Buying a condo - Page 3
Old 03-08-2010, 10:02 PM   #41 (permalink)
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probably best to get answers from a real estate profesional, but in the vein of personal anecdotes, i'll tell you this: my good buddy once bought a condo in toronto under preconstruction. he waited six years while the developer delayed and delayed. eventually he had to move to england for work and he sold the condo for less than he paid, and they still hadn't broken ground. all the while he was flat broke after laying down his down payment, and he was still paying rent. it financially crippled him and his wife until they got out from under the burden by selling at a loss.
i had a somewhat similar situation, waiting to move into the Merchandise Building... it took forever and we couldn't wait any more.... so we got our deposit back. now of course it's worth 4X what our purchase price was and if i spend too much time thinking about it, i cry a little bit.

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When did you move buddy? Didn't know that you used to be close by!
1993
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Old 03-08-2010, 10:11 PM   #42 (permalink)
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Obviously depending on where you are jeff, there are a handful of nice new condos going up in east Oakville near Lakeshore. In general there's a lot of building going on in Oakville within the next five years so you'd be stepping into a growing community. If you're on the east side you'd be close to downtown Oakville which is quiet, but is very nice and would have everything you need not to mention access to Lakeside trails.

The only thing with Oakville, especially east Oakville, is land costs are pretty expensive to say the least. What's your price range? If you're willing to fork out a couple extra cents on the dollar you could get something really nice in a very safe, liveable area.

I haven't been paid by Oakville to say any of this, just an FYI.
I love Oakville. The price is just too high though.
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Old 03-08-2010, 10:24 PM   #43 (permalink)
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I love Oakville. The price is just too high though.
+1

Oakville is a nice area, but too pricy for me.
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Old 03-08-2010, 10:29 PM   #44 (permalink)
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Fair enough, I don't blame you. Just a thought.
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Old 03-08-2010, 10:34 PM   #45 (permalink)
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Jeff, you could find something in the Highway 5 region of Oakville by the 403. Prices are more reasonable.

Being a relatively new home owner myself (one year now), if you buy a pre-construction condo make sure you can get an assignment clause. Espescially in Toronto! If you can't get one, I'd suggest to walk away.

If you're looking at an older building, talk to tenants and research the property management group more than the builder and take a look at the financial statements of the condo. I know for ourselves, we're paying for stupid stuff and over paying for it at that.
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Old 03-08-2010, 10:34 PM   #46 (permalink)
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Originally Posted by 'trane View Post
probably best to get answers from a real estate profesional, but in the vein of personal anecdotes, i'll tell you this: my good buddy once bought a condo in toronto under preconstruction. he waited six years while the developer delayed and delayed. eventually he had to move to england for work and he sold the condo for less than he paid, and they still hadn't broken ground. all the while he was flat broke after laying down his down payment, and he was still paying rent. it financially crippled him and his wife until they got out from under the burden by selling at a loss.
Oh no doubt I agree totally. Pre con is a gamble and you could be sitting on your hands waiting for the thing to be built longer than you think. Their are a few builders out their that stay true to their word and you will get your condo up and about.

I agree with Insider as well as this is a huge decision and you have to take advice from more than guys from a message board (ie. go to real estate agent, lawyers, trusted friends etc etc.)

One thing about the condo market many don't stay in condo living more than 3-5 years and most of your neighbours will be gond fast either for a flip or using it as rental property. So I'd keep that in mind as well
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Old 03-10-2010, 12:16 AM   #47 (permalink)
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I have a real estate license.

I can't give great advice on the Toronto condo market as I don't work in that area, but if you need help in Mississauga or Brampton, let me know.
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Old 03-10-2010, 12:45 AM   #48 (permalink)
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See lang knows whats good with Brampton
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Old 04-07-2010, 10:12 PM   #49 (permalink)
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I'm a new home/condo owner!!

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Old 04-07-2010, 10:15 PM   #50 (permalink)
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congrats jeff!
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Old 04-07-2010, 10:17 PM   #51 (permalink)
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congrats jeff!
Thanks 'trane. A little scary, but i'm excited.
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Old 04-07-2010, 10:24 PM   #52 (permalink)
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congrats jeff.

Honestly I just picked out the extras for my place. Dam I spent more than I thought I would LOL.
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Old 04-07-2010, 10:26 PM   #53 (permalink)
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congrats...
go bananas on the "extras"... and just add the cost to your mortgage.
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Old 04-07-2010, 10:29 PM   #54 (permalink)
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I hope you enjoy your new home, Jeff.
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Old 04-07-2010, 10:40 PM   #55 (permalink)
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Did you buy new?
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Old 04-07-2010, 10:56 PM   #56 (permalink)
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Did you buy new?
It's a re-sale. The building is 4yrs old. One of the newer buildings next to the Scarborough town Center. Great building, it has virtual golf as one of the amenities. Can't wait to try that out.
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Old 04-07-2010, 11:03 PM   #57 (permalink)
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Cool. Are the condo fees atrocious?
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Old 04-07-2010, 11:03 PM   #58 (permalink)
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It's a re-sale. The building is 4yrs old. One of the newer buildings next to the Scarborough town Center. Great building, it has virtual golf as one of the amenities. Can't wait to try that out.
sounds cool. You also have a golf course across the street if thats what your into
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Old 04-07-2010, 11:08 PM   #59 (permalink)
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congrats man.
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Old 04-07-2010, 11:10 PM   #60 (permalink)
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Nice. My parents just recently bought an Apartement/Condo(don't know the difference xD) for investment purposes. I like Condo's, no work required(ex. shovelling snow )
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