I
investor
Guest
Neither of you on sitting are real gains. You won't know if you've made or lost money until the point of sale.
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- Thread starter SpadinaBus
- Start date
Neither of you on sitting are real gains. You won't know if you've made or lost money until the point of sale.
simuls
Senior Member
Investor you are absolutely correct about the gains/losses and how they mean nothing until the money's in the bank. The only reason I used that figure was to point out the massive correction needed to wipe out those gains.
That gain wasn't a typo but was rounded. I bought my 1050 square foot penthouse (25th floor) w/parking/locker for $370 000, or about $328.57/square foot (not including the pkg/lcker) - I pushed the developer hard on this one and ended up with a phenomenal deal. The equivalent suite/finishes in the newest development by the same developer in the same location would cost approximate $515000.
The going rate for a newer condo in my area is around $500/sq. ft including pkg.
I'd also just like to point out that when a correction happens, not all condos are equal, and the mantra location,location,location matters all the more. Watch out for all those condos along Lakeshore between Bathurst and Straghan - yikes! Little transit, no grocery store, no amenities (except a park and the nice waterfront), no restaurants, no schools, no doctors/dentists, no neighbourhood.
That gain wasn't a typo but was rounded. I bought my 1050 square foot penthouse (25th floor) w/parking/locker for $370 000, or about $328.57/square foot (not including the pkg/lcker) - I pushed the developer hard on this one and ended up with a phenomenal deal. The equivalent suite/finishes in the newest development by the same developer in the same location would cost approximate $515000.
The going rate for a newer condo in my area is around $500/sq. ft including pkg.
I'd also just like to point out that when a correction happens, not all condos are equal, and the mantra location,location,location matters all the more. Watch out for all those condos along Lakeshore between Bathurst and Straghan - yikes! Little transit, no grocery store, no amenities (except a park and the nice waterfront), no restaurants, no schools, no doctors/dentists, no neighbourhood.
cabeman
Active Member
Agreed, but I hadn't intended the comment in those terms, I was referring to the price I paid for my unit vs. what it would cost me today to purchase something similar.
And simuls - thanks for the information, it makes sense now in context (the unit I purchased is a small (565 sf) 1 bedroom without parking). Congrats on your purchase, sounds like you got a great deal and regardless of the potential monetary gain it sounds like it will be a great place to live once it's done.
I agree with your comment about the developer's agent shown in the CBC program, she struck me as fairly forthcoming for someone in that role.
I
investor
Guest
I also thought she came across as fair. The scariest part of that program was that creepy looking lawyer and the leathery buyer's broker. I wouldn't go near either one of them!
urbandreamer
recession proof
I wondered if Bob's had a facelift?
buildup
Senior Member
"You can't possibly expect a builder to replicate the exact dimensions of a floor plan due to the nature of construction..."
Do you stand by that comment? I should certainly expect something very, very close and have always gotten it. Its not rocket science.
Do you stand by that comment? I should certainly expect something very, very close and have always gotten it. Its not rocket science.
I
investor
Guest
I do. Mechanical equipment, column positions, fire safety issues that are typically engineered after the floorplans are drawn up tends to impact the actual floorplate.
I'm not an engineer or an architect, but I know this to be true.
I-Z1
Banned
So, the columns, that hold up the floor plates, are "engineered" after the construction has begun? This is remarkable....but explains a lot about the 'honesty' of developers, and the city for allowing this.
buildup
Senior Member
"Mechanical equipment, column positions, fire safety issues that are typically engineered after the floorplans are drawn up tends to impact the actual floorplate."
Mechanical equipment goes in the mechanical room, the support columns are presumably the very first thing established even before anyone considers layouts, and i don't know how fire issues play into things. I'd agree that things like drop downs, ceiling heights in places, coffers etc can be impacted by air ducts etc.
Mechanical equipment goes in the mechanical room, the support columns are presumably the very first thing established even before anyone considers layouts, and i don't know how fire issues play into things. I'd agree that things like drop downs, ceiling heights in places, coffers etc can be impacted by air ducts etc.
I
investor
Guest
Really? The insuite heat pumps are in the mechanical room? The layout of the fire safety routes are written in stone before the floorplans are drawn up? The columns never shift a couple feet resulting on a relocation of duct work etc...
C'mon man, you know what I'm talking about.
I-Z1
Banned
Yes, we do....that most developers are incompetant, and have the city in their back pockets.
No, in suite heat pumps are in suite...thought that was obvious. The heating/cooling plant that all of these heat pumps are connected to, is generally in a mechanical room. Due to the common connections to the plant, the heatpumps and plant should be located prior to construction starting.
The constant apologising for corrupt and or incompetant developers is really sickening.
If you're actually shifting the structure around, during construction....something's wrong.
I
investor
Guest
IZI, shouldn't you be busy writing death threats to city officials
I made a 390% return in 2 years on the last development I did. And, I made enough money to send my children to the finest schools in the world and buy each of them luxury condos to live in.
How does that make you feel pal?
urbandreamer
recession proof
and i made 250% on a scam pink sheet stock today how does that make you feel? investor, do you develop townhouses?
I
investor
Guest
Pink sheets huh? What did that net you total? $300?
urbandreamer
recession proof
hmmm..... Anyhow, tell me more about your real estate gains via pm.