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Geyser
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Re: why condos aren't good investments

Thu Apr 09, 2015 9:00 am

Eyes to Geyser:
You're misquoting me - I never called them skyhooks.
....really? Geyser, did you misspeak??? :shock:
No, have long been ridiculing Eyes for sticking to his bizarre notion that condo owners do not own any land. I repeatedly suggested that the only likely alternative to building condos on top of land was to use skyhooks or, perhaps he believes the land that condos are built on doesn't belong to the condo owners, it's owned by a clan of evil elves who live in caverns beneath Stanley Park.

Eyes has yet to confirm or deny his belief in those two alternatives but he still clings to the notion that condo ownership does not include any land ownership. All very strange, but quite amusing. :lol:
In fond memory of Taipan, a model of modesty, decency, dignity and tolerance. Long may we all prosper from the tremendous legacy of worldly wisdom and specialized real estate knowledge which he left in the "Arguments" thread.
 
eyesthebye2
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Re: why condos aren't good investments

Thu Apr 09, 2015 9:30 am

if you can't sell it, build on it or alter it in any way it's just fairy-land. To me, a condo is just an overpriced substitute for the real deal.
 
HomelessinSD
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Re: why condos aren't good investments

Thu Apr 09, 2015 10:20 am

if you can't sell it, build on it or alter it in any way it's just fairy-land. To me, a condo is just an overpriced substitute for the real deal.
Try and think of as Crown land. It exists, it can be built on or altered. It can even be sold. It is owned by the citizens of the Country. The citizens elect the government who control (to a certain extent) what is done with the Crown land, subject to existing rules and regulations. Certain changes require referendums.

Similarly, condo owners elect their own government (Strata council) who control, to a certain extent, what can be done with the commonly owned portions of condominium. Certain changes in the use of the building also require referendums.

Condo buildings have been completely sold in the past or torn down and re-built.

That's why condos are required to be mapped and filed with the proper jurisdictions.
 
Geyser
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Re: why condos aren't good investments

Thu Apr 09, 2015 3:41 pm

if you can't sell it, build on it or alter it in any way it's just fairy-land. To me, a condo is just an overpriced substitute for the real deal.
So condo owners don't own the attached land? I guess we're back to "sky-hooks" or clans of evil elves again.

Thank you for continuing with your display of total ignorance of the land title act. :lol:
In fond memory of Taipan, a model of modesty, decency, dignity and tolerance. Long may we all prosper from the tremendous legacy of worldly wisdom and specialized real estate knowledge which he left in the "Arguments" thread.
 
eyesthebye2
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Re: why condos aren't good investments

Thu Apr 09, 2015 4:47 pm

if you can't sell it, build on it or alter it in any way it's just fairy-land. To me, a condo is just an overpriced substitute for the real deal.
So condo owners don't own the attached land? I guess we're back to "sky-hooks" or clans of evil elves again.

Thank you for continuing with your display of total ignorance of the land title act. :lol:

so how do you sell it?
I've seen this over the years. Half the building wants to sell and half don't. Guess what happens next - it remains unsold.
And how do you alter it - go to your strata :lol:
 
HomelessinSD
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Re: why condos aren't good investments

Thu Apr 09, 2015 5:28 pm

Well no shit, you buy a condo and you are subject to the condo by laws.

Doesn't mean that you don't own a portion of the land and the common area. Just admit that, and the argument is over.... Or are just trolling?
 
eyesthebye2
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Re: why condos aren't good investments

Thu Apr 09, 2015 8:36 pm

It's more than an academic question for me - one of my condos is starting to age and is going to need major money spent over the next 10-20 years. It sits on extremely valuable downtown land. I would rather sell the whole thing to a developer rather than pump money into a depreciating asset. Getting my fellow 40 or so owners to agree with me on that though ... good luck ...

just wait until you all get a huge estimate on a large scale repair assessment - then start your campaign.
I'm pretty sure you'll lose big money by selling as land value only...probably recoup under 50% of your condo value.
Heck, that's why developers buy raw land and do the opposite
 
outsider2k10
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Re: why condos aren't good investments

Fri Apr 10, 2015 1:30 am

I paid 275k for my 2brd room condo (cross Metrotown on hazel) back in 2003 and now my condo is about 430k to 450k. (The land value increased while the building value decrease over the years)

However

I probably can buy a houses around grange street with that kind money back in 2003 and now they are worth million of dollars.


I have a friend whom live near by oakbrdige mall and a developer actually offered him 2 million dollar for his house but his families have no desire to sell.
 
InvestorRelations
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Re: why condos aren't good investments

Fri Apr 10, 2015 7:44 am

Eye's property continues to appreciate while Geyser's slumbers and he's perturbed that the East Van proletariats are banking it. Geyser doesn't like that fact that all the grubby boats in East Van continue to rise with the ships on the West side while his box in the sky is commoditized. He needs someone to attack to make himself feel better. Classic bully.
 
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WhipMaster
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Re: why condos aren't good investments

Fri Apr 10, 2015 8:16 am

Say it like it is, bro! :D
Hoo~Cudda~Not~Nod~ed????? :-)
 
eyesthebye2
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Re: why condos aren't good investments

Fri Apr 10, 2015 8:40 am

5 year price stats

East Vancouver detached +42.9%
Vancouver West condo +9.5%
TSX 5 year +21.54%

Cheer up Geyser. If you have to buy a condo, Vancouver west is the best investment in Greater Vancouver. Every other area had
lower returns than +9.5%
But you were probably better off parking your money into any 2% per annum savings account at the bank

For detached, the best investment in the last five years were West Vancouver +45% and East Vancouver +42.9%

Cha-ching!
 
Geyser
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Re: why condos aren't good investments

Fri Apr 10, 2015 1:41 pm

Eye's property continues to appreciate while Geyser's slumbers and he's perturbed that the East Van proletariats are banking it. Geyser doesn't like that fact that all the grubby boats in East Van continue to rise with the ships on the West side while his box in the sky is commoditized. He needs someone to attack to make himself feel better. Classic bully.
Au contraire, I'm happy for people who have done well in real estate, I'm one of them. As for East side boats rising the same as Westside boats, on a percentage basis that might be true, but the actual price gap between Eastside and Westside has widened significantly in the last few years - as it should.

BTW, the proletariat like Eyes are not "banking it". They are looking at their paper profits and gloating. That's different.

My own primary residence is not well suited to the "box in the sky" description, although it certainly is "in the sky".

As investments go, there are variously ways of looking at it. If you live in it, are you like Eyes, focussing entirely on the investment aspect, or do you also factor in quality of life, or as in Eye's case, lack thereof?

Eye's knows that, as über-bull Tsur Sommerfield suggests, the investment potential is in the land, buildings merely depreciate, hence in an up market we expect SFHs to outperform condos and in a down market we expect the reverse to happen.

If you own property other than your primary residence and they continue to yield a double digit return on the your initial small, decades old investment which has long since been paid off, is it a bad investment to continue drawing that income? Some will say counting returns on the initial buying price is the wrong metric and that every investment should stand alone based on the return on current value. My emotions go with the former analysis and my accountant stresses the latter.

For what it's worth, I dumped almost half of my Vancouver condo interests several years ago. It appears to have been a good move which freed up a goodly chunk of cash. So far the cash extracted has out-performed the local SFH market quite handily, but only distant hindsight will tell the full story. At the moment I'm looking golden.

We all have our own reasons (taxes and other things), for retaining or selling property. At this late stage in my life I have no further interest in buying or selling. My reason for posting here is because I really do think that the current price:rent:wage situation creates a divided society, and that eventually reduces the quality of life for everybody.

I particularly worry about over leveraged recent buyers because I suspect they may soon face a financial Apocalypse. The fact that the "grubby boats" in bad areas can now sell to over leveraged "proletariat" for around $1 million should be sounding major alarm bells in the minds of anybody with a heart. For those homeowners wise enough to be currently cashing out, well done, you just won the lottery. It's unfortunate that in many cases the money is coming from over leveraged "greater fools".
In fond memory of Taipan, a model of modesty, decency, dignity and tolerance. Long may we all prosper from the tremendous legacy of worldly wisdom and specialized real estate knowledge which he left in the "Arguments" thread.
 
Geyser
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Re: why condos aren't good investments

Fri Apr 10, 2015 1:47 pm

5 year price stats

East Vancouver detached +42.9%
Vancouver West condo +9.5%
TSX 5 year +21.54%

Cheer up Geyser. If you have to buy a condo, Vancouver west is the best investment in Greater Vancouver. Every other area had
lower returns than +9.5%
But you were probably better off parking your money into any 2% per annum savings account at the bank

For detached, the best investment in the last five years were West Vancouver +45% and East Vancouver +42.9%

Cha-ching!
Yep, those Westside houses are getting further and further from your grasp, and even in percentage terms too!. :lol:

You do know that the TSX isn't the only investment vehicle on the planet do you? And don't forget the 20%+ exchange rate beating which all Canadian investments have taken compared to the US.
In fond memory of Taipan, a model of modesty, decency, dignity and tolerance. Long may we all prosper from the tremendous legacy of worldly wisdom and specialized real estate knowledge which he left in the "Arguments" thread.
 
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WhipMaster
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Re: why condos aren't good investments

Sat Apr 11, 2015 11:55 am

Condos can be very cozy....
Image

:mrgreen:
Hoo~Cudda~Not~Nod~ed????? :-)
 
rMBA13
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Re: why condos aren't good investments

Sun Apr 12, 2015 10:54 am

If its so obvious that condos are such terrible investments, why are they still selling like hot cakes?
http://bc.ctvnews.ca/mobile/94k-micro-c ... -1.2323058
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