when building lots in the less desirable parts of oakville are 1.2m and the really nice lots are 1.8-2mil , the cost of the building is almost moot. Folks swinging that size weiners will do what they please.
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COVID and the housing market
- Thread starter mimico_polak
- Start date
when building lots in the less desirable parts of oakville are 1.2m and the really nice lots are 1.8-2mil , the cost of the building is almost moot. Folks swinging that size weiners will do what they please.
Had a chat with the neighbour that sold nearby…it’s the same agent as that quick flip that sold for 1.5.
Apparently the 1.5 buyer is planning on tearing down the house and building a McMansion on the land. if this is starting I’m having a feeling my property may be quickly accelerating simply for the lot size we have.
Neighbour with a mirror image of my house and lot said he may shoot for a 2.2M sale soon.
The only word to describe this….INSANITY.
Apparently the 1.5 buyer is planning on tearing down the house and building a McMansion on the land. if this is starting I’m having a feeling my property may be quickly accelerating simply for the lot size we have.
Neighbour with a mirror image of my house and lot said he may shoot for a 2.2M sale soon.
The only word to describe this….INSANITY.
Went to a party in Oakville once. Big lot. Right on the beach. Big house with circular driveway. Thinking it's worth more than 2 mill now.
Aquaintance has a nice lot on the lake , just paid 8m for the lot. The McMansion will be about 12 when done. Property taxes will be in the 25K range . There is a lot of money around , for a select few
Mad Mike
Well-known member
Methinks we're heading for some volatility in the markets, and possibly a lot of inflation. Both the US and Canadian leaders are running overtime on the money printing machines, neither seems to have a grip on fiscal policy. People with assets are having fun watching them inflate at crazy rates (they are getting richer with no effort), those without assets are watching rising prices pinch their pocketbooks.
I'm filling my side cases with cash and heading north this weekend. The plan is to scoop up some more cheap real estate way outside the GTA and wait. If the market goes for a dump, cheap real estate goes up -- if it doesn't go for a dump, cheap stuff still goes up!
I'm filling my side cases with cash and heading north this weekend. The plan is to scoop up some more cheap real estate way outside the GTA and wait. If the market goes for a dump, cheap real estate goes up -- if it doesn't go for a dump, cheap stuff still goes up!
I REALLY wish I had the balls to do this….damn this normal 9-5 job. I could probably take a few weeks off and do a lot of work during this time.
Mad Mike
Well-known member
I've been finding investment properties that have been trashed by renters and owned by out-of-town landlords or CMHC. They are often motivated and have a hard time selling as the properties are hard to mortgage -- they need cash buyers.
Back in the early 90s I bought a few cheepies, cleaned them up, then sold them privately to buyers with great cashflow and no savings. I'm feeling the conditions are the same now and it's time to try again. If the place was worth $150, I'd sell it to them privately for $160. I'd kick them back $15K cash toward their down payment so they could qualify for a mortgage. Only works for cheap stuff, but if you're content only making $40 a pop it works.
D
Deleted member 50930
Guest
Do it
If some idiot gives me >2M I’m buying a house in the boonies for cash and a condo in Toronto so I can stay here during the week for work.
D
Deleted member 50930
Guest
Good plan
I bet you can get more than 2M.........
Edit.
Sublet a room for mee too!!
Highly doubtful. We’re not planning on it anyway but it’s nice to dream! Move out to Kawartha lakes and have all the nice riding to myself.
POS houses near me are selling for 1M
Same here @Scuba Steve … anything decent now is 1.3-1.5 as a starting point. Semi detached is $1M entry point.
I keep telling my parents to sell their townhouse, they can probably get 700k on the optimistic end.
I keep telling my parents to sell their townhouse, they can probably get 700k on the optimistic end.
D
Deleted member 50930
Guest
POS shackidy tearmedown garbage sold for ~600k in Cambridge.
The market is nutty
Why are there 3 random switches there
?Attachments
Not to bright thinking department.
I know a middle ager that will in a few years likely inherit a knockem down on a $1.8 M lot. He intends to knock down the old place and build a modest house in its place, a $3-4M neighbourhood. I think his build budget will be $5-6 K. IMO He'll end up with a newer knockem down at lot value should he ever have to move.
I don't know if building a bungalow with potential for topping to a two story in the future makes any sense.
I know a middle ager that will in a few years likely inherit a knockem down on a $1.8 M lot. He intends to knock down the old place and build a modest house in its place, a $3-4M neighbourhood. I think his build budget will be $5-6 K. IMO He'll end up with a newer knockem down at lot value should he ever have to move.
I don't know if building a bungalow with potential for topping to a two story in the future makes any sense.
POS shackidy tearmedown garbage sold for ~600k in Cambridge.
The market is nutty
Why are there 3 random switches there
While the decor won't make the cover of Architectural Digest it has bragging rights to being a sample room for Home Depot or Lowes, something for everyone and a label for everything.
Ignoring that, the low price and no need for renos in the short term makes it an ideal starter. With a renter in the basement they could hammer the mortgage down and have equity for a move up in the not too distant future.
What bothers me about a max out reno for minimum cost is a lot of preliminary work is usually bypassed. Hopefully stuff doesn't start falling apart before the next move.
No garage and a basement apartment explains the multiple garden sheds. Here in TO you are allowed one. Hmmm.
Talked to my buddy if he got the place…..owner said he wants an unconditional offer, with no chance of cancellation following review of the Status Certificate.
Big red flag for me as that means there could be a special assessment coming up in the very near future.
Big red flag for me as that means there could be a special assessment coming up in the very near future.
Not worth it. I’d be picking through the management of the reserve funds.
That’s what I told him. He didn’t know what a SA was so I explained as best as I could.
Mad Mike
Well-known member
No more condos for me. I can't stand the crap and incompetence that goes on with condo boards, and the utter waste that happens when incompetent people are put in charge of managing maintenance and repairs. I wish there was a mandatory course that one had to pass in order to be part of a condo board. I've had a couple of whopping assessments that funded deficits and some outrageously expensive repairs.
You would think that changing garage doors would be cheaper when you do them 80 at a time - nope, $1750/door for the condo corp when they bought 80 doors vs $1250/door for me when I did the same at my house - and I got new tracks and hardware. Same goes for windows, roof replacements... all double what I would have expected to pay.
You would think that changing garage doors would be cheaper when you do them 80 at a time - nope, $1750/door for the condo corp when they bought 80 doors vs $1250/door for me when I did the same at my house - and I got new tracks and hardware. Same goes for windows, roof replacements... all double what I would have expected to pay.
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