Real Estate outlook for my family holdings

Hi,

I need some opinions from experts on what to do with these pieces of real estate.

One 2br condo suite at 45 Carlton Street. Building built in ~1982.
One 1br condo suite at 711 Bay Street. Building built in ~1991.
One 2br condo suite at 711 Bay Street.

How long will these buildings last?
Would you keep the real estate long-term? Would you sell once the buildings get to a certain age?

Thanks,

Without analyzing the financials behind these holdings, there really isn't any way to give a purposeful recommendation. I wouldn't solely use age of the building as an indicator on when to sell, since some buildings age well and have a great maintenance record. Location-wise, those are great locations and I would be hesitant to sell any of the units unless the financials or one's personal reasons indicate otherwise.

yin_yang said:

Hi,

I need some opinions from experts on what to do with these pieces of real estate.

One 2br condo suite at 45 Carlton Street. Building built in ~1982.
One 1br condo suite at 711 Bay Street. Building built in ~1991.
One 2br condo suite at 711 Bay Street.

How long will these buildings last?
Would you keep the real estate long-term? Would you sell once the buildings get to a certain age?

Thanks,

Click to expand...

As buildings get older, they have to spend more money for major repairs and full renovations, which could shoot up your maintenance fees. If you look at most older buildings, the maintenance fees are a lot higher than new buildings.

711 Bay is around 81 cents/sqft and 45 Carlton is surprisingly low for the age of the building at about 62 cents/sqft (I'd be worried of an increase). As far as being investments properties for your family, newer condos tend to increase in price faster because the maintenance fees are lower... For older buildings, the value will still increase, but since the maintenance fees are also increasing, it takes away from the sale price because buyers look at their total monthly costs.

If you let me know the exact unit #'s of your condos, I can tell you what they should sell for right now and how the much prices have increased compared to newer condos in the area. I'm a realtor that specializes in downtown Toronto condos.. You can pm me or visit my website at www.condosnoop.com