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720 Humberwood Boulevard Condos (Great Gulf Homes) - Real Estate -

slickpete83

slickpete83

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ok folks , I just found out that they will be building 2 condos + many freehold townhouses in my area

the official zoning Application , it contains site plans etc.......
http://www.toronto.ca/legdocs/mmis/2007/ey/bgrd/backgroundfile-8480.pdf

other developments in this area ----->
new retail development http://www.rexdalecommercialcentre.com/
Woodbine Live development http://www.toronto.ca/legdocs/2006/agendas/committees/et/et060913/it045.pdf

my plan =

buy one freehold townhome, once the house is built i want to rent it out , While renting it out , i will be living at my parents house. Hopefully the price of renting it out will pay for the mortgage and the money i save by living at my parents house will go towards paying off the house as fast as possible + paying property tax etc.....

I know its a bit of risk , but i want to get in before they really develop the area with Woodbine Live and possibly live there in the future

my questions

1)what's your guess on the price of a townhouse in the pre build stage ??
2)what price could i rent it for ???
3) what do you think of the area ???
4)any other advice you may have ???

thanks in advance :)
Pete
 
the key to this one is if Woodbine Live gets developed....if it does, this location will be more attractive for sure...
 
^ exactly , plus no other place in etobicoke is buidling "freehold" townhouses , plus i want something with a good backyard view of a forest and not neighbours behind me !!!!

3)Who wants to live in Etobicoke unless it's in the Kingsway neighbourhood or near the waterfront????\

ok i can't afford a house those areas and there is too much traffic : (
, so that's out of the picture
 
Update

just got a meeting notice letter in the mail about a
Community Consultation Meeting for 720 humberwood blvd. (74 townhouse units)

Dec 17 2008 , 7-9pm Humberwood community centre gymnasium #850 humberwood blvd.

input on project , view plans , ask questions etc........
 
slickpete83 said:
my questions

1)what's your guess on the price of a townhouse in the pre build stage ??
2)what price could i rent it for ???
4)any other advice you may have ???

thanks in advance :)
Pete
Click to expand...


I don't think anyone can answer Q1 and Q2 without knowing the size/square footage and layout of the house (ie. # bedrooms, # baths, etc).

I have never heard of a development that builds condos and freehold in the same project, so that is very interesting to me.

Make sure the RE investment is financially viable based on 25% down payment amortized over 25 years. If the potential rent doesn't cover ALL your costs such as mortgage, property taxes, property insurance, utilities; then it's not financially viable.

You should not be in a negative cashflow position.
 
just an update , i road my bike past 720 Humberwood Boulevard this weekend
and there is nothing on this site , but tall grass fields fenced off , so i guess this project is not happening yet :(
 
this area is populated with rental condos,if your looking for a place to actual live its not a great area and as a investment it all depends on Woodbine Live.
 
I disagree ducati0000 ... the Humberwood area is primarily single detached homes ... I would say its a nice area given the neighbourhood is centred around the Humberwood Park+Arboretum ... really a community with a jewel at it heart if you ask me, surely a pleasant place to live
 
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