The price of buying a new build condo
I went downtown today to check out the presentation centre for a new condo development being built in the heart of downtown. I wish I hadn’t! Now, all I’ve been dreaming about is living in a beautiful, sophisticated new build. And while the least expensive suites start at a reasonable $266k, that’s only for 550 sq. ft. and no parking spot. To buy a suite with over 700 sq. ft and a parking spot, I was looking at $500k. And let’s not even get into the ridiculously high strata fees!!! I nearly dropped dead in front of the sales associate.
There’s luxury condo development going up right now a few blocks away from the presentation centre I was at, and their estates start at $680,000!!! It’s so stylish though, and features a 100 ft. waterfall down the front of the building, which gently flows into an outdoor pool. It’s so gorgeous, and just a block away from the inner harbour.
How can anyone afford to buy a new build? Especially when they’re marketing to young, hip people ages 25-35 who want to live the urban lifestyle … most people my age that I know are barely making ends meet paying rent in their crappy run-down apartments, never mind buying an expensive condo. But I guess there’s enough interest out there, otherwise all these expensive urban condos wouldn’t be in such high demand here.
Back to reality … Thursday I have my initial meeting with the real estate agent. I noticed two condos for sale in a very nice area on the peninsula (close to my work & 45 min. away from “hip, urban” downtown), going for the ridiculously low price of $170k. That’s a price I can afford now, because I’m sure I can scrape together 10% for a down payment. But that’s getting a bit ahead of myself. I have no idea why they are so cheap, and wonder if there’s anything wrong with either of them! They are both around 600 sq. ft, built in the early 90′s, and have nice, open concept floor plans. I know those two places will go fast, so I’d love to go take a look at them as soon as possible.
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[...] I spoke to a Realtor who had one of the $170k condos for sale on MLS. He said that it was sold, and the buyers are getting their financing in [...]