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The Home Ownership Thread

Discussion in 'Fine Living, Home, Design & Auto' started by Douglas, Jan 31, 2012.

  1. Piobaire

    Piobaire Not left of center?

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    I view the house as a sunk cost as we're not talking about selling it, we just want to live abroad for a few years and that would be foregone income if we don't tap it. Zillow is showing around 3k rental estimates in our area so I'm talking 36k a year...that would pay for an amazing rental in countries like Spain, Croatia, Malta.
     

  2. jcman311

    jcman311 Distinguished Member

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    So ironically I'll be watching this sort of case up close here. We bought our house a year ago very close to where my wife's grandmother lives. She moved out this spring and the house has sat vacant for almost 6 months. Now, the listing company put it for sale for a few grand less than what we paid for our place.
    1. Its like 1200 sq ft smaller
    2. Its 15 years older
    3. Hasn't been updated in forever/has a weird floor plan
    4. Has a similar house across the street that sold for almost $100k less than grandma's house is listed for. (edited for poor wording)

    I was shocked when I saw what they listed it for. I bet it sits for a year and gets lowered by a hefty amount.
     
    Last edited: Sep 10, 2018

  3. MGoCrimson

    MGoCrimson Distinguished Member

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    Housing prices around here have been on a steady rise since the 90s with no downturn. 3 adjacent houses sold within 3-4 days of being on the market for ~6-8% over listing, 715-920 sale prices with original prices in the mid-upper 200s/300s around 98-00.

    My old neighbours must really not like my puppy. Or they know something I don’t
     

  4. Kappelan

    Kappelan Distinguished Member

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    Got screwed by the builder. Last February we bought a condo in Icona Condo project in Vaughan which was cancelled as of yesterday. Today we've got a check with our deposit. It was going to be to be an investment property, now we screwed along with other 1700 people. Before that another huge condo project close by was cancelled leaves many people in the limbo.

    That was suppose to be our condo on a 12 floor.

    [​IMG]
     

  5. sugarbutch

    sugarbutch Bearded Prick Dubiously Honored

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    Ouch. Presumably the project no longer penciled out for them?
     

  6. Kappelan

    Kappelan Distinguished Member

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    They should've figure that out before selling condos to the public. Surely prices for condos in Greater Toronto went up like crazy since last February, so they probably want to start selling them again later for a different price. Another builder Liberty Development did the same thing a bit earlier with their project The Cosmos so now seems like they are going to meet investors in the court. Will see what will happened with our project.
     

  7. Piobaire

    Piobaire Not left of center?

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    Sorry to hear about this and that sucks. Any chance you could go after them for damages related to the property values going up?
     

  8. Kappelan

    Kappelan Distinguished Member

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    At least we got our money back ) Although I would prefer to get them back with some profit... But originally the idea was to have this condo for our daughters.

    We have a group of investors whom are consulting now with the same lawyer who is helping people from another cancelled project. They are arranging meeting with the lawyer where will be presented our options.
     

  9. Piobaire

    Piobaire Not left of center?

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    We might get up to Toronto next year and looking forward to seeing all the changes in GTA. That and eating at Alo and Georges.
     

  10. Kappelan

    Kappelan Distinguished Member

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    Like real estate prices? )) We've been here for only 8 years and prices skyrocketed like crazy.
     

  11. Kappelan

    Kappelan Distinguished Member

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    BTW a question for you guys. Do any one of you have an experience with owning resort/hotel property? Not like time share, but when only you owning the home and having management to take care of renting property out when you not using it. We are thinking of buying something at Mont-Tremblant ski resort in Quebec.
     

  12. jcman311

    jcman311 Distinguished Member

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    Not direct experience but a good friend of mine is going to work for a vacation rental property management firm. My in-laws are building a property and are probably going to have some sort of management place take care of it. They want it for overflow for visitors to their second home and want to rent it (without the effort of airbnb) when they aren't directly using it. Not exactly a resort/hotel property but I think it is what you are talking about.
     

  13. otc

    otc Stylish Dinosaur

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    I don't plan far enough in advance for that shit
     

  14. Kappelan

    Kappelan Distinguished Member

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    Sort of. There is one complex close to Tremblant ski resort that we rent every year and we found out that units are own by individuals and some are for sale. So you can buy one just for yourself or you can buy unit and let a management company to rent it for you. You can reserve some dates for yourself not more than 30 days a year for example.

    And when we've started looking we found more complexes with similar approach.

    That how they look. Townhomes basically.

    [​IMG]

    With a nice view )

    [​IMG]
     
    Last edited: Sep 21, 2018

  15. brokencycle

    brokencycle Stylish Dinosaur Moderator

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    I know some people who do that - not necessarily at a resort, but a beach house as part of a complex of condos and town homes. A good management company seems worth its weight in gold.
     

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