Originally Posted by minichi
I'm looking at an investment piece at G2, CPIII, Central 2, and 129 Main.
1. Just wondering what is going to be built to the west of G2 (where the parking lot is)? Is that going to be the future site of CP3 & 4...?
2. How much are condo fees now at the G1? The posted $0.36/sqft condo fees for G2 includes heat, a/c, etc. Is this correct?
3. How much of G2 is sold?
I am not sure the fees on these, although you could probably get a good idea from an MLS listing.
One thing to note about condo fees in new buildings or buildings less than about 2 or 3 years is old is to generally give yourself about a 50% buffer on the condo fees. They tend to be underestimated by developers (although not always). Developers have to cover any shortfalls for the first year, but afterwards the owners are on their own so fees can take some big jumps. Make sure your happy with the math at the high price. If they don't go up that much then it is money in the bank. If they do, well at least your ready. Generally after about 3 years the fee stabilize.
If you are looking for an investment place only I would considering grabbing a unit in CP4, as the project is in it's really early stages and therefore the price is cheapest. You would probably make a pretty decent gain in value just over the build time, prior to making a dime in rent. Plus that was the mortgage will be less giving you a better return rent-to-cost wise.