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Ironworks
Uses: condo, commercial
Address: 515 Chatham Street
Municipality: Victoria
Region: Downtown Victoria
Storeys: 5
Condo units: (studio/bachelor, 1BR)
Sales status: sold out / resales only
Ironworks is a mixed-use two-building, five-storey condominium and ground floor commercial development in down... (view full profile)
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[Downtown Victoria] The IronWorks | Condos; retail | 5 & 5-storeys | Under construction


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641 replies to this topic

#641 Barrrister

Barrrister
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  • 2,903 posts

Posted 22 February 2023 - 08:32 AM

By the time you include RE fees and LTT and other selling expenses not exactly a great money maker.



#642 Mike K.

Mike K.
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  • 83,949 posts

Posted 22 February 2023 - 08:53 AM

It’ll do alright if it sells for around asking. It should net the seller $20-$30k, depending on how much equity they have created via mortgage payments over two years, which at 2021 interest rates would have been one with more capital paid than interest. The agents will split about $15,000.

If it’s an investment potentially all of the mortgage and other expenses were covered by a renter, but they’ll have to offset capital gains.

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