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Old 02-08-2009, 10:52 AM   #1
daytona
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Market Wharf



Im looking to get another investment condo,the prices are amazing right now especially in the core area.Anyone lives in this area and want to offer opinions about this area.I know there is alot of social housing here but also a rental heaven for investors.Dont want to argue about recession or market stability but want to know a little more about this section of Toronto.

http://torontocondo.wordpress.com/20...-wharf-condos/
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Last edited by daytona; 02-08-2009 at 11:03 AM.
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Old 02-08-2009, 12:32 PM   #2
DINAN 3
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Exclamation You're trying to catch a falling knife...

I know, you don't want to talk about market conditions, but this is not the time to buy real estate.
Your condo will drop more in value than your rental income, over the next few years.
I can easily see things drop another 20% or more and it looks like those low mortgage rates will go even lower.
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Old 02-08-2009, 02:41 PM   #3
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I like the St Lawrence Market and I do not live close to that area.

During summer months, once in a while..i wil take a drive to that market on a sat morning to do grocery and walk around that area.. good location .. nice low condo.. close to everything.. entertainment the lake... queen's quay etc etc...

If you buy and go long.. and with today's pricing.. go for it .but . I do see prices going lower tho, where is the bottom??.. hmmm have to look into my crystal ball..

base on that link.. are you buying new - closing in 2011?
that listing price might not reflect today's down turn.. you probably need to negotiate a lower price.
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Old 02-08-2009, 02:49 PM   #4
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Downtown sucks. I wouldnt want to live anywhere south of St Clair.
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Old 02-08-2009, 10:08 PM   #5
daytona
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Downtown sucks. I wouldnt want to live anywhere south of St Clair.
Hmmm whats above St Clair?....
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Old 02-09-2009, 04:39 PM   #6
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I know, you don't want to talk about market conditions, but this is not the time to buy real estate.
Your condo will drop more in value than your rental income, over the next few years.
I can easily see things drop another 20% or more and it looks like those low mortgage rates will go even lower.

please listen to him.............2-4 years before prices bottom out............totally WRONG time to buy. But hey, its up to u
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Old 02-09-2009, 05:01 PM   #7
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please listen to him.............2-4 years before prices bottom out............totally WRONG time to buy. But hey, its up to u
Ironically, I'll be looking to buy for myself in 2-4 years. Timing is everything, eh? I love this economy!
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Old 02-09-2009, 05:13 PM   #8
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Since where on topic...

lets say i go to the bank and im looking for a mortgage.

with 15-20 thousand down?? and lets say im ok'd for 90,000

is it smarter financially to go and
buy a complete slum condo for 65-95 thousand range. live there a couple years while paying off the mortgage agressivley like very agressivly. then in lets say your mortgage free in 5 years.

then after 5 years your able to put 95,000 down..
now my question is.. is that a good stradegy??
and what would the bank OK you if you had 95,000 thousand and a decent credit rating?? (since you payed off the mortgage agressivly) and your doing more buisness with them..
what would the bank ok you for?

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Old 02-10-2009, 05:04 AM   #9
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Originally Posted by daytona View Post
Im looking to get another investment condo,the prices are amazing right now especially in the core area.Anyone lives in this area and want to offer opinions about this area.I know there is alot of social housing here but also a rental heaven for investors.Dont want to argue about recession or market stability but want to know a little more about this section of Toronto.

http://torontocondo.wordpress.com/20...-wharf-condos/
I was looking at this one in particular as well. Maybe A lot of noise from the gardiner.

Anything close to front or King Street, is a win win from what I've been hearing.

I really like Liberty Village (King west) as well. I'm leaning towards this area. So far I haven't seen a Bum once around the area. To me "bum/hobo free" real estate in the downtown core is enough for me to pull the trigger and buy.

Cityplace (front and spadina) seems to be hot for rentals now.

Like everyone else has said, even my real estate agent is telling us not to buy a condo right now (she's very honest).

Invest in oil? (I don't know)

Are you happy where you're living right now? Bigger homes north of the city seem to have dropped now, but I don't see them dropping any further. ( At least in my current area) I believe they've bottomed out already. Where-as i'm predicting the condo "bubble" downtown is still waiting to pop and bottom out.

Last edited by rendered; 02-10-2009 at 05:14 AM.
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Old 02-10-2009, 01:21 PM   #10
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is it smarter financially to go and
buy a complete slum condo for 65-95 thousand range. live there a couple years while paying off the mortgage agressivley like very agressivly. then in lets say your mortgage free in 5 years.
Sure, you can pick up a 3 bedroom condo on Dixon road for 45K... but the maintenance fees are 1000$+ a month. You'd have a hard time breaking even renting there, even mortgage free.

Real estate will come crashing down in the next 2 years, record layoffs, tight lending conditions and rising inventories are a dangerous combination for all you specuvestors.
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Old 02-10-2009, 02:43 PM   #11
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Sure, you can pick up a 3 bedroom condo on Dixon road for 45K... but the maintenance fees are 1000$+ a month. You'd have a hard time breaking even renting there, even mortgage free.

Real estate will come crashing down in the next 2 years, record layoffs, tight lending conditions and rising inventories are a dangerous combination for all you specuvestors.
blah....humbug...
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Old 02-10-2009, 04:22 PM   #12
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what kind of mortgage would a bank give me if i had 17,000 down no assets.
21 year old. decent credit score. making 30-35k a year??
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Old 02-10-2009, 11:05 PM   #13
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$17K down, you'd have no problem buying a condo for $85,000 (20% down).
But, can you find one for that and would you want to live there?

Save up $30K and buy a condo for $160K. You'll get a mortgage most likely.

For investment, think end of summer or winter time (Nov, Dec 09) would be better.
That will probably be the market low.
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Old 02-11-2009, 06:13 AM   #14
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IMO I wouldn't buy around the Market Wharf area as the assisted housing area is just across the street and there's some shadiness around there. You may be fine yourself but your sig other and/or your car might not feel safe in the area. But who knows, there may be some gentrification occuring between now and a move-in date.

Anyway, that's important to me but not necessarily something that you'd be worried about. The benefits (potential to make money) may outweigh the risks.

I have been advising against the Liberty Village area for over a decade now. If you want to use it as a money maker, that would be ok but I would not live in that area due to the abbatoir smells which are just vile. Anywhere east up to Bathurst and north to King is usually permeated in the stink regardless of the winds.
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Old 02-11-2009, 09:04 AM   #15
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IMO I wouldn't buy around the Market Wharf area as the assisted housing area is just across the street and there's some shadiness around there. You may be fine yourself but your sig other and/or your car might not feel safe in the area. But who knows, there may be some gentrification occuring between now and a move-in date.

Anyway, that's important to me but not necessarily something that you'd be worried about. The benefits (potential to make money) may outweigh the risks.

I have been advising against the Liberty Village area for over a decade now. If you want to use it as a money maker, that would be ok but I would not live in that area due to the abbatoir smells which are just vile. Anywhere east up to Bathurst and north to King is usually permeated in the stink regardless of the winds.

hahaha. what smell? I never noticed it? I'm looking south of king, with a view of the lake. On western battery rd.

God, i hope there's no smell, i couldn't live with that shite.
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