Tag: Condo

by Incredible Planet Staff

New Montreal Condos All Investors Should Keep Their Eyes On


Homes

In Montreal real estate, the main driving force is undoubtedly the condominium market. In 2017, condo units accounted for the highest number of real estate sales here. On Centris, only 3,066 duplexes and 5,728 detached homes were sold. But 8,517 condo units sold, which is why a lot of investors are looking for new Montreal condos to invest in.

The Popularity of Condos

Montreal residents prefer to live in the city where the commute time is shorter and more amenities are available. Everything seems to be nearby, making life incredibly convenient. What’s more, with condos you don’t have to worry too much about home security, as condo buildings generally have condo security people at the entrance.

All these reasons help to account for why the demand is great and why prices are soaring for condominium units. In some places like Outremont, values for single family homes fell by 5% yet condos increased in value by 6%.

Greater Demand for Condos

So where should an investor look to find the units to invest in? That’s not always an easy search, because too many people are already looking. The total number of unsold units (recently finished or under construction projects) dropped by 43% in the past year in the greater Montreal area. There were 1,220 available units, and then suddenly there were just 690.

The scarcity is most evident in the downtown area, where there are about only 60 move-in-ready condominium units available. That’s a precipitous drop of 54% from the same time last year.

With Montreal area condo units that are still under construction, already 77% of them have been sold. In the downtown area condo buildings, that figure rises to 85%. You really have to be quick to buy, before you find yourself with very few options left.

Condo Projects to Consider

Your best bet may be to start with the new condo buildings that are still under construction in Montreal. You may get to enjoy a deal, and there should be more options.

  • 36 Lakeshore. This is the luxury condo building at 36 Lakeshore Rd in Pointe-Claire. It’s a waterfront location as it overlooks Lac St. Louis, which makes for some great views. Here there are 8 floors and a total of 65 units. There are no small units here, as the smallest measures 1,255 square feet and the price for the most affordable is $534,000.
  • Crown (Phase One). This is located at Meilleur and Fleury Sts. in the Ahuntsic-Cartierville area. There are 4 floors with a total of 71 units, and prices are more affordable with the lowest at $179,900 for a unit measuring 565 square feet. This allows you to rent to a larger number of people.
  • Le Canal 2 (Phase One). It’s another luxury condominium project, with a waterfront location near Basin and des Seigneurs Sts. in Point St-Charles/Griffintown. This overlooks the Lachine Canal. There are 7 floors here with 102 units. The most affordable measures 652 square feet with a price tag of almost $300K ($299,900 if you want to be exact).
  • 21e Arrondissement (Phase Five). This is the final phase of the project found in Old Montreal at St-Paul St. W. and des Soeurs Grises. There are 10 floors, and the units (with either 1 or 2 bedrooms) total 136 units. A unit with 419 square feet will go for $203,000.
  • Tour des Canadiens (Phase Three). This is undoubtedly a luxury condo building, as a small unit of just 320 square feet actually goes for $371,990. But there are plenty of units to choose from, with 55 floors and 568 units.

Keep your eyes on these projects, as when they’re done they will undoubtedly become much more expensive in a hurry.


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by Incredible Planet Staff

Buying A Condo: 7 Things You Must Know First


Homes

While a condo is almost like a single family home or an apartment, buying one is different from owning a home because there are so many things to find out. Do not take anything at face value. You need to do more due diligence before you can move in to a certain condo community. Quite often, things are not as they seem, so digging deeper for more details helps a great deal. Having said that, do not fear to buy a condominium for indeed, it comes with many benefits, which outweigh the disadvantages by far.

Here the things you need to know:

Big Is Not Always Bad

Although it is not always the case, it is logical to assume that the bigger the condo community the better it is for you because you may pay lower condo fees. If there are more people, then it means the splits will be among all the people and thus, as compared to people living in a small building, you could pay less money in fees. You will have to ask about the fees though because different condo buildings have different rules. Thus, this assumption about big being better may not always hold water. Also, the more amenities there are the better.

You Still Need To Consider The Location

Many times, we assume that condos are built in the best locations, but that does not mean that one location will always be best for you. You need to consider a few things carefully. For example, from the condo building to where your children go to school, it should be very convenient. Consider also how far you would have to drive to go to work. You will be looking for a condo that is right in the middle of everything. Hospitals, railway station, shopping center and many more things should be considered. The closer they are the better because they will also positively influence the appreciation of the condo prices in future should you wish to resell.

You Will Require Permission To Do Your Décor

You will not spruce up your exterior décor any way you want because there are rules and regulations regarding that. The condo management enforces regulations strictly on décor, especially on the sides facing the streets. While the rules are less stringent about the interior décor, if you are not a rules person, you may be a bit hesitant about buying a condo.

Know The Kind Of Lifestyle You Need

It is right to refer to a condo as a condo community because you will be living in a community of other condo owners and anyway, your houses are separated by walls. You will be sharing all the available public amenities like gym, swimming pools, recreational facilities and others. So, before you commit to buy a condo, ask what kind of demographic the condos are targeted at. If you are a young professional, you might find it hard to live with seniors. Thus, look for a condo community that you can live with comfortably. If you are approaching retirement, then you want a community that has families, people of your age as opposed to an under 30 community.

More Amenities Is Always Better

If you will use all the available amenities, take a condo that offers almost everything. Most people wrongly assume that fewer amenities mean lower condo fees but that is hardly the case. The most important consideration is to find a condo building that is big because it means more occupants. That in return means more people to split the fees with. That way, all the amenities are paid for comfortably and you can use them as you wish.

You Need A Real Estate Attorney

Buying a condo is just the same as buying a regular home and therefore you need a real estate attorney. The most important thing is that an attorney will find out for you about the condo’s reserve fund and how well it is managed. A low reserve fund could mean escalated condo fees for you in future. You do not want that.

You May Not Want To Live In A Condo All Of Your Life

As exciting as living in a condo is, you will at some point want to get out and try something different, especially if you are young. Thus, as you buy the condo, consider the future prospects, especially as you may want to resell it. Ask whether condos in that building sell fast or slowly. If fast, go ahead and buy.

Conclusion

Now you know some essential information about living in a condo. So, if you wish to buy a condo, you should be able to make a better decision. If you are from Los Angeles, you can check out Los Angeles condo sale to understand the market scenario. If you have enough budget to buy a home, you can always do that. But buying a Los Angeles condo can prove to be more affordable when you have a tight budget. If you want a condo in Santa Monica, consult the best Santa Monica realtors to find your dream condo in affordable price.

by Incredible Planet Staff

Story of success connected with New Futura


Homes

The New Futura project boasts of being one of the largest multi-storied residential projects in Singapore’s Orchid in district 9. It is one of the most ambitious iconic projects in the country.

Those who have booked and aspire to live in this state of the art project are mostly youngsters with a dream. Jack Chen was one of those youngsters. An investment banker by profession.

As someone who always wanted to own property, the New Futura Project was an excellent opportunity. He booked a condo in early 2017 where he planned to live with his wife and two kids.

As a market-savvy person, Jack knew that the market was priced low and it was the best time to get in. Though he also knew that there was a subsequent wait ahead until completion.

Why did Jack Choose New Futura?

Jack chose to buy a New Futura Condo in the South Tower Level 14 Sky Sense. The reason for this was because he loved the design. He also liked the idea of there being several amenities.

Features like the Reading Corner, Wisdom Garden, Creative Garden and Lounge were especially attractive. It was one of those things he thought that the kids would enjoy.

The New Futura Price also fit right into his budget. Compared to other properties this one offered the best value for money.

The other primary reason for choosing the project was because his office was nearby. A mere 10-minute commute made it an attractive location.

Plus, the nearby shops, malls, and other external amenities were a huge bonus. Most of all his kids’ could attend some of the best schools in the city and they were nearby.

New Futura the Experience

Fast forward to present day, and Jack shifted in with his wife and two kids. Its been a month now and he has nothing but praises.

One of the things that instantly became apparent was that the price has appreciated. According to him there are already offers on the table that are nearly 2x the price he paid.

Many offers are from people within the business circle. Most of them are local, and the reason why they want to buy it is because of it being an iconic building.

People dream of living in an iconic building, and this is one of them. However, work is still ongoing on the other towers, and Jack is in no mood to sell right away.

Just saving on the rent, commute to and from work as well as the commute for kids makes up for the expensive. According to his calculation, he would have paid up the price of the home in four years.

Factoring in rental increments, commute costs, and other expenses when living far from the city center is what savvy businessmen like Jack consider when buying property.

If Jack did decide to sell two years from now when the other towards would be complete, he may end up getting 3x to 4x the price he paid. That’s in itself a huge profit.

Luxury on a budget

Jack is a successful investment banker, and luxury was something he always wanted in an apartment. Though with this project it does not cost him a lot.

“I love the fact that you have all these luxuries that no other apartment has in the city. Plus, all your guests know exactly where you live. It has done a great deal of good for my business.” Says Jack.

Others have experienced the same success as Jack with the project. The real estate markets are on an uptick and its now an investors’ market.

Reasons why this is a successful project:

  • State of the art design and construction.
  • All the best facilities for families.
  • Proximity to leading schools, malls and transportation.