Give Me Back My Five Bucks

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Remediation = $$$

Today 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 order.

Apparently it’s been hard for buyers to get financing b/c the building is probably going to have to go under remediation. He said the strata documents suggest the building has suffered water damage. Yikes! No wonder those condos were dirt cheap!

Oh well.

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.

To answer a few questions…

Matt from Discursive Monologue asked a few questions in my last post about my current situation, and I thought I’d just reply with a new post, instead of burying it in among the other comments.

Question:
Do you think that your parents owe you something? You kind of sound like you expect your parents to have loaned you money for a down payment and, since that fell through, you expect them to help you out financially in a manner of living. I’m not trying to put words in your mouth, but that is the impression I get. I don’t want to mislabel your expectations–it’s just conjecture.

Certainly, help from parents is very common. Most people my age are still getting support from their parents (most of my friends still have their parents paying for food, clothes, and one even had his parents make a down payment on his condo). I’m kind of jealous of people who get so much support. When I turned 18, my parents kind of said, “Good luck.”

Answer:
No, I don’t think my parents owe me anything. When I was 17 and going off to college, it was up to me to pay for everything. They wouldn’t help me pay for the creation of my recruitment video to send off to NCAA teams when I was in high school, so I don’t really expect them to help me out financially now. From a young age, I learned to depend on myself if I wanted to get things done. But at any rate, I just thought it was worth a try to ask them for monetary help, so it’s not a big deal that they can’t. I didn’t expect them to, since that’s not really how my parents are in the first place. They have always been about having me learn from my mistakes, and about financial independence.

That being said, of course I was disappointed they were not able to offer financial support to me, but I thought I could ask if they would let me extend my stay in the basement suite for another 5 months. That’s all. It doesn’t really affect them what happens, because as it stands right now they’re getting $500/month income from the BF and I being in this suite. Once my sister moves in, they won’t be getting any income from her since she’s still in school.

Question:
Why does your sister want to move into your spot? With you making so much money, isn’t she entitled to the cheap living that you’ve enjoyed all this time? You’re blessed with the ability to make so much money in such a short amount of time, don’t forget to consider her situation and don’t be afraid to make a small concession such as living on your own.

Answer:
My sister wants to live in my spot right now because it’s an entire basement suite, and it beats living in her small little room in my parents’ house. Of course she is entitled to cheap living I’ve been enjoying for the past year. I was just asking if this whole situation were possible and for her to hold off for 5 extra months to help me out. She has every right to say no, and if she does, then I guess I’m out of luck. But if the roles were reversed, and I had a chance to help her out in this situation, I’d do it. Maybe that’s not fair to say because the roles aren’t reversed.

I know that I have a good situation right now. Living practically rent free. I’m not taking it for granted. I’ve had hard times in the past with money and living arrangements and having to quit school, etc. I know how lucky I am, so please don’t think I’m some spoiled girl who thinks she’s entitled to her family bending over backwards to help her out. It’s not like that. All I was doing was asking for their help; for things to continue the way they are right now for another 5 months. That’s it. Maybe I’m being naive and selfish here, but I don’t really see anything wrong with what I’m doing. I’m just asking family for help, which isn’t something I’m known to do.

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