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Purchasing a Condo in Downtown Toronto - Can anyone point me in the right direction?

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  • Mar 8th, 2011 4:33 pm
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Dec 10, 2008
253 posts
16 upvotes
Toronto

Purchasing a Condo in Downtown Toronto - Can anyone point me in the right direction?

Hey, so I'm looking to purchase a Condo downtown near UofT (maybe 15 minute or so walk).

Goal: Around $250,000 for a 1 Bedroom Condo with a living room (or some open space) that I can turn into another bedroom to rent out.
Plan: In terms of searching, I've never done anything like this before. Finance-wise, everything is okay as long as it is around the price-range.

So, can anyone point me in the right direction? Best / most user friendly place to look? Is $250K reasonable?
Any other words of wisdom would be great too (anything I should specifically pay attention to? etc.)

P.S. I realized I post the other thread in the wrong forum. woops!
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Jan 12, 2011
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Kachbi wrote: Hey, so I'm looking to purchase a Condo downtown near UofT (maybe 15 minute or so walk).

Goal: Around $250,000 for a 1 Bedroom Condo with a living room (or some open space) that I can turn into another bedroom to rent out.
Plan: In terms of searching, I've never done anything like this before. Finance-wise, everything is okay as long as it is around the price-range.

So, can anyone point me in the right direction? Best / most user friendly place to look? Is $250K reasonable?
Any other words of wisdom would be great too (anything I should specifically pay attention to? etc.)

P.S. I realized I post the other thread in the wrong forum. woops!


Pay specific attention to the the Condo fees and Status certificate and ensure you buy a home which is on higher floor and has a view. Don't buy one facing another building or a gargage can for a restaurant (long term value). if you need any reports for avil visit www.realtor.ca or visit our webpage and request a report.
Riz - Sales Rep. Search Realty Inc. Brokerage
GTA-MLS -- Sell For More. Buy For Less
Member
Dec 10, 2008
253 posts
16 upvotes
Toronto
Thanks both of you.

Just a follow up question now:
What is the lowest floor # that I should consider? (i.e. is the 6th floor high enough?)

As for maintenance fee, would you be able to give me a base-line value? I don't have anything to compare so I don't know what is expensive in terms of maintenance fees.
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Jan 12, 2011
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Kachbi wrote: Thanks both of you.

Just a follow up question now:
What is the lowest floor # that I should consider? (i.e. is the 6th floor high enough?)

As for maintenance fee, would you be able to give me a base-line value? I don't have anything to compare so I don't know what is expensive in terms of maintenance fees.

Well it all depends on where the condo is exactly... If you are on a main road you want Much higher up... like 20 plus... if you are on a private street backing a park (very few avail) then 6 is decent... The best advise if have your realtor show you several with different criteria before you decide. If you want I can set you up with automated listings to come to your email everyday... As usual My partner and I never call anyone unless you ask us to... In terms of maintenace fee they vary depending on what is included, the buidling age and what is in the reserve funds etc....

If you want the lisitng for a specific area visit our webpage and we will set you up.... Thanks and good look
Riz - Sales Rep. Search Realty Inc. Brokerage
GTA-MLS -- Sell For More. Buy For Less
Member
Dec 10, 2008
253 posts
16 upvotes
Toronto
So using this listing as an example: http://www.realtor.ca/propertyDetails.a ... 1761334587

Price: $255K
Bedrooms: 1+1
6th Floor
Small Street (I recognize these buildings)
Maintenance Fees: $410 / month

So this condo is relatively close to the price range, meets the number of bedroom requirements and is decently high (although I need to check which direction it faces). As for maintenance fees, it seems to include a lot of different services and the building is pretty old. Is $410 a fairly decent maintenance fee?

Also, in terms of the entire Condo, is $255,000 too high for an older building like this? and (presently) how negotiable are condo prices?
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Jan 12, 2011
854 posts
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Toronto
Kachbi wrote: So using this listing as an example: http://www.realtor.ca/propertyDetails.a ... 1761334587

Price: $255K
Bedrooms: 1+1
6th Floor
Small Street (I recognize these buildings)
Maintenance Fees: $410 / month

So this condo is relatively close to the price range, meets the number of bedroom requirements and is decently high (although I need to check which direction it faces). As for maintenance fees, it seems to include a lot of different services and the building is pretty old. Is $410 a fairly decent maintenance fee?

Also, in terms of the entire Condo, is $255,000 too high for an older building like this? and (presently) how negotiable are condo prices?



you will face East on Simcoe street very quite compared to University.... no recent sold in this building since July 2010 and sold price back then were going between $233K to $260K... condition is ok of this building but its in the middle of everything.... worth seeing but expect some repairs... Status certificate will show all the anticiapted repairs for common elements...


The maintainance cost is good for everything included, but keep in mind no parking spots... This will be a major drawback in resale value, but yet if you look at all the sold last year none included and they sold in the price range mentioned above. I have clients that would never buy a condo without a parking spot. Please keep this drawback in mind when purchasing...
Riz - Sales Rep. Search Realty Inc. Brokerage
GTA-MLS -- Sell For More. Buy For Less
Deal Addict
Jan 5, 2004
3930 posts
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Toronto
Find yourself a real estate agent that you trust, and they'll do the work on your behalf. :)

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