waterfront... unit #1615? lol better value than the 12th, which is painted that grandma pink too

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    Water front is so tough on the resale market. I have a friend in Overture, Great finishes, location.. Personally I would go with that unit


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    New Condos aren't very good investments imo unless you buy pre-construction for a steal of a deal and sell it when it's built as a quick possession to someone willing to pay a premium for new. This isn't toronto or vancouver where you see condos appreciate in value, and there are almost new condos on the market that are bigger for much less.

    Jayman is not a great builder either. Do the math but those sq ft numbers include your balcony too. You're not downtown, you're far from downtown, so what's the point of paying a premium for a condo in that area? I'm guessing they're trying to market it as a luxury condo too, which means it'll be full of amenities that sound great on paper but you'll never use in reality and pay a premium for every month in condo fees. $5 says that jayman condo doesn't appreciate in value.

    A quick glance and I'd be looking at these properties over that jayman condo.

    https://www.realtor.ca/Residential/S...arneyGlengarry

    https://www.realtor.ca/Residential/S...arneyGlengarry

    https://www.realtor.ca/Residential/S...3E1Y5-Richmond

    much bigger, similar price, not in a building where you have an asshole playing music at 11pm next to you with a family with kids that start running around above u at 7am, and they're technically a bit closer to downtown i guess.



    As for the condo that is actually in downtown... do you want to pay a premium for living in that area? 8xx sq feet isn't huge, but its more space than a lot of people who love condo living need. I personally can see some logic in buying that one. the Jayman one, I dont get it. Why buy an expensive condo far from downtown when you can buy something on land for the same price.

    What I dont like about the waterfront one is the view doesn't seem very good in the pictures they took. That fridge makes me think, hmm, what happens when it blows up. How hard is that going to be to replace and not have look like ass? It is very bland inside too, but imo spending big bucks on a condo for it's finishings is retarded (its lipstick, not worth a 6 figure premium because they marketed it as 'luxury' for $5g in additions). That's the kind of stupid stuff people are going to be thinking when you go to sell it someday. plus even if it has a decent view now, is there something zoned for that land that will block your view someday?
    Last edited by zhao; 03-20-2017 at 09:37 PM.

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    I live in Waterfront and love it here. You do have a lot of choice and you just gotta decide what's most important to you.

    I went from 1700+ basement to 850sqft. works for my gf and I but that's because we are simple and this is how we like to live. I did have to rent a second storage locker for my sports stuff though.

    But then ultimately it's the gf's call, we could end up in a house again lol

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    Originally posted by 03ozwhip
    sure there are some reasons, but personally even if I was single, I could never justify spending that much on a condo.
    look at this...
    http://forums.beyond.ca/showthread.p...43#post4645743

    that's at bigger condo, looks really nice and is downtown with city views etc for less than half the price, that's reasonable.
    I don't understand why fees in that building are so high, I guess it has to do with the unit being so big too but $591

    Though it includes electricity, there's no in-suite laundry... It shows well though!

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    Originally posted by jwslam

    I don't understand why fees in that building are so high, I guess it has to do with the unit being so big too but $591

    Though it includes electricity, there's no in-suite laundry... It shows well though!
    Ya it includes utilities so that's maybe 200 a month in a condo, I agree 600 a month is pretty high but a 600k condo you can bet will be that or more on top of a huge mortgage like that.

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    Originally posted by jwslam

    I don't understand why fees in that building are so high, I guess it has to do with the unit being so big too but $591

    Though it includes electricity, there's no in-suite laundry... It shows well though!
    There is a condo selling for 450 on the west of downtown with condo fees of 1200 a month lol.

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    Originally posted by bowsth
    I'm curios as to what you guys think has more value as being downtown vs currie barracks ?
    Both of these seem like you're setting yourself up for a pretty big loss... IMO neither of these has long term value, but they sure have risks.

    Originally posted by jwslam
    https://www.realtor.ca/Residential/S...3R8-Eau-Claire

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    Originally posted by jwslam
    https://www.realtor.ca/Residential/S...3R8-Eau-Claire

    Maintenance Fees
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    Could they get anymore 8's into the price?

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    Originally posted by Feruk

    Both of these seem like you're setting yourself up for a pretty big loss... IMO neither of these has long term value, but they sure have risks.
    Yup.

    Anything with an elevator is a bad investment. Especially over 5 years old and builder has down offloading all the units and warranty ran out.

    Then it's Special Assessment time!

    The only cheap condo living is renting. Owning is pretty risky.

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