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Blackstone Condos (Bridge and Northfield) | ? fl | Proposed
#31
(11-05-2018, 12:10 PM)danbrotherston Wrote:
(11-05-2018, 11:46 AM)tomh009 Wrote: And many people don't realize that the condo fees on new buildings are rather optimistic, and are bound to go up. 

But if you don't realize it, it looks like may $0.20/sqft extra in condo fees, that's $240/month or almost $3000/year. If people are looking at solely their payments, that may look like it's as expensive (in terms of total monthly payments) as a new unit priced $100K higher. And on top of that, many people still love "new".

I suspect most people also vastly underestimate the money they put into a house.

After accounting for utilities and insurance I used to pay at my house, my 750 dollar condo fees come down to about 450, and accounting for ONLY the money I put into the house and ignoring the hours and hours and hours of my own labor I put in, 450/month is a reasonable estimate of my monthly cost.  Now I did have to put on a new roof, but I managed to avoid replacing a 30+ year old furnace.  It's not a small bill to swallow, but the fact is, it isn't any bigger than a house would be, just more visible.

Do you not have to pay those in the condo too?
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#32
(11-05-2018, 12:19 PM)Spokes Wrote:
(11-05-2018, 12:10 PM)danbrotherston Wrote: I suspect most people also vastly underestimate the money they put into a house.

After accounting for utilities and insurance I used to pay at my house, my 750 dollar condo fees come down to about 450, and accounting for ONLY the money I put into the house and ignoring the hours and hours and hours of my own labor I put in, 450/month is a reasonable estimate of my monthly cost.  Now I did have to put on a new roof, but I managed to avoid replacing a 30+ year old furnace.  It's not a small bill to swallow, but the fact is, it isn't any bigger than a house would be, just more visible.

Do you not have to pay those in the condo too?

Typically condo fees cover most of the utilities as well as the building insurance, and you only need to pay for contents insurance.
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#33
(11-05-2018, 12:10 PM)danbrotherston Wrote:
(11-05-2018, 11:46 AM)tomh009 Wrote: And many people don't realize that the condo fees on new buildings are rather optimistic, and are bound to go up. 

But if you don't realize it, it looks like may $0.20/sqft extra in condo fees, that's $240/month or almost $3000/year. If people are looking at solely their payments, that may look like it's as expensive (in terms of total monthly payments) as a new unit priced $100K higher. And on top of that, many people still love "new".

I suspect most people also vastly underestimate the money they put into a house.

After accounting for utilities and insurance I used to pay at my house, my 750 dollar condo fees come down to about 450, and accounting for ONLY the money I put into the house and ignoring the hours and hours and hours of my own labor I put in, 450/month is a reasonable estimate of my monthly cost.  Now I did have to put on a new roof, but I managed to avoid replacing a 30+ year old furnace.  It's not a small bill to swallow, but the fact is, it isn't any bigger than a house would be, just more visible.

Sadly, perception is reality, and many people never get past the initial sticker shock, to the point of figuring out what it really means. Sad
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#34
(11-05-2018, 12:30 PM)tomh009 Wrote:
(11-05-2018, 12:19 PM)Spokes Wrote: Do you not have to pay those in the condo too?

Typically condo fees cover most of the utilities as well as the building insurance, and you only need to pay for contents insurance.

Thanks for clarifying!
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#35
(11-05-2018, 12:19 PM)Spokes Wrote:
(11-05-2018, 12:10 PM)danbrotherston Wrote: I suspect most people also vastly underestimate the money they put into a house.

After accounting for utilities and insurance I used to pay at my house, my 750 dollar condo fees come down to about 450, and accounting for ONLY the money I put into the house and ignoring the hours and hours and hours of my own labor I put in, 450/month is a reasonable estimate of my monthly cost.  Now I did have to put on a new roof, but I managed to avoid replacing a 30+ year old furnace.  It's not a small bill to swallow, but the fact is, it isn't any bigger than a house would be, just more visible.

Do you not have to pay those in the condo too?

The answer is complex, for insurance, not all of it, and for utilities, it depends on the condo building.

For insurance, I pay for content insurance and upgrade insurance, it's costing me about 8 bucks a month--basically the same as renters insurance, the building pays for most other insurance costs.

As for utilities, it depends on the condo, some have separate metering for all utilities (but you still don't pay for say, hydro for exterior lighting or water for landscaping).  Mine has metering for hydro only.  Further, mine has central heat and cooling, so in my unit there are pipes carrying hot or cold water into a blower unit, I pay for hydro for the blower fan only.

In my house, I paid about 150-250 for water+storm drain+water heater rental+gas, this is all in my utility bill.  Plus, air conditioning ran about 50-100 bucks a month in the summer.  Plus insurance ran between 50-120 dollars a month.  Hydro is also far less, even in the winter, my house ran 60-80 monthly, where as the condo is around 35-40 monthly.  Not that it applies to the condo fee, but it definitely lowers the total cost of ownership.
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#36
(11-05-2018, 12:32 PM)tomh009 Wrote:
(11-05-2018, 12:10 PM)danbrotherston Wrote: I suspect most people also vastly underestimate the money they put into a house.

After accounting for utilities and insurance I used to pay at my house, my 750 dollar condo fees come down to about 450, and accounting for ONLY the money I put into the house and ignoring the hours and hours and hours of my own labor I put in, 450/month is a reasonable estimate of my monthly cost.  Now I did have to put on a new roof, but I managed to avoid replacing a 30+ year old furnace.  It's not a small bill to swallow, but the fact is, it isn't any bigger than a house would be, just more visible.

Sadly, perception is reality, and many people never get past the initial sticker shock, to the point of figuring out what it really means. Sad

To be totally fair, this took me a long time too...I lived in a house for 5 years due in large part to the high price of the City Centre Condos, but even when I started looking, I though the condo fees were really high.  I spent a long time with a spreadsheet to convince myself that they weren't...I literally took all the repairs I did over 5 years and distributed them over the 5 year period, and was surprised how much I'd spent.
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#37
(11-05-2018, 12:51 PM)danbrotherston Wrote: To be totally fair, this took me a long time too...I lived in a house for 5 years due in large part to the high price of the City Centre Condos, but even when I started looking, I though the condo fees were really high.  I spent a long time with a spreadsheet to convince myself that they weren't...I literally took all the repairs I did over 5 years and distributed them over the 5 year period, and was surprised how much I'd spent.

I did exactly the same thing. Yes, the condo fees are somewhat less than we were spending. And we were also spending time ourselves maintaining the house and property.
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#38
(11-05-2018, 01:19 PM)tomh009 Wrote:
(11-05-2018, 12:51 PM)danbrotherston Wrote: To be totally fair, this took me a long time too...I lived in a house for 5 years due in large part to the high price of the City Centre Condos, but even when I started looking, I though the condo fees were really high.  I spent a long time with a spreadsheet to convince myself that they weren't...I literally took all the repairs I did over 5 years and distributed them over the 5 year period, and was surprised how much I'd spent.

I did exactly the same thing. Yes, the condo fees are somewhat less than we were spending. And we were also spending time ourselves maintaining the house and property.

So much time.  This is the first fall in a long time I haven't spent many weekends cleaning up leaves, I'm so happy.
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#39
(11-05-2018, 12:30 PM)tomh009 Wrote:
(11-05-2018, 12:19 PM)Spokes Wrote: Do you not have to pay those in the condo too?

Typically condo fees cover most of the utilities as well as the building insurance, and you only need to pay for contents insurance.

And for water damage insurance, no?
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#40
(11-05-2018, 02:09 PM)danbrotherston Wrote: So much time.  This is the first fall in a long time I haven't spent many weekends cleaning up leaves, I'm so happy.

Yes! I love trees, but now I can stroll through Victoria Park and the many downtown neighbourhoods to enjoy them. And someone else will take care of the leaves!
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#41
(11-05-2018, 02:32 PM)panamaniac Wrote:
(11-05-2018, 12:30 PM)tomh009 Wrote: Typically condo fees cover most of the utilities as well as the building insurance, and you only need to pay for contents insurance.

And for water damage insurance, no?

There are various aspects to water damage insurance. I didn't opt for any, I think overland flooding was the only coverage I could have paid for, and given that I'm on the 11th floor and have no car in the garage, I figured that if I had overland flooding in my unit, insurance probably wouldn't matter.
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#42
(11-05-2018, 03:28 PM)danbrotherston Wrote:
(11-05-2018, 02:32 PM)panamaniac Wrote: And for water damage insurance, no?

There are various aspects to water damage insurance. I didn't opt for any, I think overland flooding was the only coverage I could have paid for, and given that I'm on the 11th floor and have no car in the garage, I figured that if I had overland flooding in my unit, insurance probably wouldn't matter.

I've never been clear on whether water damage to floors from leaking dishwasher/fridge/washing machine in your own unit or from an uninsured unit above is covered by contents insurance.
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#43
(11-05-2018, 02:09 PM)danbrotherston Wrote:
(11-05-2018, 01:19 PM)tomh009 Wrote: I did exactly the same thing. Yes, the condo fees are somewhat less than we were spending. And we were also spending time ourselves maintaining the house and property.

So much time.  This is the first fall in a long time I haven't spent many weekends cleaning up leaves, I'm so happy.

I had forgotten how many leaves trees drop. I got reminded of that when I was at my parents' house this weekend and helped them pick up leaves. To be honest I don't love the leaf blowers we use at my condo either, and there's a movement in Washington DC to use electric leaf blowers. But that's another issue.
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#44
(11-05-2018, 03:38 PM)panamaniac Wrote:
(11-05-2018, 03:28 PM)danbrotherston Wrote: There are various aspects to water damage insurance. I didn't opt for any, I think overland flooding was the only coverage I could have paid for, and given that I'm on the 11th floor and have no car in the garage, I figured that if I had overland flooding in my unit, insurance probably wouldn't matter.

I've never been clear on whether water damage to floors from leaking dishwasher/fridge/washing machine in your own unit or from an uninsured unit above is covered by contents insurance.

At least in our building, it would be covered by the condo corporation's insurance.
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#45
I am not a fan of the huge hydro tower and corridor that runs across the parking lot. Similar situation at the apartment complex on Northfield at Davenport. 

I couldn’t imagine laying out a lot of money and having a parking lot / hydro corridor view from my balcony.
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I used to be the mayor of sim city. I know what I am talking about.
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