10-29-2018, 10:33 AM
(10-29-2018, 09:51 AM)danbrotherston Wrote: It's funny, city centre condos were the ones I looked at before the prices drove me to buying a house.
Years later, I realized it wasn't what I want and bought a 30 year old fully refinished unit for far far less than anything new, but maybe I wouldn't have had that (reasonably profitable and enlightening) lesson in home ownership without it.
Even five-year-old condos sell for much less than new ones (compare Arrow Lofts, for example, to DTK). People seem to be willing to pay a big premium for "new", and the same is true, to a somewhat lesser extent, for single-family houses.
The challenge and risk with older condos (just as with older houses!) is the maintenance if they have not been kept up. Eaton Lofts and 64 Benton, for example, are at over $1/sqft for condo fees, primarily due to the reserve fund contributions when a well-maintained building should be somewhere around 50 cents. I think your building is around 60 cents, which is still quite reasonable.