Condos

[sxtasy]

Hey, does anyone live in a pointe of view condo?? If so how do you like it? I went and got a price tonight for a small condo. 1 Br. 550sq.ft. $95,000 incl GST. Not to bad of a price for a new condo. with 4,500 down payment including all appliances, heat, elec., water, sewer etc. incl. condo fees and property tax around $750/month. What do you guys think about this? I don't know much about real estate buying. Does anyone else know of any other companies right now that are selling suites similiar to this size and price range? I've tried searching on the net but didn't really find much more.TIA

[pinoyhero]

Decide on a location first. The closer to the core and/or SW you are the more pricey stuff will be. If your not to concerned about being in the core then there will be a great deal of options in alll areas. Pick your location first, then maybe people will have some suggestions.

[air_mikey]

if you need any help finding a condo, my bro is a real estate agent. give him a call at 615-8661.

[sxtasy]

wow fast replies!!! I would like to be in the southwest...not concerned about being close to the core. I work west of calgary, so need to be in the west, and I prefer the south. The price that I got was in Evergreen...by shawnessy way in the SW corner. Wouldn't mind this area.

[crewcialmark]

There is 1 bad thing about Condos. In Point of view condominiuns the rates are great, down payments are easy to be met, and the interest can be fix for 5 to 7 years. But 1 thing that get you the most out off your pocket is the Condo Fees. Now there are saying that around 150-250 a month will cover everything except phone line and cables right. But here is the catch. This condo fees are only meant for 1 thing, that is to go up. Let me put it this way. When 2 condos owners leaves out of 5 condos owner. It would mean that the $300 will be devided up among 3 condo owners leaving you with much higher condo fee. Second, if the other condo owners are just trashing the place that they are staying in. It would mean that those fees would be use up for some1 other thatn yourself. Its is kind off like insurance. The more you claim the more they would ask you for money. I hear other Condo owners that they are paying $500 a month for just the fees. Think about. Ignore the rest of the numbers, but look at it closely on condo fees. Hope that help you out....Aight Peace

[sxtasy]

thanks crewcial good info, so there is no cap to the condo fees. Is this the same as every other condminium or just for pointe of view?

[izzoblitzo]

wow man, $750 a month for condo fees?

thats nuts.

the management company we hire to manage the condos we build charges something like $450-$550 depending on the project.

And location means a whole lot. Depends on the kind of situation your lookin for.. the higher up you go, the more expensive.. the less units there are, the more expensive..

Our condos range from 600sqft to about 1600sqft... pricing from 99-360.

But then again, all our projects are located on 15th, 11th, and 1st.

Oh, and lastly, because of the location, or perhaps the building itself (situation) the condo fees could range. Like, for instance, one of our buildings are located near the stampede grounds, so it requires some high tech security, and as well as higher maintenence in terms of cleaning up grafity , hookers, street people, etc etc. so the fees are higher.

[sxtasy]

wow man, $750 a month for condo fees?

no about $550 for principal and interest, $50 property tax, $150 condo fees

[04blackMAX]

550 sq feet, u know thats a weeeee bigger then a normal sized garage....id say way to small, think resale, pay a lil more get a 2 bedroom, and rent out a room to cover the mortage

[izzoblitzo]

oh! okay..

condos are great, but sometimes, I'll wonder why people spend that much on a condo.. like heck, $360G's for a condo... you could get a pretty decent house in the suburbs.

And I've heard alotta horror stories from various projects around town.

What happens is, when you take your possession, make sure you do a very throughough inspection for the defficiency report... cos they dont have to do anything thats not completely obvious if you discover it after you move in.

[roopi]

Originally posted by 04blackMAX
550 sq feet, u know thats a weeeee bigger then a normal sized garage....id say way to small, think resale, pay a lil more get a 2 bedroom, and rent out a room to cover the mortage

listen to this man! you will thank him later. charge a roomate $450 a month to live with you and he will end up paying half your costs!

[izzoblitzo]

yeah, black max's got a point. It took us forever to sell a unit under 600sq ft.

Its very popular in Vancouver though. When we go to design these things, its all about how we fit everything together.

At work, we refer them to true Hong Kong style units. Because its got a bit of everything, but meshes together.. and all under 500sqft.

It works, but at the same time, it depends. Some people like the cozy part.. but most would go for the extra space. Think of it this way though, most families of four live in a house about 2000sqft more or less. So if your living on your own.. 500sqft is about right for a starter place. See if you can get one about 700sqft.

[sxtasy]

yah i hear you guys about the size issue, it is small, but I don't know if I will be approved for a higher morgate (i'm only 21 and dont have a long credit history) and I don't have much more for a downpayment (dont want to sell any cars either). So to me that size is small but seems like a more achievable goal. The way I look at it, it would be alright for a first buy, and can move on in a few years, and at least I'm building some equity and not just paying rent.

[04blackMAX]

assume a mortage man!!!, so easy, buy a 3 bedroom house in like mckenzie town or sumthing, rent out 2 rooms to frinends!!

[James]

Originally posted by 04blackMAX
assume a mortage man!!!, so easy, buy a 3 bedroom house in like mckenzie town or sumthing, rent out 2 rooms to frinends!!

Is assuming mortgages really easy?..anyone know of any catches, hidden costs?...i always see ads in the paper "assumable mortgages, little to no down payment, no Qaulifying"...gotta be a catch....im have to move out within the next few months and renting just sucks ( even though im sure i'll be stuck doing it for a few years).

[04blackMAX]

u have to have the downpayment, thats pretty much it

[88 CRX]

I would never buy a Point of View condo if I were you. I work with the engineer's and contractors on all Point of View Condo's and they are junk. They are a rush project right from the time of digging the foundation. Every contractor I know that works on Point of View condo's have all told me that they are junk. Would you spend $100,000 on a condo that is built will inexperienced apprentices when only 1 journeyman is required for every 10 apprentices??? You should see the kind of shit that gets passed inspection on those condo's.

[xkon]

i agree, try and assume and rent out the extra space... condos suck, especially when they jack up the condo fees every 6 months!

[Weapon_R]

Do not buy a pointe of view condo. I was very close to buying one. They are cheap because there are a lot of things that aren't included that gets tacked on later.

Condo fees can't be that expensive man. The one I was about to buy (650sq ft) was only ~220/month, and that included everything except phone and cable. Not bad.

The payments are low and very easy to make, it was only a very small downpayment, and it seemed like a decent buy, but you can find better if you look hard enough.

[sxtasy]

thanks for the info guys, i'll look into assuming a morgate