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Upside Down Condos (Channington Developments, Brownstone Group) - Real Estate -

daftKow

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Upside Down Condo

Hihi .. newbie here.

Disclaimer: i know NOTHING of real estate/condos/etc

Am thinking of purchasing a "unit 525" unit in phase II. Would def. need locker and parking (underground?) $184k is very reasonable; but realistically how much will it be after locker/parking?

Is this a good location? Or should I cough up the extra 50-100k for a better location? (really rather not) Safety is no1; then how convenient/chic/fun comes next.

I know nothing of preconstruction; or this whole process .... so what are my next steps? Speak with a mortgage specialist?

I want to put 20% down; so I don't need Genworth/CMHC insurance. My mom'll cosign cos I've hardly any credit history. I should be able to move in by Dec 2011?
 

dmb

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Hi
I had the same questions that you have before I/we purchased. We chose 1 bdrm with den in Phase 1. We purchased one underground parking space and a locker. Price was very good for Midtown Toronto. My husband has had familiy that have lived in this area for 50 years. The area is kinda gritty and always has been. I'm hoping that with the future development it cleans up and the "grit" moves on. We had a family member that purchased a condo years ago in Liberty Village when that area was also not the greatest. Now she is happy that she did because the area improved and the cost of her condo has increased in value.

Good Luck
 

Rikk

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Hihi .. newbie here.

Hihi .. newbie here.

Disclaimer: i know NOTHING of real estate/condos/etc

Am thinking of purchasing a "unit 525" unit in phase II. Would def. need locker and parking (underground?) $184k is very reasonable; but realistically how much will it be after locker/parking?

Is this a good location? Or should I cough up the extra 50-100k for a better location? (really rather not) Safety is no1; then how convenient/chic/fun comes next.

I know nothing of preconstruction; or this whole process .... so what are my next steps? Speak with a mortgage specialist?

I want to put 20% down; so I don't need Genworth/CMHC insurance. My mom'll cosign cos I've hardly any credit history. I should be able to move in by Dec 2011?


Am thinking of purchasing a "unit 525" unit in phase II. Would def. need locker and parking (underground?) $184k is very reasonable; but realistically how much will it be after locker/parking?

parking add 20k and locker add 3k

Is this a good location? Or should I cough up the extra 50-100k for a better location? (really rather not) Safety is no1; then how convenient/chic/fun comes next.

This area is in a major transition..........it is getting better, over the last 3 years since I have lived it has become so much better

I know nothing of preconstruction; or this whole process .... so what are my next steps? Speak with a mortgage specialist?

You can if you want to...but you can do it also 6 months proir to the finish date as in getting a mortgage...but you can also get a pre-approved one

I want to put 20% down; so I don't need Genworth/CMHC insurance. My mom'll cosign cos I've hardly any credit history. I should be able to move in by Dec 2011?
yes, but you mentioned P2...which is a later finish date Dec 2011 is for P1
 
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