Harbour Plaza Residences (Menkes) - Real Estate -

Hello Folks. I'm new to these forums, so hopefully I'm posting my question in the right section!
I've purchased a 1+den unit at HPR. I've been given the option of purchasing a parking spot (priced at $60,000), but I'm really undecided. I'm mainly looking at this purchase from a investment point of view, so I don't know if it's worth paying that whopping 60K for parking?!?!?

Any ideas/advice is highly appreciated.
 
Why would anyone not buy a parking spot with their pre-construction condo unit? You either:
a) Can't afford.
b) Option was not available.

Everyone who bought a parking spot is paying 60k. Do you think they will sell it for less than 60k after it's built? Not likely. I read somewhere that it does cost that much money to build a parking lot, consider the land value and lack of parking spaces in downtown toronto.
 
sounds like the standard r/e shill reply.

at $60K, it will cost the buyer at least $300/m in mortgage and maintenance fees.
what is the monthly maintenance fee for the parting spot btw?
what are the rental rates for parking spots in the area in other condo buildings?


PC9728 said:
Why would anyone not buy a parking spot with their pre-construction condo unit? You either:
a) Can't afford.
b) Option was not available.

Everyone who bought a parking spot is paying 60k. Do you think they will sell it for less than 60k after it's built? Not likely. I read somewhere that it does cost that much money to build a parking lot, consider the land value and lack of parking spaces in downtown toronto.
Click to expand...
 
I'm a buyer. :) 60k is an investment you don't have to pay right now, assuming they aren't asking for a deposit. So what's stopping you? If you can't save up 60k in the next 5 years, you shouldn't be buying a lakeshore condo.

The maintenance is $50 a month if I remember correctly. I have to double-check.

So you can easily fetch $150-$200 a month.

But honestly if you own a condo, and you bought it without a parking spot, and you think back 5 years ago when you had the opportunity to buy one, would you have bought? Someone might be able to sell you one, but why would they sell it if they can rent it out? And there is also the hassle of paper work and trips to the lawyers office to transfer ownership.

cdr108 said:
sounds like the standard r/e shill reply.

at $60K, it will cost the buyer at least $300/m in mortgage and maintenance fees.
what is the monthly maintenance fee for the parting spot btw?
what are the rental rates for parking spots in the area in other condo buildings?
Click to expand...
 
It's been on sale since April. There were advertisements on Chinese radio and Chinese malls.

You just need to find a reputable agent who is Chinese and has all the insider info.

Uncle Teddy said:
I hate how its already heavily sold out yet they haven't even really come to market to the end users.
Click to expand...
 
PC9728 said:
Why would anyone not buy a parking spot with their pre-construction condo unit? You either:
a) Can't afford.
b) Option was not available.

Everyone who bought a parking spot is paying 60k. Do you think they will sell it for less than 60k after it's built? Not likely. I read somewhere that it does cost that much money to build a parking lot, consider the land value and lack of parking spaces in downtown toronto.
Click to expand...

Well, I know it's a no brainer that parking won't be selling for less than 60K once condo is finished. BUT, will you gain any appreciation on that 60K that you paid today? (i.e would prices for parking spots appreciate at the same rate as the condo unit?) My biggest concern was that when I researched the cost of parking spots at buildings close by (like Maple Leaf Square) they were going for about 35-45K, so 60K looked way overpriced in comparison to me.


cdr108 said:
sounds like the standard r/e shill reply.

at $60K, it will cost the buyer at least $300/m in mortgage and maintenance fees.
what is the monthly maintenance fee for the parting spot btw?
what are the rental rates for parking spots in the area in other condo buildings?
Click to expand...

You're correct, according to my calcs $300/mo for mortgage sounds about right.
The maintenance fee is $55 I believe, I'll have to double check though. And the rental rates, I haven't done a thorough research but I think it should be around $300/mo around this location.


PC9728 said:
I'm a buyer. :) 60k is an investment you don't have to pay right now, assuming they aren't asking for a deposit. So what's stopping you? If you can't save up 60k in the next 5 years, you shouldn't be buying a lakeshore condo.

The maintenance is $50 a month if I remember correctly. I have to double-check.

So you can easily fetch $150-$200 a month.

But honestly if you own a condo, and you bought it without a parking spot, and you think back 5 years ago when you had the opportunity to buy one, would you have bought? Someone might be able to sell you one, but why would they sell it if they can rent it out? And there is also the hassle of paper work and trips to the lawyers office to transfer ownership.
Click to expand...

Exciting! Did you buy in the west or east tower?
And yes the only fact that made me even consider buying the parking spot was the fact that they're not asking for any deposit on it. I'm only trying to be cautious though since this is my first purchase, and I don't want to go too overboard when it comes to the overall price (especially for when I'm applying for the mortgage).
 
$60,000 includes HST since you are buying from the builder.

You don't pay HST if you're buying 2nd hand, but you do pay 2% land transfer tax on it.
 
Another factor you gotta consider is what's the ratio of parking spots to units?

According to Urban Toronto, it's 1:2. (716 spots, 1426 units)
 
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