Discovery Condos (Concord Park Place) - Real Estate -

Wildymyst said:
There are a lot of units for sale as well. I think some investors will make a lot of money since they've bought multiple units and this is their time to make $$. I can almost smell the sales people all over this hustling and pushing for quick sales. It's in a nice area though.
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Well, you're partially right. You will obviously make money on a sale, but you wont get a quick sale without lowering your ask. Starting in December, there where a lot of units up for sale, asking around $490/sqf with parking. Several units that haven't sold yet have already started creeping down their prices. That's the problem when you have too many units up for sale.

Although I'd like to get my money out of this property ASAP, I still the potential to get more money if i wait. Right now, it's costing me around $1020/month for occupancy, so I'm going to find a tenant to hold me over for a couple of years, then try to flip it again.

Of course this is only my opinion.
 
tekguy said:
Well, you're partially right. You will obviously make money on a sale, but you wont get a quick sale without lowering your ask. Starting in December, there where a lot of units up for sale, asking around $490/sqf with parking. Several units that haven't sold yet have already started creeping down their prices. That's the problem when you have too many units up for sale.

Although I'd like to get my money out of this property ASAP, I still the potential to get more money if i wait. Right now, it's costing me around $1020/month for occupancy, so I'm going to find a tenant to hold me over for a couple of years, then try to flip it again.

Of course this is only my opinion.
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That's a sound plan actually and makes a lot of sense. However, there's a couple of things i worry about for parkplace development:

1) more buildings going up which means even more supply; which might push prices down from what they are now.

2) quality of building is not so good and it looks kinda blah in a few years. i have to say that although concord has upped their quality standard quite a bit since the beginning, i still find that it lacking behind tridel and other big name builders...

but hopefully this area becomes the new yonge/finch or yonge/sheppard and more university students move in... strictly because its good business so there's more demand but of course it cant hurt to have more coeds right? lol
 
Wildymyst said:
For those who will be residents of Discovery and would like to be part of a vibrant community, there are a few of us who have contributed and organized a group. If you're a resident and want to know more, then PM me for more info. Thanks.
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That includes Building D and E residents who are going to move in soon too. The Discovery community is growing.

BTW, currently units that are facing south with unobstructed views on higher floors can actually see the CN Tower and its surrounding buildings. It actually looks a little bit like the cartoonish drawings that they had on their web site, but not that close in terms of walking distance..hahah.
 
How much you pay for an extra parking space? does anyone have experience if its easy to rent one? Thanks
 
taishan said:
How much you pay for an extra parking space? does anyone have experience if its easy to rent one? Thanks
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Do you mean rent one out, or rent one for use? I would imagine people would just post availability on a bulletin board in the building lobby. I think the going rate is around $200 a month.
 
Are you serious? I was thinking $100 but that's still not cheap. If parking costs $30,000 then it would be 8% return, hmmm
 
taishan said:
Are you serious? I was thinking $100 but that's still not cheap. If parking costs $30,000 then it would be 8% return, hmmm
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Its not 8%. You forgot to account for the monthly maintenance fee on it. Assuming you can get $200, it comes out to about 6% assuming a $50/month maintenance fee. 6% is quite low if you consider the risks involved. You are only allowed to rent to people living in the building is one rule you have to contend with.

$200 seems high, but its possible especially for an uptown building with inadequate amount of parking. But I can tell you right now that out of the 2 downtown buildings I've lived in, prices are around $120/month. My friend living in Markham paid $110/month.

I wouldn't buy parking just to rent them out. If the parking goes for $120/month like a lot of other buildings, you would be left with a 2.8% return (assuming the parking costs $30,000). It may not even cover the interest on your mortgage.
 
Hello to all who is looking for a parking.

I have had many requests since I post on this forum that I will have an extra parking spot for rent. I now have an extra parking for rent in Level 4, close to Building E elevator. Please PM for your best offer. Good Luck.
 
tekguy said:
I think they have extra lockers for purchase. At $2500, why rent?
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I may have an extra locker to rent to those who may need the extra space. eg. Tenants who find that their suites don't have lockers bought by the owner and need the storage space, but only want to use it for their time they are renting like a year or so.
 
Wildymyst said:
I may have an extra locker to rent to those who may need the extra space. eg. Tenants who find that their suites don't have lockers bought by the owner and need the storage space, but only want to use it for their time they are renting like a year or so.
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Lockers are where the money is (based solely on posted rental notices). They range from $40-$60/month in places I've seen. The monthly maintenance is $20/month approx. That leaves $20-$40/month profit. Considering lockers go for $2500-$5000, that's anywhere from 9%-19% return!

If lockers are hot items in a condo, I wouldn't mind investing in 10 of them instead of a parking spot....
 
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