[darklord700]

Recently I was at a pre-sell downtown condo event. $700 a sq/ft and people were buying sight unseen, floor plan be dammed. Rumor had it one buyer snapped up 10 units at once. I kind of knew some of the people there who normally weren't condo investors but they were buying this time.

Bad sign for me that the market is over-heating as all of them were investors. Spending almost $400K for a studio or half a mill for a $600 sq/ft 1bedroom without window just so that you don't have to drive to work, I don't get it. $500K gets you at a decent 1000 sq/ft unit in Arriva that's fit for long term living. Seems like a lot of people are buying on hype.

Also the condo fee on this brand new building was incredibly low, like $400/mth for a 600 sq/ft unit. This had to be wrong. Once the builder dumps all the units, the board will increase condo fee for sure. I suspect the builder kept the condo fee low so they can sell easily and they don't have to pay in to the reserve.