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Condos: buy new or pre-owned


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#141 Koru

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Posted 10 June 2010 - 09:13 PM

The sad thing is that as soon as I'm done trg (in about a year) I will be getting a raise, and probably would be approved for that much assuming interest rates aren't ridiculously higher. Who knows, maybe the monaco unit will still be for sale then haha.


Ah its meant to be, it'll be...the great thing about Victoria is there is an increasing number of condos like that with the refurbishment of some of the older buildings in old towne! - just be thankful they are somewhat affordable, I've been shopping around myself and in Vancouver, that unit would be a helluva lot more money

#142 Bob Fugger

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Posted 10 June 2010 - 09:45 PM

I might be inclined to wait until that raise comes through and rent in the interim. All indications appear to point towards a glut in the condo market, as well as reduced confidence in the housing market. Of course, rake that with a grain of salt: I'm sure you've made up your mind to buy now, anyways.

#143 LittleMagellan

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Posted 10 June 2010 - 11:23 PM

I might be inclined to wait until that raise comes through and rent in the interim. All indications appear to point towards a glut in the condo market, as well as reduced confidence in the housing market. Of course, rake that with a grain of salt: I'm sure you've made up your mind to buy now, anyways.


Well that's what I mentioned earlier when I posted in the 834 thread. The general feedback was that I might as well buy if I can, instead of paying the same price for rent as I would for a mortgage.

#144 LittleMagellan

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Posted 12 June 2010 - 06:41 AM

Well eneded up coming to an agreement on the place on fort. According to the history it looks like I paid about 20k less than he did for it. So I hope the market doesn't drop much more. Paid really close to the assessed value.

#145 jklymak

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Posted 12 June 2010 - 07:15 AM

Congrats! I'm sure you'll enjoy it...

#146 sebberry

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Posted 12 June 2010 - 09:21 AM

Well eneded up coming to an agreement on the place on fort. According to the history it looks like I paid about 20k less than he did for it. So I hope the market doesn't drop much more. Paid really close to the assessed value.


You don't hear about too many people losing money on homes in Victoria :o

Congrats on the new place :)

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#147 LittleMagellan

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Posted 18 June 2010 - 09:16 AM

Do you guys have any recommendations for insurance companies for the condo?

#148 VicHockeyFan

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Posted 18 June 2010 - 09:44 AM

Do you guys have any recommendations for insurance companies for the condo?


Condo insurance is so cheap that I'm sure there is not much difference between companies, at least in terms of cost. I get a microscopic bit off mine because I bank with Canadian Western, and get my insurance from them too:

http://www.canadiandirect.com/

I think they give you some off if you have your optional car insurance with them too.

#149 sebberry

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Posted 18 June 2010 - 10:21 AM

Do you guys have any recommendations for insurance companies for the condo?


I've been quite happy with http://www.megsonfitzpatrick.com/

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#150 househuntvictoria

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Posted 24 June 2010 - 06:29 PM

You don't hear about too many people losing money on homes in Victoria :o


Yet. But all signs point to: You will!

#151 G-Man

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Posted 24 June 2010 - 07:05 PM

^ :P

#152 LittleMagellan

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Posted 08 October 2011 - 01:01 PM

I guess you were wrong, haha. Just saw the news that it's being developed. I'm glad, it's such a beautiful building.

Unfortunately that building will not be restored any time soon. The owners are family friends and they've made it clear that they ran through the gamut of options but the cost to restore and seismically upgrade (don't forget, we're in a very active earthquake zone) versus the volume of units would make this project uneconomical.



#153 Mike K.

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Posted 08 October 2011 - 01:50 PM

Indeed, I'm glad they chose to sell :)

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