How`s your house pricing doing?..

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nobbie48 said:
Anyone have a crystal ball on the condo market?

Existing building ~ $500 K for 1000 SF. 35 years old. Pictures look good.

How does the 500 SF pre-build market affect those?

A condo is in our future. When?
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Condo fees seem to affect price more than square footage. I'd try to find a building with as few amenities as possible to minimize fees. If I want to go swimming, a gym pass is cheaper than the fees to have one in your building. Friends bought a 1200 sq ft condo far from the gta with no amenities and condo fees are ~$1000. A

If you get really lucky you can find a ground level suite in a building without an elevator but those are rare. You could partner with a builder to redevelop your lot as a four or sixplex and you get the ground floor unit when it's complete. Rent or travel the world for a few years during construction.
 
GreyGhost said:
Condo fees seem to affect price more than square footage. I'd try to find a building with as few amenities as possible to minimize fees. If I want to go swimming, a gym pass is cheaper than the fees to have one in your building. Friends bought a 1200 sq ft condo far from the gta with no amenities and condo fees are ~$1000.

If you get really lucky you can find a ground level suite in a building without an elevator but those are rare.
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Elevators, underground parking and pools are high maintenance items.

Low rise buildings that can get away with hydraulic elevators save over high rise.

Land cost in the GTA skews things. Underground parking, particularly multi-level have rebuild issues every few decades. It's a mega industry today as salt rots the structure.

However underground parking cuts land costs. It's a trade off that doesn't show for ages but when the shoe drops it's a heavy one.

We have a potential problem in our area due to a bunch of rental buildings built in the 1960s when land was cheap. They went with minimal underground parking and a good amount of surface.

The economics, until the recent melt down, made it feasible to split off the above grade parking to development properties and dig deeper to replace the affected parking numbers.

The streets, schools and parklands don't increase with the population density, another issue.
 
nobbie48 said:
Elevators, underground parking and pools are high maintenance items.

Low rise buildings that can get away with hydraulic elevators save over high rise.

Land cost in the GTA skews things. Underground parking, particularly multi-level have rebuild issues every few decades. It's a mega industry today as salt rots the structure.

However underground parking cuts land costs. It's a trade off that doesn't show for ages but when the shoe drops it's a heavy one.

We have a potential problem in our area due to a bunch of rental buildings built in the 1960s when land was cheap. They went with minimal underground parking and a good amount of surface.

The economics, until the recent melt down, made it feasible to split off the above grade parking to development properties and dig deeper to replace the affected parking numbers.

The streets, schools and parklands don't increase with the population density, another issue.
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Where about are you looking at a condo? Speaking about concrete and salt...remember the collapse of the Florida, Miami/Surfside condo a while ago where the underground garage was so compromised and crumbling, gave out and down we go. That killed 98 people.
 
Glenn/RZ500 said:
Where about are you looking at a condo? Speaking about concrete and salt...remember the collapse of the Florida, Miami/Surfside condo a while ago where the underground garage was so compromised and crumbling, gave out and down we go. That killed 98 people.
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West GTA. I'm watching one building in particular.
 
GreyGhost said:
If you don't mind going further west (hamiltonish), valvasori makes a good product. The brothers run the company, are on site every day and really care about what they are selling.
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You sure they're still building? Nothing on their FB page wince 2021 and their website address doesn't work...I too have been thinking of getting a condo for retirement...
 
ifiddles said:
You sure they're still building? Nothing on their FB page wince 2021 and their website address doesn't work...I too have been thinking of getting a condo for retirement...
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I don't know. I haven't talked to them for a few years. The last I heard they were thinking about a project on the mountain. I'll try to give Mike a call next week and see what's up. Fwiw, I have no financial connection to them. I did some work for them years ago and was impressed by them.
 
I’d be wary of putting any money into a new build condo right now . The Bronte project at Lakeshore has gone into receivership and the last Burlington project went into court over closing costs .
I’ll be staying in my house as long as possible. My mom’s condo fees are just over a grand ( stupid pool) . That’s a bite every month imo.


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crankcall said:
I’d be wary of putting any money into a new build condo right now . The Bronte project at Lakeshore has gone into receivership and the last Burlington project went into court over closing costs .
I’ll be staying in my house as long as possible. My mom’s condo fees are just over a grand ( stupid pool) . That’s a bite every month imo.


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I'm guessing the deposit/downpayment isn't safe in this situation? Or is it held in "escrow" and returned to the buyers?
 
I don’t actually know how it works , I just get twitchy when I think about the inconvenience.


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