marlws

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So, not much on 508 wellington.

I have a 506 square feet unit on the 7th floor facing south.
I've made my down payment, so i have 10 days to decide.
It's my first foray into condos.
It was 298,000k with small locker no parking...
I'd love to keep it for a year or two, then sell.

I figure it's a nice unit, small, but nice area with an unobstructed view
and the building across the street is a designated heritage building.
Plus, there will be a sobeys/loblaws going up at Portland and Queen

Love to get your comments on this. Do I or don't I???
Is it worth it
Let me have it!
 
I think you've overpaid. Units are currently going for much less (about $500-550/ft including parking) in the new 550 wellington, 65 portland and stewart lofts. If they'll drop down to $250 000 then I'd jump in. You should check out the resale market - there are units in all the above bldgs available.
 
Hmm, thanks for your reply.

I've seen a few at 550 wellington, roughly the same size or a bit smaller but the view looks directly into the condo on Stewart or
the units on the other side are on floors 2 and 3 with really no view. I'll have to be more diligent and see what else they have available
and check out the other buildings.
Thanks again...
 
Hmm, thanks for your reply.

I've seen a few at 550 wellington, roughly the same size or a bit smaller but the view looks directly into the condo on Stewart or
the units on the other side are on floors 2 and 3 with really no view. I'll have to be more diligent and see what else they have available
and check out the other buildings.
Thanks again...

My concern is your time frame. To keep it for a year or 2: you should rent and not buy. Add in the Real estate commissions, the land transfer tax(possible 2 taxes if TO still has the tax), the legal fees and you need to have probably a 10% hike in value to break even.

I agree with Simuls, I would look at resale or possibly assignments if you want new.

As well, look at the "baby have we got a bubble" thread and read a bit of this. You will see both points of view on where the market is going though I will acknowledge it is decidely more negative than positive right now.
 
yikes hold for 2 years and sell in this market?

You sound like a first time home buyer are you sure you want to give up your ability to withdraw from your RRSP and other credits to sell on spec?
 
550 wellington and 75 portland are def not selling for $500 a psqft. closer to 600+.

if they're selling for $600+ PSF then it's overpriced.
check out kijiji or craigslist for assignments/sales too in those buildings ..... there are few there and average price with parking + locker seems like $550 PSF.

back to the OP question ... as others have said, you're speculating too much b/c of the short timeline.

hypothetically, let's say the market stays flat ...
with commissions, land transfer taxes, lawyer fees, developer fees, closing fees, etc you end up spending around $30K just to buy/sell after 2 years.
if you have a mortgage, then there are the discharge fees with the bank

if the market does go down as many suspect, you could suffer further financial losses and may have a hard time to sell too.
 
I don't think it makes sense to buy it with the hopes of selling in 2 years. If you buy it, be prepared to live in it for maybe 5 years or to rent it out. Look at assignments on Kijiji and Craigslist. There are a lot of units for sale at 55 Stewart/550 Wellington and 75 Portland. Saw a 550sqft unit for $275K at 75 portland(no parking). There are deals to be had right now.
 
I don't think it makes sense to buy it with the hopes of selling in 2 years. If you buy it, be prepared to live in it for maybe 5 years or to rent it out. Look at assignments on Kijiji and Craigslist. There are a lot of units for sale at 55 Stewart/550 Wellington and 75 Portland. Saw a 550sqft unit for $275K at 75 portland(no parking). There are deals to be had right now.

One word of caution. Kijiji and Craigslist are fine and you will get a good idea of prices. As you appreciate, the 550 sq. ft unit may be a great buy at $275 or it may look right at a wall and may be priced accordingly.

There have been reports of scammers who list on these sights so if you do decide to follow through, make sure that the vendor is legitimate, has the ability to assign(as some contracts don't allow it) and that you do not end up giving a down payment someone who may not even be in the position to sell or own the unit being sold. I am not saying this would happen but just be aware since you don't want to find yourself in that position. That said, I am sure 99% of the postings are legitimate.

Again to emphasize, 2 years is too short a time frame and I concur that a 5 year horizon is a must. If after 2 years, the market booms and you want out "great" but always hope for the best and plan for the worst.
 

These are the worst and crappy units at 75 Portland, that is why they have not sold. the first unit is priced at $550 psf. the second one at $572 psf is the worst, it is basically a basemant facing a wall, the 3rd one is priced at $600psf and last one at $579 psf.

The last unit at 55 Stewart sold for $399,900 for 641 sq ft with parking and locker, it was sold in 3 days, that is $623 ps ft. all the smallest units at 55 Stewart that are 400 sq ft sold betweeen $230-$240k, which is $575-600 ps ft

the small good units under 650 sq ft are definitely selling for $575-$600 sq ft without parking
 
^Laughably overpriced.

Realty check says these need 10-20% price reductions in order to sell.

These are the worst and crappy units at 75 Portland, that is why they have not sold. the first unit is priced at $550 psf. the second one at $572 psf is the worst, it is basically a basemant facing a wall, the 3rd one is priced at $600psf and last one at $579 psf.

The last unit at 55 Stewart sold for $399,900 for 641 sq ft with parking and locker, it was sold in 3 days, that is $623 ps ft. all the smallest units at 55 Stewart that are 400 sq ft sold betweeen $230-$240k, which is $575-600 ps ft

the small good units under 650 sq ft are definitely selling for $575-$600 sq ft without parking

Don't shoot the messanger, just showing what's currently out there.

Friend of mine purchased at Thompson for $330K with locker and parking. Don't know the sqftage but it was less than 600.
 

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