Age vs Location
hi carturo15,
I was considering buying in 2000 at 40 Scollard. It was a south facing unit that overlooked the parking lot (soon to be 4S).
Scollard at that time pretty much just had this condo in terms of residential and Yorkville was not expanding as it is today. It really was a barren street, and the price reflected that. It was 700sqft+ 1BR, ~$169,000.
I'd say 40 Scollard now is the most "affordable" in terms of purchase price to buy in the Yorkville area. But in a way, you get what you pay for.
The condo/maintenance fees at this building, are extremely high. I can't remember the exact condo fees back in 2000, but I remember them being reasonable. Another building where I lived in when it hit the 10-15 year mark, maintenance fees started to skyrocket.
I guess I am stating the obvious, but when condo's get to be a certain age, the maintenance fees skyrocket, as the infrastructure of the building starts to deteriorate.
Condo's as a pure investment hold their value best in the first five years. 15 years and older your operational costs make it much harder to carry. Special assessments, plumbing leakage,etc,etc.
However, I guess it helps a whole lot that is has three things going for it (location,location,location).
Myself personally, I would have a very hard time buying a condo that is over 15 years old as an investment. But if it is to live in I'd reconsider.