Too much?

[jdee920]

I'm looking to buy a downtown condo and move in by Fall 2012, if not sooner. I just began looking and am hoping to find something with the following:

- south of bloor, east of bathurst, and west of jarvis
- 2 bedroom/2 washroom
- close to a subway station (w/i 10-15 min walking distance)
- new or less than 5 years old
- low maintenance fees (less than $450 per month)
- priced around 400k

Am I asking for too much or being unrealistic here? Any comments or help is greatly appreciated!

 

[NikoS]

Without parking? I would say look a bit further west.. I bought at Art condos for less than 400k... 2bed 2 bath.. Not sure if the prices went up yet but its suppose to occupy next year...

 

[steve_toronto]

I'm looking to buy a downtown condo and move in by Fall 2012, if not sooner. I just began looking and am hoping to find something with the following:

- south of bloor, east of bathurst, and west of jarvis
- 2 bedroom/2 washroom
- close to a subway station (w/i 10-15 min walking distance)
- new or less than 5 years old
- low maintenance fees (less than $450 per month)
- priced around 400k

Am I asking for too much or being unrealistic here? Any comments or help is greatly appreciated!

Just take a look at the following Bay Street condo
304 - 909 BAY ST
It has 2 bedroom/2 washroom, one parking, and one locker. right at the downtown core with $409K price tag and $506 the maintenance fee.
Yes, it is a little bit older than 5 years, but so what?

 

[Nic]

Hi, I have a unit in 33 Bay. The occupancy closing is in this October. my unit is 2+1. The location, the age, and the layout should all be perfect for you. But the price will be a little higher. If you are interested, you could send me an Email. My Email is flydream0517@hotmail.com.

 

[Register123]

Just east of Jarvis at Richmond and Sherbourne, assignment 1+1, 2 full bath, huge private terrace, locker, maint. fees est. 320/month, no parking (but avail for purchase I believe) , occupancy Dec 2011 confirmed. In your price range. Contact me at asheen3@gmail.com if interested.

 

[cityplaceguy]

Msg me if you are looking I will find what you need, whant, need. I am a professional Realtor

Forget the rest come be with the best!

 

[Tuscani01]

Check out Cityplace. I bought my 2+1, 2 bath unit for $375,000 back in November. They are going for about $400,000+ now, but you can always put in a lower offer, which is what we did. Fees are 440 a month.

 

[cdr108]

Check out Cityplace. I bought my 2+1, 2 bath unit for $375,000 back in November. They are going for about $400,000+ now, but you can always put in a lower offer, which is what we did. Fees are 440 a month.

which CP building and how big in sf is the 2 + 1?

 

[Tuscani01]

which CP building and how big in sf is the 2 + 1?

Ill go a step further and give you the floor plan. The 'Den' is really a nook, though its pretty big.

 

[james.brightstar]

I guess this may be because I grew up outside of the city but I am always amazed by how much people will pay for condos in Toronto. For the same price you could get a larger house outside of the city and just commute in every day. When you think about maintenance fees, you would end up saving quite a bit of money. Besides, I have known a few people that have had some real problems with thier condos.

 

[radioheadmike]

Commuting in the GTA is not great. I could have bought a beautiful victorian home with 5 bedrooms, 3 washrooms, and a large yard in a beautiful tree lined neighbourhood in Hamilton for the same price that I bought my 1 bedroom 600sqft condo on the subway line. But commuting is not worth it. I practically lost all my hair due to the commuting from Missisauga to North York every day for the last 4 years.

Our highways are jam packed , 403 , Q.E.W, 401 and even main streets like Dundas are parking lots throughout the day and not just during rush hour.
I would leave work at 8pm and somehow still get stuck on the highway.

Our public transit is not very reliable (subways are an exception majority of the time). Taking the GO train in the winter is awful. So many issues and delays to due switches freezing and the fact that you have to wait outside on the platform is not fun at all. Busses are slow and also are impacted by traffic jams and construction.

I know it may not make sense to someone outside of the city, but people want to live where they work and play without spending 2 to 3 hours a day commuting.

This is an interesting article about the new real estate bubble (or is it a bubble?) forming in the U.S. and it relates to why people are paying more to move closer to the cities.

http://www.nytimes.com/2011/11/26/opinion/the-death-of-the-fringe-suburb.html?_r=2

 

[james.brightstar]

A reasonable arguement

I can see what you are saying about not wanting to communte. Perhaps because I am fairly new to the city (only living here for about 5 months) I am not yet stressed out by the thought of commuting.
As far as the article you linked to, it gives a reasonable arguement but I do feel that it is a little bias (as am I with my arguement). It is written by an urban planner for one who probably gets a decent paycheck promoting city growth. Also, the collapse of the housing boom in the States following the sub-prime mortgage fiasco that brough on a so called exidus from the suburbs is probably more due to home owners reverting to renters, thus driving them back to apartment buildings. The reduction of the automotive market and closing of many manufacturing plant outside the city centres is also driving lower middle class families back to urban environments were work is more abundant. However, this is more prevalant in the States where that has been a reduction in the cost of housing.
The cost of housing in Canada has, for the most part, continued to rise despite the failing economy to the south. A large part of this growth happening in the expanding suburbs surrounding major urban centres.
Once again, it is only my bias but I would prefer a home that I can raise a family in and have strong confidence in the appreciation of value. To me, that is worth driving a little further. I actually have a few friends that are expecting thier first child soon and thier first plan is to move out of the city. One couple is living in one of those glass condo units and some of thier neighbours are already starting to have problems. They are getting out while thier condo still has a little equity. Aparently this is going to be a rising trend among condo owners in Toronto.

http://ca.news.yahoo.com/torontos-glass-condos-face-short-lifespan-experts-114359149.html

 

[junctionist]

Long commutes often amount to a waste of time, money, and one's health. You'll probably be sacrificing a lot of urban amenities like a vibrant, walkable, and historic neighbourhood, as well as shopping, culture, and education options for a cheaper house in the suburbs--amenities that are that joie de vivre that make life more enjoyable on a daily basis. You can raise a family in a condo, and as property in the national metropolis, it's reasonable to be confident in real estate value in the long term because you're buying a desirable place to live and a practical place to rent. Such property is more flexible and thus more valuable.

You can have issues with any property, especially houses. Maintenance of a house is expensive too when all expenses and the time you put into it is averaged over time, even if it's a new house. Condos are desirable properties for good reason. People buy them with the expectation of a certain style of living and setting that they enjoy. The larger size of a suburban or rural home is typically just compensation for a less practical or desirable geographic location.

 

[AKS]

I can see what you are saying about not wanting to communte. Perhaps because I am fairly new to the city (only living here for about 5 months) I am not yet stressed out by the thought of commuting.

Live here longer and you'll realize how much time is wasted on commuting. Once you face enough delays either with traffic jams, waiting for buses or train problems, you'll get fed up too. Especially in the winter, you'll wish you lived near a subway station where you can wait in a warmer place.

Also, if you live downtown, you can just walk or bicycle. The most convenient is bicycle. Otherwise walking is better. If it only takes about 30 min or so to walk, it's not even worth taking public transit. By the time you wait for the bus and it takes you there. You'd probably already arrive there walking. Even if it's within 1 hour walking distance, you don't save much time with public transit either unless you're on a train line. Going to one location that takes 1 hr to walk, google told me public transit takes around 40 min. That doesn't factor in the waiting time. Might as well walk it.

 

[radioheadmike]

http://ca.news.yahoo.com/torontos-gl...114359149.html

Not sure why this is news?!? Glass do need replacing every 10 - 15 years, Just like the windows in your detached house. I expect to pay my share when we need to replace the windows in my condo in 10 - 15 years down the road. Besides it keeps the condo looking and functioning in pristine condition. Look how awful and dated the bricks (and windows & balconies) look on rental buildings built in the 80's and early 90's. They need costly replacing as well.

A person who buys into a condo and not expect to pay a couple special assessments on a 5yrs or older building is delusional. Individual Condo owners should always have 2,000 - 5,000 dollars saved for special assessments. If you can't save that much money to spend on fixing your home, then you should not be in the business of home ownership.