A Tale of 2 Condos

[androiduk]

Two bachelor condos downtown, two blocks apart. Both on the 18th floor. Which one would you buy?

Condo #1: CASA on Charles St. 256 sq. ft. Lots of amenities in a brand new building. Unit has never been lived in. Condo fees are $260 month. Price = $315,000

Condo #2: 30 Gloucester St. 387 sq. ft. Very few amenities in an older building. Building is a CO-OP requiring 25% down. Maintenance fees are $350 month. Price = $139,000

 

[NikoS]

Personally, neither of those would be on my radar to purchase.

Condo 1 seems to be crazy at like $1200/sqft and maintenance for $1/sqft
Condo 2 seems priced well but if its a coop do you own the unit? And why do they require 25% down?

I purchased at 11 St. Joseph a couple of months ago a 1 bedroom - 630 sqft for 320000 with maintenance at like 0.48/sqft... I didn't buy a parking spot, but they are about 30K extra.

In my opinion, I think you can do better...

 

[interested]

I don't even begin to see how one can compare these 2.
I have to believe that the CASA unit was 356 and not 256 sq.ft. In that case it would be:$885sq/ft/ That is alot of money.
If it really is 256 sq.ft. the price is just "insane". That would put CASA in the price of luxury which while upscale it is not luxury.
Even if you don't make anything on the coop: if you are happy living there, it is 1/3rd the price.
Coops can't be mortgaged since you do not have clear title. That is why condos started years ago so one could get a mortgage.
I don't think you can live much cheaper than what you are describing. $100000 mortgage at3.5% fixed would mean about 3500/yr of interest.
Even allowing for principal repayment say $350/month and $350/month is $700. This is cheap living. However, if you are going to leave within a year or 2, you have to consider your moving/legal/Land transfer/R/Ecommissions etc. and you may well not make it back. If you are prepared to live for 5 years, OK.
Otherwise, I would personally rent.

If this is investment property, then I agree there are better opportunities and I would look further. How much rent do you think you can get for these 2 places.

 

[drewp]

The smallest condo in Casa is 366 sqft facing north looking right onto BSN.

If that is the unit I say go for that but I am sure you could get it for much cheaper. See how long it has been on the market for, because if it has been for sale for a while its propbably overpriced.

 

[androiduk]

^ I'm not interested in buying either one. I just found it amazing that there could be an almost $200,000 difference between these 2 units, 2 blocks apart that are currently listed on MLS. The CASA unit is listed at 6.16m x 4.16m.

 

[Observer Walt]

When Casa came on the market two years ago or more I remember thinking that it was overpriced, although admittedly the location is quite good. I also thought that several of the units did not have enough closet space. As already mentioned the smallest unit was 366 square feet, according to my records (admittedly dated). It's a northward facing unit, and views may be an issue. It's obviously pretty cramped. I would not buy in this building, but that's just me.

As for a co-op, the biggest disadvantage may be getting it financed. As you do not technically own the unit (you own shares in a corporation, which carry with them a right to occupy), you can't actually get a mortgage. Most of the banks aren't interested. You can find financing through a few credit unions, but investigate this carefully before signing anything.

 

[cdr108]

Condo #2: 30 Gloucester St. 387 sq. ft. Very few amenities in an older building. Building is a CO-OP requiring 25% down. Maintenance fees are $350 month. Price = $139,000

unless that place is completely renovated and updated with hardwood flooring, granite countertops, s/s appliances, etc then it's also overpriced ....
maybe something along the line of $300 PSF, so $115K.
IIRC the maintenance fees for co-ops include property taxes and all utiliities, so the above quoted amount is not as bad as it sounds.

personally, if the options were just the 2 above, i would go for the co-op if the price was slightly lower.
others have estimated that the CASA unit is probably 366 SF, so the asking price is approx $860+ PSF which is completely ridiculous for a non luxury, mid-level floor unit with no view.