08-11-2020, 10:50 PM
(08-11-2020, 09:00 PM)panamaniac Wrote:(08-11-2020, 06:35 PM)Momo26 Wrote: Will have to see. Most condos being built will start at .43 and go from there. A realtor told me they're starting higher after seeing so many past condos not collecting enough and then we see these insane fees like $800 for a 700sq foot unit (older buildings).
Condo fees go up.
Though there are advantages to have a taller building vs a wider building. With my buddy, he's condo has 3 floors. Something like 14 units per floor. Half the units are 3 bedrooms, half are 2. Now the roof needs replacing, and I think he said the estimate is $180,000, which works out to over $4,000 per unit. Of course, they have a reserve so that's not the issue. The issue is maintaining the reserve.
Now in a 31 floor building like Charlie West, with less floor space per floor, replacing the roof might still cost the same, if not more, due to the height, but even if it was $500,000, it's still less that $2G per unit.
What you got to watch out for is management fees. That can be a killer