Quote:
Originally Posted by 68style
My buddy who flips condos for years is caught with his pants a bit down after all these years.. he has a 3 bedroom he had to complete on in New West and he can't even get offers at just under $1M despite the assessed being over $1.2... 3br condos are a tough sell it's townhouse money.
|
Tons of C - lais and 1st time buyers. C lais can't sell them fast enough cause they can't compete and can't get mortgage, 1st time buyers can't get mortgages and their parents can't help due to lack of income. Reality is hitting hard.
Quote:
Originally Posted by JDMDreams
^^ I thought about picking up a penthouse unit too. And my realtor advised no. The numbers didn't make sense, it's the most expensive, hard to rent, sell, especially you can't air BNB anymore, fee's are the most expensive. It's easily $600+ a month just for strata.
|
600 per month is a steal, i'm seeing 1800 sq ft place with with 1800 / month on just strata - of course this is prime location w/ car parks that are elevators (eg// jameson house on georgia).
Quote:
Originally Posted by Gerbs
My friends drafted his own team of EI builders, when we were golfing he said $300/sqft days are gone, closer to 350-400/sqft actual w/ 10-20% contingency for errors.
He makes < 5% on the flip but 10-20% profit on construction margin. One of the few guys I know that has saved > $1M before 30 without inheritance.
|
what people don't also consider is the 1 = 1.5M you're borrowing on to do reno; you can't just get a regular mortgage for construction; even if its only taking 12 mths for a build, you're paying 6% if you're lucky... that's another added cost.