Sweet Deal: 1 BR Condo just off Bow Trail 137k

[Travis Munroe]

I had a chance to visit this place just before the weekend.
It is a 1 bedroom 1 bathroom main floor condo unit. It faces bow trail which means you have a sliding door and patio (main floor). The other side of the building does not have patio doors.
Although right on Bow there really is no noise when the windows are closed.
In suite laundry hook ups as well.

Could be a great opportunity for a first time home buyer or a investor looking to rent it out. Should have no problems having positive cash flow if you decided to rent it out as an investment.
I am thinking it could be had for just under 130k but can't be sure. It is not my listing but just one I felt was worth sharing on CP. If you want to have a look please let me know.

http://www.tmunroe.com/listing_detail-6320059.html

[Travis Munroe]

PS: This is a bank owned property and ready for immediate possession.

[Travis Munroe]

price dropped to 133k.

FYI, i had my mortgage specialist run some numbers with 20% down. I believe that 10% is needed on this condo as a min down payment.


The mortgage payment information is as follows:

$125,000 purchase price
$25,000 down payment at 20%
$100,000 mortgage amount
Monthly payment 5 year fixed at 3.49% - $447.09
Monthly payment 5 year variable (prime - .50%) - $394.45

[rd_aaron]

Why is the condo fee so high? $312/month for a 452 sq ft condo is almost $0.70/sq ft.

[bizaro86]

Originally Posted by rd_aaron

Why is the condo fee so high? $312/month for a 452 sq ft condo is almost $0.70/sq ft.

It's a recent conversion and somewhere between many and all of the units in that building were foreclosed upon, it might have even been before the developer (company converting from rental apartments) sold them. That inevitably means the condo fees are higher to build a reserve fund. Also, it's a pretty small building, which means the more fixed type expenses (insurance, management) are proportionally greater per unit.

[Travis Munroe]

^^ exactly, red flags should be going up everywhere if the condo fees were low.

[ranchlandsselling]

Originally Posted by Realtor 1

^^ exactly, red flags should be going up everywhere if the condo fees were low.

Ummm.... Didn't red flags just go up because the condo fees were so high?

Lots of forclosed units, no reserve fund, no management or condo board (to be determined).

Was the priced dropped to $133,000 or $125,000?


$133,000 purchase price
$26,650 down payment at 20%
$106,400 mortgage amount
Monthly payment 5 year fixed at 3.29% - $464.09
Monthly payment 5 year variable (prime - .50%) - $419.69

[Travis Munroe]

Thanks Ranchlands

Purchase Price - I am assuming it can be bought at this price as very few pay full price.

Low condo fees bring more red flags than high condo fees.
Not sure where the no management company came from because there is one. It is Veranova.
Fixed rate was from my mortgage broker whom I work with at the time. Lowest rate is not the ideal position for everyone. With a lower rate you can often sacrifice some services that a slightly higher rate will keep in place.

[ranchlandsselling]

Originally Posted by Realtor 1

Thanks Ranchlands

Purchase Price - I am assuming it can be bought at this price as very few pay full price.

Low condo fees bring more red flags than high condo fees.
Not sure where the no management company came from because there is one. It is Veranova.
Fixed rate was from my mortgage broker whom I work with at the time. Lowest rate is not the ideal position for everyone. With a lower rate you can often sacrifice some services that a slightly higher rate will keep in place.

I was just having some fun,

It's a tempting place regardless!

[bizaro86]

Originally Posted by Realtor 1

Not sure where the no management company came from because there is one. It is Veranova.

Really? I wasn't aware Veranova managed condo associations. They certainly take care of foreclosed properties for banks (keep them locked up, pay the utilities, etc) but I don't believe they manage condominium corporations, which would be the management type important to the discussion of whether this condo is a good deal. I think there is probably a functioning condo board with a management company, but I doubt it's Veranova. I'd be happy to be corrected if I'm unaware of that part of their business.

[Travis Munroe]

I just looked at the mls listing for the management company however a simple google search turned up that they are what you said. Makes sense as I had never heard of them before. At the end of the day I would be glad to debate it out whether a 133k condo in this location with these reno's is a good deal or not through a pm.
I have not seen condo documents so I can't 100% speak on that side of the building and unless some of you have seen them then it's really tough for you to do the same.

[bizaro86]

Originally Posted by Realtor 1

I just looked at the mls listing for the management company however a simple google search turned up that they are what you said. Makes sense as I had never heard of them before. At the end of the day I would be glad to debate it out whether a 133k condo in this location with these reno's is a good deal or not through a pm.
I have not seen condo documents so I can't 100% speak on that side of the building and unless some of you have seen them then it's really tough for you to do the same.

Sorry if that sounded confrontational. Not trying to debate whether this is a good deal or not at all, I suspect whoever buys it will be very happy with the price in a couple of years.