Station Park | 18, 28, 36, 43, 50 fl | U/C

[ac3r]

Lmao the price for barely 500 square feet is hilarious. Who is actually paying to live in these slums? With particle board kitchen cabinets, mid range appliances and the sterility of a hospital operating room? I'd rather live in a trailer park...at least you'd have more space, a community environment and spend less money.

[Momo26]

But do you have a bowling ally??

Man im happy I didnt pull the trigger on a, albeit nice, corner unit 1bed at $500k no parking.

I took a look at it. It was pitched as 'held back' rare opportunity.

I can scoop that for three fiddy right now

[Kodra24]

But do you have a bowling ally??

Man im happy I didnt pull the trigger on a, albeit nice, corner unit 1bed at $500k no parking.

I took a look at it. It was pitched as 'held back' rare opportunity.

I can scoop that for three fiddy right now

Now that it's $350K will you buy it?

[Momo26]

Nah I think im good. I also think there is a little more drop to come. Maintenance fees are killer..if not initially then very quickly.

Also, it's KW. Toss in a little more and you're in a Freehold house (if looking for investment)

[tomh009]

Maintenance fees are killer..if not initially then very quickly.

Really not much different from SFH costs once you include future repairs into the picture (which condos have to do). Unless you plan to do maintenance yourself ...

[Momo26]

Has anyone done a proper study on that? There are a couple big tickets with sfh its true....roof, windows, furnace/a.c. to name a couple. Then any yard and driveway maintenence....

[plam]

Has anyone done a proper study on that? There are a couple big tickets with sfh its true....roof, windows, furnace/a.c. to name a couple. Then any yard and driveway maintenence....

I grew up in Montreal. I just don't really ever want to shovel my driveway, much less my sidewalk (which was done by the city in Montreal). And if you hire someone you have the overhead of doing that.

[tomh009]

Has anyone done a proper study on that? There are a couple big tickets with sfh its true....roof, windows, furnace/a.c. to name a couple. Then any yard and driveway maintenence....

You don't need to do a study. You can simply do some reading of condo financials and annual reports, and look at what it will cost in a house. There are utilities (probably less than in a house given the reduced heat loss), maintenance (including reseve fund contributions for future repairs) and insurance (house insurance significantly more expensive than condo unit insurance), which probably account well over half the fees. Operational things include property manager (who will schedule repairs instead of you calling plumbers or electricians) and custodial service--and garbage removal, the cost of which is rather unfairly not covered by the city.

The biggest-cost item that has no house equivalent is the concierge, if your building has one, but I think most buildings now do not include that.

[Joedelay Highhoe]

Elevators are also really expensive to maintain.

[tomh009]

Elevators are also really expensive to maintain.

As I recall, our building's elevator maintenance budget worked out to about $150/unit/year, or $12.50/unit/month. Not nothing, but not one of the big costs. (The biggest maintenance cost was HVAC, by far.)

[ZEBuilder]

The first commercial unit in this has been leased. It is going to a company called BackRoads Brews and Shoes, this would be their second location, the first is in London. It's a combination of a shoe/clothing retailer and a Cafe/Bar, a very niche combination but it seems to be working well enough to open a second location.

They are also planning on using the patio space in front of their unit.

[Momo26]

That is super unique! Sounds like a typical hipster scene we may come to anticipate.

[ac3r]

Pls no hipsters.

[Momo26]

Gonna be full of hipsters and you're gonna love it!

[ZEBuilder]

Hah. Thankfully it probably won't be since RoW isn't a desirable place for anyone to come live, especially hipsters. There's just no culture there which would draw the sort of traditional hipster crowd. Maybe a few craft beer nerds with lumberjack beards but that's about it.

It's been working in London for a while now, London isn't all that different from KW (save for infrastructure), so if it's working there what's to say it won't work here?