# I'm buying a new condo



## Esco (Aug 8, 2016)

So I'm buying a new condo. Its a 2-bedroom unit downtown Toronto.
Its listed for 830,000. Obviously I'm not going to pay what its listed for.

How much do you guys think I should offer for it??
I dont wanna insult the owner by coming in too low, but I also wanna pay a lot less then $830K


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## Just a Guy (Mar 27, 2012)

I'm thinking, long run, you'd lose no matter what you offer...

I wouldn't touch this property at all.

You should remember the child's game of hot potato...and remember what happens when the music stops.


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## birdman (Feb 12, 2013)

No idea. However, I suggest you try to determine the current market value of the property and from there decide yourself what the maximum you are prepared to pay for it. Finally, offer them something less than the maximum you will pay.


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## Esco (Aug 8, 2016)

Just a Guy said:


> I'm thinking, long run, you'd lose no matter what you offer...
> 
> I wouldn't touch this property at all.
> 
> You should remember the child's game of hot potato...and remember what happens when the music stops


Can you explain in more detail what you mean exactly??
Are you referring to an inevitable housing market crash, or something else??


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## Spudd (Oct 11, 2011)

You can ask your realtor for comparables to see what similar units sold for (they can access the actual price that was paid, not just the asking price). I assume it's not brand new, you're buying from an individual rather than from a developer?


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## Esco (Aug 8, 2016)

Spudd said:


> You can ask your realtor for comparables to see what similar units sold for (they can access the actual price that was paid, not just the asking price). I assume it's not brand new, you're buying from an individual rather than from a developer?


Correct. I'm buying from the owner, but the building is only a year or two old


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## Just a Guy (Mar 27, 2012)

You're willing to pay nearly a million dollars for a condo. Forget the crash, that's making irrational exuberance sound like rational thought. This is how the bubble gets inflated in the first place. 

Of course, if your take home pay is more than a quarter million a year, you could at least afford to waste your money.


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## AltaRed (Jun 8, 2009)

Few of us outside the idiotic GTA and GVA areas can understand how anyone can be in those markets with prices anywhere close to those levels. Beyond my comprehension really.


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## Esco (Aug 8, 2016)

If you're not gonna be helpful and answer my question dont bother posting in my thread, please.

I'm not sure if some of you live in hickville shacks, but here in Toronto we like to live in nice places


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## Just a Guy (Mar 27, 2012)

As someone who owns a ton of real estate, I'm warning you not to buy it as it's not going to be worth that much when people come to their senses or are forced to face the reality of what those mortgages will cost when interest rates increase. 

Of course, I've purchased a majority of my properties out of foreclosure from people who know better than me. Real estate doesn't always go up, not even in the gta. Having personally lived through a number of corrections across the country, I'm trying to warn you based on knowledge. 

You're free to ignore anyone though.


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## new dog (Jun 21, 2016)

None of us really know what anything is worth anymore with the way prices have gone. Vancouver condos are also very expensive to buy and have been that way for a very long time. With rates rising if the Fed is for real then I would say we should see a substantial correction but if they are bluffing and go the other way and restart QE then who knows. I know we are in Canada but we do follow the trend out of the US.

I personally hate condo's but people do like them, so good luck on your offer.


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## AltaRed (Jun 8, 2009)

Esco, if that was in response to my post, I'm just saying it is incomprehensible to us that also live in nice places too. That kind of money will buy a very nice modern 3500 sq ft walkout ranch on a slope with an infinity swimming pool with a gorgeous view of Lake Okanagan. Only your realtor can provide you with the basis of what might NOT be insulting to the owner.


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## jargey3000 (Jan 25, 2011)

I'm afraid I tend to agree with what AltaRed said.
But, why dont you post the RE Listing here...so we can have a look, & maybe make some better-informed comments?


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## OnlyMyOpinion (Sep 1, 2013)

Esco said:


> If you're not gonna be helpful and answer my question dont bother posting in my thread, please.
> I'm not sure if some of you live in hickville shacks, but here in Toronto we like to live in nice places


I don't think anyone was insulting you as you seem to be trying to do in your response? 
Some were critical of the outrageously high prices in Toronto, and right to question whether such prices are good value. The fact is that outside of Toronto, $830k would buy a pretty nice hickville shack.
Others offered some good suggestions for getting a handle on the market price of this and similar units to provide some idea of the value and what an appropriate offer might be.

Recognize that your question, "How much do you guys think I should offer for it??" is impossible to respond to directly in any meaningful way: 
-No one has any idea of the nature or value of the unit you are referring to.
-No one has any idea what your 'drivers' are or what your financial capacity is. 
-No one has any idea what your concept of "pay a lot less than $830k" is.

Given the above (lack of) details, I'd offer $399k and not worry about insulting the seller.


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## Esco (Aug 8, 2016)

Just a Guy said:


> As someone who owns a ton of real estate, I'm warning you not to buy it as it's not going to be worth that much when people come to their senses or are forced to face the reality of what those mortgages will cost when interest rates increase.
> 
> Of course, I've purchased a majority of my properties out of foreclosure from people who know better than me. Real estate doesn't always go up, not even in the gta. Having personally lived through a number of corrections across the country, I'm trying to warn you based on knowledge.
> 
> You're free to ignore anyone though


Fair enough. I appreciate the warning.

Here's my situation though, the condo I currently own is worth $700K and its completely paid for.
So my mortgage would only be about $100K or so, which is peanuts.

AFA a market crash, thats gonna happen sooner or later anyways, but I cant base my decisions on fear of a crash happening.
I'm not really buying it as a speculation investment, I'm buying it so I have a nice place to live in for the next 10 to 20 years. Even if we get a crash, over the long-term real estate almost always appreciates, so whatever money I "lose" would eventually be gained back again


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## Esco (Aug 8, 2016)

jargey3000 said:


> But, why dont you post the RE Listing here...so we can have a look, & maybe make some better-informed comments?


Its a 900 sq ft unit in this building: http://www.theatrepark.ca/flash.php


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## OnlyMyOpinion (Sep 1, 2013)

So you must know that there is a 2br 920 ft2 unit on MLS now for $819.9k. 
And that a 2br 815 ft2 unit sold for $630k in the past year while the avg was $813.3k.
That the condo fees are $622/mo. Etc.


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## jargey3000 (Jan 25, 2011)

Esco said:


> Its a 900 sq ft unit in this building: http://www.theatrepark.ca/flash.php


very nice video!


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## Esco (Aug 8, 2016)

OnlyMyOpinion said:


> So you must know that there is a 2br 920 ft2 unit on MLS now for $819.9k.
> And that a 2br 815 ft2 unit sold for $630k in the past year while the avg was $813.3k.
> That the condo fees are $622/mo. Etc


Yeah, but location is everything. The better the location the more you're gonna have to pay.
Nowhere is that more true than in Toronto


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## Beaver101 (Nov 14, 2011)

^ This is in a prime location, right smack in the entertainment district so the $830K is not unreasonable so what's an extra $20K from post #17 (OMO)'s specs


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## OnlyMyOpinion (Sep 1, 2013)

Esco said:


> Yeah, but location is everything. The better the location the more you're gonna have to pay.
> Nowhere is that more true than in Toronto


Hmmm, maybe I needed to be clearer - the condo I referenced is located *in* Theatre Park. MLS# C3677969. The low and avg were also quoted from Theatre Park. I realize there may be differences in features/finish/location between units in the same building that can account for differences in value. Just trying to do some of your research for you. But maybe you've already done all that and just haven't shared it.


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## Just a Guy (Mar 27, 2012)

Beaver101 said:


> ^ This is in a prime location, right smack in the entertainment district so the $830K is not unreasonable so what's an extra $20K from post #17 (OMO)'s specs


Well, let's see...

It's 28.6% of the purchase price for the condo I bought in December which is now rented for $1260/month. 
It's nearly 16 months of rent for my tenant
It's at least two years of food for someone
It's nearly a year of sussistant income according to the government 
It's the full price of a new, small car
It's a year of university including housing
It's enough to buy materials to completely renovate 4 of my rentals
It's enough for a fairly good round the world trip
It may even be enough to get me drunk enough to think this would ever be a good deal...but I doubt it.


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## Beaver101 (Nov 14, 2011)

^ He's not asking whether this unit was worth it or not ... just how much he should pay for it. Since he has stated


> Here's my situation though, the condo I currently own is worth $700K and its completely paid for.
> So my mortgage would only be about $100K or so, which is peanuts. ...


 ... and that he is planning to live there for 10 to 20 years, not speculating unlike others. Also, he may be a stock-broker or a financier (the location is very close to the heart of the financial district as well) so why nickel and dime?


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## Just a Guy (Mar 27, 2012)

I was just answering what $20k was worth...

I agree that 20k in this case is rather meaningless...of course, I also stated I wouldn't touch the deal anywhere near this price. If someone could do all those things with 20k, imagine what one could do with $800+k.


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## Beaver101 (Nov 14, 2011)

Just a Guy said:


> I was just answering what $20k was worth...
> 
> I agree that 20k in this case is rather meaningless...of course, I also stated I wouldn't touch the deal anywhere near this price. If someone could do all those things with 20k, *imagine what one could do with $800+k*.


 ... in your case, you can get 10 units ... somewhere. :biggrin:


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## Just a Guy (Mar 27, 2012)

Actually, I wouldn't pay them outright...so I'd own a lot more if I could find them (which is the real problem). 

Even if I'd payed them outright, that could be $12,600/month. $151,200/year income, minimal expenses since there is no mortgage, let's say you clear half...


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## Esco (Aug 8, 2016)

If you guys think Toronto is bad, try living in New York city. 
Just a single underground parking spot can set you back $1 million in Manhattan


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## Just a Guy (Mar 27, 2012)

Hasn't always been that way, just ask Donald trump. He almost lost everything a few years back because of a correction, fortunately interest rates continued to drop. 

I'm not too young not to remember high interest rates and low prices...I'm also not too old to forget the consequences. 

Lots of money to be made in those times.


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## Esco (Aug 8, 2016)

OnlyMyOpinion said:


> Hmmm, maybe I needed to be clearer - the condo I referenced is located *in* Theatre Park. MLS# C3677969. The low and avg were also quoted from Theatre Park. I realize there may be differences in features/finish/location between units in the same building that can account for differences in value. Just trying to do some of your research for you. But maybe you've already done all that and just haven't shared it


I think the extra $10K you're referring to includes a locker for my unit. Extra lockers (the ones they usually have in the basement) are expensive commodities in Toronto


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## marina628 (Dec 14, 2010)

Esco
We rent a 635sq ft condo at LakeShore/Parklawn for our oldest and in that building i have seen them go over 1 million dollars for about 1300sq ft.I would probably offer $790,000 as a starting offer but be prepared to pay $810,000 range.Since you already live in an expensive condo the risk is very low to you because it is going to be your home for a long time .I have seen resell units go cheaper than the Builder offers but I think things like parking spots ,lockers and things like a south facing view can change the price as much as $50,000 .


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## Esco (Aug 8, 2016)

marina628 said:


> Esco
> We rent a 635sq ft condo at LakeShore/Parklawn for our oldest and in that building i have seen them go over 1 million dollars for about 1300sq ft.I would probably offer $790,000 as a starting offer but be prepared to pay $810,000 range.Since you already live in an expensive condo the risk is very low to you because it is going to be your home for a long time .I have seen resell units go cheaper than the Builder offers but I think things like parking spots ,lockers and things like a south facing view can change the price as much as $50,000


It took a whole 3 pages, but finally someone has actually answered my question. Thanks Marina :applause:

I was thinking of starting with $770,000 or $780,000. You dont wanna go too low, because I've heard of people getting annoyed and just tossing the offer into the garbage and refusing to deal with that person ever again


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## Just a Guy (Mar 27, 2012)

No, it took three pages for you to get the answer you were looking for. There is a difference.


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## peterk (May 16, 2010)

Esco said:


> If you're not gonna be helpful and answer my question dont bother posting in my thread, please.
> 
> I'm not sure if some of you live in hickville shacks, but here in Toronto we like to live in nice places


Wrong section, stupid question, snooty attitude.

I'd recommend trying to extend yourself to a $2M condo if you could swing it. Like one of those nice all-glass penthouses. Get the mahogany cabinets and Miele appliances too. It's an investment in your future.


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## new dog (Jun 21, 2016)

Esco said:


> It took a whole 3 pages, but finally someone has actually answered my question. Thanks Marina :applause:
> 
> I was thinking of starting with $770,000 or $780,000. You dont wanna go too low, because I've heard of people getting annoyed and just tossing the offer into the garbage and refusing to deal with that person ever again



It depends on your offer, to be successful in having a low bid considered. Make the offer clean and in cash considering that you have done you homework on the property.


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## Esco (Aug 8, 2016)

This is what you get for just $1 million in cities throughout Canada:

http://globalnews.ca/news/3074497/h...-like-in-16-canadian-cities/?campaign_id=A100


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## new dog (Jun 21, 2016)

Wow there are actually two detached homes available in Vancouver.


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## Esco (Aug 8, 2016)

Just a Guy said:


> No, it took three pages for you to get the answer you were looking for. There is a difference


You're right, I got the answer I was looking after:

*1.* You could buy a huge farm for that money in Okanagan.
*2.* You're stupid to buy a condo for that price, because a market crash can happen at any time.
*3.* For $800K I could buy a whole lot of beer


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## Esco (Aug 8, 2016)

http://globalnews.ca/news/3161768/latest-toronto-home-sales-figures-to-be-released-today/



> *Toronto-area home sales up 8.6 per cent in December compared to last year*
> 
> The Toronto Real Estate Board says the GTA’s average home price soared to $730,472 last month, up 20 per cent from December 2015. The board says strong December sales volume helped make 2016 a record year for realtors in the Greater Toronto Area.
> 
> ...


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## Just a Guy (Mar 27, 2012)

Maybe you don't read what you actually asked, but the original question was...



Esco said:


> How much do *you guys* think I should offer for it??


Most of the responses came back, it's too expensive and not worth it, there are better things you can get for your money.
One came back $399k.
There was also an answer which showed how one could probably invest the same amount of money which could generate a passive income which should more than cover the rent for living in the same area. 

Had you read some other threads, you may even know about the high vacancy rod rentals in the GTA posted by property managers there. You may even have learned how that is contributing to the artificially high prices in the area by having artificial supply problems...

Of course, us shack living folk in Hicksville, some with pools, and views, know nothing bout money, real estate or quality of life. I'm sure we can't even dream of communal living in a small pretty box. I'm sure none of us would ever qualify to live in a place like Vancouver of the GTA with all the dirt left on our clothes after making our mud brick and thatched houses...that's only for people like you.

As I said, you weren't looking for a real answer, you were looking for a specific answer to justify your actions. If a serial killer asked "did I do something wrong?" He'll probably get the answer "No" from another serial killer, that doesn't make the answer right in the eyes of the majority...

Even other GTA residents may have said it was a bad idea, but you didn't want to listen, you have no idea where people live, you were looking for a specific answer. 

As I said before, you're free to ignore anyone, but then why ask advice, you obviously think you're smarter and better than others.


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## carverman (Nov 8, 2010)

I'm getting a kick out of the remarks in response to the OP's question. 

In real estate the first thing they tell you is LOCATION, LOCATION, LOCATION.
That means a lot in setting the initial asking price, and it's attraction to potential buyers for the eventual resale in a few years.

Sure you can always buy a lot of house somewhere in Canada for the asking price of this particular condo that the OP is talking about at $830k.
If he can afford it, perhaps start at a reasonable offer (10% off the listing price?) and go for it. 
If they refuse,you can always negotiate.


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## Beaver101 (Nov 14, 2011)

^ +1


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## Just a Guy (Mar 27, 2012)

carverman said:


> In real estate the first thing they tell you is LOCATION, LOCATION, LOCATION.


It's statements like this which are always misunderstood.

If this were true, then developers wouldn't buy up old train yards, industrial areas, downtown cores, etc. They'd be bidding up the prices of already overpriced areas while the areas I suggested become even worse.

The Location, location, location is marketing, done by developers, and you don't even realize it. How do developers get you to move into previous dumps (yes, I know areas literally built on garbage dumps) and scummy areas? By making them seem hip and fresh. They make new buildings, incentivize businesses, and guess what...it becomes "the" location. Pushed by salesmen who get paid on commission (realtors). 

Busienessmen make money in real estate not by location, look at Donald trump buying buildings in areas no one wanted, and by making them desirable through marketing. 

Now, if you are running a service company like McDonald's then location matters...but you're misapplying the rule to a completely different industry.


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## Beaver101 (Nov 14, 2011)

Just a Guy said:


> It's statements like this which are always misunderstood.
> 
> If this were true, then developers wouldn't buy up old train yards, industrial areas, downtown cores, etc. They'd be bidding up the prices of already overpriced areas while the areas I suggested become even worse.
> 
> ...


 ... the OP is not a real estate flipper (eventually even you're planning to hold perpetually) like you ... he's a consumer. And if you're read his first few posts, he wants to live "nice" aka with the amennities. Moreover, if he previously bought a condo for $700K so it's not like he doesn't "really" know what he is doing.


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## AltaRed (Jun 8, 2009)

Beaver101 said:


> ... the OP is not a real estate flipper (eventually even you're planning to hold perpetually) like you ... he's a consumer. And if you're read his first few posts, he wants to live "nice" aka with the amennities. Moreover, if he previously bought a condo for $700K so it's not like he doesn't "really" know what he is doing.


Agreed and that info eventually came out in subsequent discussion. That would have been useful knowledge from the 'get go', but why ask anonymous posters in a forum what the offer should be? If I was as knowledgeable as the OP appears to be, I would be working with the realtor and obtaining comparables to make that judgement. After all, what can anonymous hicks in Hicksville possibly know about offer/listing tactics in a specific neighourhood in TO? 

Bottom lilne: There are some people who will "need" to live in downtown Manhattan overlooking Central Park. Then there are some who just have to be in a particular building in TO but that is what? A few thousand people out of 35 million in the rest of Canada that really don't give a damn?


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## sags (May 15, 2010)

I have been looking at some condos in our area.

What you get on MLS are 20 pictures...............15 of the grandiose lobby, pool, gym, theater, library, grounds............and 5 of the interior of a rather plain looking apartment unit.

Sometimes the units have a beautiful "glass wall"....the kind that owners are going to have to replace in a few years at a huge cost.

I always think........too bad I won't be living in the lobby.


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## peterk (May 16, 2010)

Just a Guy said:


> Maybe you don't read what you actually asked, but the original question was...
> 
> 
> 
> ...


Be reasonable JAG; that is it at least 2-3 hours of reading and research you are suggesting. Way too much! 10 minutes and one forum post should be sufficient investigation for making a 900k decision, I would think...What could go wrong?


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## Beaver101 (Nov 14, 2011)

AltaRed said:


> Agreed and that info eventually came out in subsequent discussion. That would have been useful knowledge from the 'get go', but why ask anonymous posters in a forum what the offer should be? If I was as knowledgeable as the OP appears to be, I would be working with the realtor and obtaining comparables to make that judgement. After all, what can anonymous hicks in Hicksville possibly know about offer/listing tactics in a specific neighourhood in TO?


 .. I wouldn't worry to much about the "hicks" comment - that's millenials speak. 



> Bottom lilne: There are some people who will "need" to live in downtown Manhattan overlooking Central Park. *Then there are some who just have to be in a particular building in TO but that is what? A few thousand people out of 35 million in the rest of Canada that really don't give a damn*?


 ... yeah but we live in a celebrity obsessed era.


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## Esco (Aug 8, 2016)

AltaRed said:


> Agreed and that info eventually came out in subsequent discussion. That would have been useful knowledge from the 'get go', but why ask anonymous posters in a forum what the offer should be? If I was as knowledgeable as the OP appears to be, I would be working with the realtor and obtaining comparables to make that judgement


Realtors want to make a quick buck and as much money as possible, they dont always have your best interest at heart.
If I offer too low, and the owner accepts it, the RE agent gets less commission



AltaRed said:


> After all, what can anonymous hicks in Hicksville possibly know about offer/listing tactics in a specific neighourhood in TO?


Just from going by your post, very little so far.
Maybe you can surprise me later though


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## Esco (Aug 8, 2016)

peterk said:


> Be reasonable JAG; that is it at least 2-3 hours of reading and research you are suggesting. Way too much! 10 minutes and one forum post should be sufficient investigation for making a 900k decision, I would think...What could go wrong?


How do you know I didnt plenty of research before asking on this forum??
Sometimes its best to get as many opinions as possible, and then work from there


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## Esco (Aug 8, 2016)

Just a Guy said:


> Maybe you don't read what you actually asked, but the original question was...
> 
> 
> 
> ...


Sorry, but I always get the feeling the rest of Canada hates us Torontonians, so when I get that vibe from you and perhaps a few other posters on the first couple of pages, I respond in kind


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## Just a Guy (Mar 27, 2012)

Personally, I hate waste and inefficiency. I also hate to lose on my investments and purchases. Probably comes from having lost everything when I was injured at one point. I hate seeing others make possible costly mistakes, but I also realize I can't do anything but warn them.


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## Esco (Aug 8, 2016)

Just a Guy said:


> Personally, I hate waste and inefficiency. I also hate to lose on my investments and purchases. Probably comes from having lost everything when I was injured at one point. I hate seeing others make possible costly mistakes, but I also realize I can't do anything but warn them


Fair enough, but how exactly am I losing "everything" when all I'm doing is plopping down 800K for a condo?
If you dont know, houses in Toronto START at around $1 million. And they go up progressively from there.

A condo is actually a good investment so long as you're not speculating and you plan to stay a while.
I could also buy a regular house in Toronto for $800K and I'd be left with a shack.

Here is what $800K will buy you in Toronto, its tiny little houses, and they are on the edge of the city:

http://www.remax-professionals-on.c...3&city=Toronto&province=9&pl=750000&ph=800000


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## bobsyouruncle (Dec 25, 2016)

Esco said:


> Fair enough, but how exactly am I losing "everything" when all I'm doing is plopping down 800K for a condo?
> If you dont know, houses in Toronto START at around $1 million. And they go up progressively from there.
> 
> A condo is actually a good investment so long as you're not speculating and you plan to stay a while.
> ...


Condos CAN be a good investment, but at $800k you're not at the lower end where there's less volatility. If there is any negative shift in the market, condos are the first to feel it, and aside from multi-million dollar estates, they are the worst impacted. 

You've linked to homes where you could be living in a basement suite and having someone upstairs helping to pay for your mortgage. That kind of decision is more likely to make financial sense.


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## Just a Guy (Mar 27, 2012)

You obviously don't want to listen to anyone else, I never said you'd lose everything. You're obviously interested in only hearing one thing, and seem to know better than anyone else. Good luck to you going forward.


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## Esco (Aug 8, 2016)

Just a Guy said:


> You obviously don't want to listen to anyone else, I never said you'd lose everything. You're obviously interested in only hearing one thing, and seem to know better than anyone else. Good luck to you going forward


No offense, but you've been absolutely no help. All you've done so far is argue about nonsensical stuff.
Maybe you should change your handle to "Just a Girl".

AFA the condo is concerned, just assume that I'm going to buy one for around $800K. Thats already been decided.
I know you dont think a condo is worth that, but thats irrelevant to the main question I posed in this thread.

But thanks for your input nonetheless


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## the_apprentice (Jan 31, 2013)

With a budget of $800,000 there are always better options as an investor, however you are an end user. If you like the building and can afford to purchase, do what makes you happy. I am familiar with most Brad J. Lamb developments such as Theatre Park and know how homeowners absolutely love living in these buildings. Not everyone will agree with you, but the choice is ultimately yours.

In regards to your first post, your realtor is the person you should be asking that question to. He/she can provide you with reports including comparable suites that have been sold. That is your best option in determining what you should offer.

Good luck, hope it all works out for the best.


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## Esco (Aug 8, 2016)

the_apprentice said:


> With a budget of $800,000 there are always better options as an investor, however you are an end user. If you like the building and can afford to purchase, do what makes you happy. I am familiar with most Brad J. Lamb developments such as Theatre Park and know how homeowners absolutely love living in these buildings. Not everyone will agree with you, but the choice is ultimately yours


Yes, Brad has come a long way since his TTC Lamb ads. 
Pretty much all the new condo buildings downtown are beautiful, but I realize its not for everyone



the_apprentice said:


> In regards to your first post, your realtor is the person you should be asking that question to. He/she can provide you with reports including comparable suites that have been sold. That is your best option in determining what you should offer


You cant always trust a RE agent's judgement though, because their objective is to sell you a condo as fast as possible for as much money as possible. I cant really blame them though, if I were in their position I'd probably do the same


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## Nelley (Aug 14, 2016)

Esco said:


> Realtors want to make a quick buck and as much money as possible, they dont always have your best interest at heart.
> If I offer too low, and the owner accepts it, the RE agent gets less commission
> 
> 
> ...


NO-you are ignorant on this one-realtors just want to close this deal as quickly as possible-if you could snag it for $735 you aren't going to get any complaints from a realtor-they just want it done as quickly as possible.


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## Esco (Aug 8, 2016)

Nelley said:


> NO-you are ignorant on this one-realtors just want to close this deal as quickly as possible-if you could snag it for $735 you aren't going to get any complaints from a realtor-they just want it done as quickly as possible


That would depend on the realtor. If he/she is low-grade and just wants to make a quick buck, you are right.
If they are upper level agents they will want to make as much money as possible


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## Nelley (Aug 14, 2016)

Esco said:


> No offense, but you've been absolutely no help. All you've done so far is argue about nonsensical stuff.
> Maybe you should change your handle to "Just a Girl".
> 
> AFA the condo is concerned, just assume that I'm going to buy one for around $800K. Thats already been decided.
> ...


What is so special about this particular unit? It sounds generic-if you don't buy this one there are probably hundreds of similar units in TO you could be happy with-my point is go in lowball and don't worry about insulting anybody.


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## Nelley (Aug 14, 2016)

Esco said:


> That would depend on the realtor. If he/she is low-grade and just wants to make a quick buck, you are right.
> If they are upper level agents they will want to make as much money as possible


Basic math-better to sell 3 this week at $735 than one at $800.


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## OnlyMyOpinion (Sep 1, 2013)

Esco said:


> That would depend on the realtor. If he/she is low-grade and just wants to make a quick buck, you are right.
> If they are upper level agents they will want to make as much money as possible


No, Nelley is correct here. It is about getting listings and/or closing, not holding out for the highest selling price (by either agent).

At $830k and 5% divided by seller/buyer agents, your agent is looking at $20,750 or perhaps $11,620 after inc tax and office split. Sell for $730k and they have $10,220 at/office split. Thats only a $1,400 difference - your agent is happy to see you buy. And remember the listing agent has probably done most of the work. 
I'd be more concerned as the seller that my agent has underpriced or advised me to acccept a lower offer than might yet come along just to make the sale. Holding out for the highest price is not the driver.


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## dadaswell (Jan 6, 2016)

Esco said:


> Maybe you should change your handle to "Just a Girl".


You know....this comment right here says a lot about the poster. And it's not good : (


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## welsh-investor (Jan 5, 2017)

Please don't forget that aside from the mortgage payment on whatever you get it for, you will (likely) be responsible to pay condo fees. This can also mean kicking-in on repairs to the premises. I have a relative that was hit with a huge bill to repair and resurface the building's parking lot. Personally, I stay away from condos.


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## Esco (Aug 8, 2016)

So anywho, I wound up selling my old condo for $818,000 and bought my new on (in entertainment district) for $890,000.

Its a 2-bedroom, high floor, nice views, hardwood floors...etc..etc.
I'm quite happy


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## Beaver101 (Nov 14, 2011)

^ Good for you ... your happiness/satisfaction is all that matters here. :applause:


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## Esco (Aug 8, 2016)

Beaver101 said:


> ^ Good for you ... your happiness/satisfaction is all that matters here. :applause:


Thanks Beaver.

I'll take some pics when I move in next month and post them in this thread


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## againcome (Oct 17, 2017)

Esco said:


> So I'm buying a new condo. Its a 2-bedroom unit downtown Toronto.
> Its listed for 830,000. Obviously I'm not going to pay what its listed for.
> 
> How much do you guys think I should offer for it??
> I dont wanna insult the owner by coming in too low, but I also wanna pay a lot less then $830K


Offer something reasonable.


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## Mukhang pera (Feb 26, 2016)

againcome said:


> Offer something reasonable.


It would be reasonable for you to at least read the last few posts to this thread to realize that the OP has already bought. No further advice needed. Mind you, we are all everlasting grateful that you shared with us all the brilliant suggestion to offer something reasonable. Not sure that many here would have thought of that.


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## Esco (Aug 8, 2016)

Prices are insane in Toronto. This is what just under $1 mill buys you:

https://www.kijiji.ca/v-condo-for-s...wn/1301833300?enableSearchNavigationFlag=true


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## Esco (Aug 8, 2016)

Look at that, a nice view of the skydome


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## peterk (May 16, 2010)

Cozy little shack you've got there.


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## Esco (Aug 8, 2016)

peterk said:


> Cozy little shack you've got there


My nice views wont last very long though, they're putting up new condos like crazy. Soon enough downtown Toronto will resemble Manhattan, one giant concrete jungle


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## TomB19 (Sep 24, 2015)

Nice.

I'll bet the view will still be good, after all the construction.


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## Beaver101 (Nov 14, 2011)

^ The view can be alot nicer if taken in the spring/summer - at least see part of the lake/front?


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## Just a Guy (Mar 27, 2012)

Well, he doesn't actually own the condo...this is GTA after all. In reality he's subletting a corner of the balcony which he shares with 17 immigrants.


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## kcowan (Jul 1, 2010)

So glad you sold first. This is not a good time to,be leveraging debt!


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## Esco (Aug 8, 2016)

kcowan said:


> So glad you sold first. This is not a good time to,be leveraging debt!


LOL....you're not kidding.
Interest rates went up, new mortgage rules and a bunch of other stuff.

Here's my west view looking at Etobicoke and Mississauga. This view in time will also get blocked a lot with many new high-rises popping up, but I think that will take at least 5 to 10 years


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