Looking to buy a waterfront condo

[urbandreamer]

Just look for a really cheap and tacky entrance podium--an enormous dentist office on the ground floor. The fact the developer--Kolter--no longer is in the Toronto market is very telling, eh?

Oh and the buildings attempt to mimic the aesthetic of those blue glass silos popular in the country--the big difference, those blue silos are Class A quality while Waterclub is all fake all the time. http://www.busn.ucok.edu/epstein/BlueSilo/index.htm

Pier 27 or bust.... Actually, if you want good waterfront property, consider the Beach or even Parkdale!

 

[Bigchew]

I agree with your comments on Waterclub (Kolter Developments). But I guess there isn't many attractive buildings on the harbourfront to begin with. Actually, I do like the look of 77/99 but my guess is that you could cut it up quite easily (and are probably right!)

Anyhow, I also agree with your comments on the Beach...it is a much better waterfront community and the prices there are about the same as the harbourfront. I just wish the Beach had access to decent public transit (that Queen streetcar is a nightmare.) If they ever solve that problem, the Beach would be close to perfect.

Just look for a really cheap and tacky entrance podium--an enormous dentist office on the ground floor. The fact the developer--Kirkor--no longer is in the Toronto market is very telling, eh?

Oh and the buildings attempt to mimic the aesthetic of those blue glass silos popular in the country--the big difference, those blue silos are Class A quality while Waterclub is all fake all the time. http://www.busn.ucok.edu/epstein/BlueSilo/index.htm

Pier 27 or bust.... Actually, if you want good waterfront property, consider the Beach or even Parkdale!

 

[rp07]

Hey guys was looking at something and saw this forum. I am a 28 year old male looking to move out on my own and my dream has been to buy a waterfront condo. I was looking at a few on queens quay but its not what I want. I want a clear lake view so I found a few on harbour sq. The price I was looking at was around $300,000 with a parking spot. Found a few at $330,000 at just over 750 sq.
Basically I need advice cause I am totally lost.
I am looking to buy a condo to live in. However, I dont want to see it go down in value 6 months a year from now.
Like I said my dream is right on the lake with a clear view. Dont want it to big up to 750 sq is fine, what price m I looking at?
Is this a good time to buy one, or should I wait 6 months a year and then I would be able to get one for a better price?
I dont want to post a 100 questions. So, basically advice for a single guy that wants to buy a waterfront condo south side of queens quay with a clear view of the lake?
I do apologize for the length of my post.
Thanks so much for the advice.
Regards

If you are planning to live here for long period, why worry about what's going to happen 6 months to a year from now? Also you must consider that the mortgage rate has been lowest in many years. You must also consider that as well.

 

[APM]

If you are planning to live here for long period, why worry about what's going to happen 6 months to a year from now? Also you must consider that the mortgage rate has been lowest in many years. You must also consider that as well.

I agree!!! The only issue is if in 6 months the prices go down I would be able to get a condo with a better view or bigger for a better price.

 

[rp07]

I agree!!! The only issue is if in 6 months the prices go down I would be able to get a condo with a better view or bigger for a better price.

From what I've been hearing lately is that the market is heading towards a buyer's market so yes maybe the the price might go down. Also, are you renting right now, because if you are then you have to figure in the fact that you have to pay six month rent whereas if you purchased now you can put that rent money towards the mortgage. Do you think the price of condo will fall that much in six month period?

 

[APM]

Also, are you renting right now, because if you are then you have to figure in the fact that you have to pay six month rent whereas if you purchased now you can put that rent money towards the mortgage. Do you think the price of condo will fall that much in six month period?[/QUOTE]

No I am not renting. Saving everything I make. So, that is good for me. But, I also want to move out soon. So 6 months is not a big deal but anymore would be too much.

 

[nekz]

How much principal do you honestly think you amortize in the first 6 months/year? I bet you have no clue.

You'll pay all interest in the first year (none goes towards principal), but he's going to have to buy sooner or later! Which means paying that interest anyway...

 

[Urban Newbie]

Why are people so stupid? I am sick to death of this ridiculous concept 'throwing money away on rent'. It is such real estate marketing bullsh&t!

How much principal do you honestly think you amortize in the first 6 months/year? I bet you have no clue.

Renting gives a person the flexibility to come and go as they please, not worry about commissions, escalating property tax and condo maintenance costs or capital losses. All this for hundreds of dollars per month less than the cost of owning a comparable condo.

True - for certain situations. Renting does give the flexibility and cashflow, sure. But if you are thinking long term and want to own a home some day (either for the equity or to leave as an inheritance to children) then buying is the way to go. Do you pay down the principal in the first few years? No. But I would rather approaching retirement as a homeowner with some equity than as a renter with flexibility - and not much else.

 

[rbt]

Why are people so stupid? I am sick to death of this ridiculous concept 'throwing money away on rent'. It is such real estate marketing bullsh&t!

How much principal do you honestly think you amortize in the first 6 months/year? I bet you have no clue.

Renting gives a person the flexibility to come and go as they please, not worry about commissions, escalating property tax and condo maintenance costs or capital losses. All this for hundreds of dollars per month less than the cost of owning a comparable condo.

If you're at your limits with a long amortization, nothing.

If you buy well beneath your means and amortize over 5 years, a pretty sizable amount will be principal.

A mortgage doesn't need to be a "death pledge". I generally discourage any amortization over 15 years simply because the difference in payments between 15 and 25 year isn't very large (in the grand scheme of things) and it cuts out a ton of interest.

 

[rp07]

Why are people so stupid? I am sick to death of this ridiculous concept 'throwing money away on rent'. It is such real estate marketing bullsh&t!

How much principal do you honestly think you amortize in the first 6 months/year? I bet you have no clue.

Renting gives a person the flexibility to come and go as they please, not worry about commissions, escalating property tax and condo maintenance costs or capital losses. All this for hundreds of dollars per month less than the cost of owning a comparable condo.

First of all I am not knocking renters. I don't think there's anything wrong with renting. I myself was renting for many years and I know the flexibility it gives until I saved enough money for downpayment to purchase my own. Also, I think anyone who's ready to get into the market should know all the costs involved such as property tax, maintenence fees and so on which I believe this person who initially posted and asked us should know all that and is ready because he has done his homework and saved enough. Do you want to rent forever?