Quote:
Originally Posted by TheRitsman
Oh absolutely. But my point is you don't need to own to have somewhere to live. I just don't get why you'd purposely buy an expensive condo on the outskirts of town where you have to drive everywhere in a shoebox. You can live somewhere better for much cheaper, and much less to deal with by renting with all of the benefits of this location. I think some people obsess over ownership too much, and may not be making the best choice. I'm the first to say that while I hate condo living, I see why many like it, but I can't see anyone buying out here without thinking they're "getting into the market". But usually when you're getting into the market, you need to actually be in the market. Buying a $450,000 condo that's worth $480,000 in 5 years is not really in the market, that's leaving you worse than if you had just rented.
I think the demand in this location is largely from investors cashing in on renting to seniors. So it's not really as rosy as people are making it out to be. Whatever floats your boat I suppose for people buying. If you're getting in the market, your aim is to buy housing as an investment. If you're a senior, retired, I suggest renting to simplify things and have liquid assets.
Also to be fair to downtown Hamilton condos. Many are in really rough shape, both the units and the amenity spaces. Meanwhile the condos outside central Hamilton are better maintained. Condos bought downtown Hamilton are filled with people who bought like 20 years ago for $30,000. Same goes on my street. There are unemployed people living in houses worth $1,000,000+ today. Difference is in a condo they're very close to you.
|
when I was discussing downtown condos for Hamilton I was referencing the newer buildings only. The older ones sell for so much less they aren't really comparable.
A unit in this part of Stoney Creek that sells for $500k would likely sell for $450k downtown in a new building for example.
Again, your view is that you prefer walkability, but there are many people who see the waterfront views and accessibility to confederation park here being great and would rather have that than being able to walk to a coffee shop or restaurant. Different priorities doesn't make it wrong, and the pricing of the two areas indicates that many people are willing to pay more for it. People aren't buying here just because it's the cheapest area to live, the Stoney Creek Waterfront actually has the highest prices per square foot of the entire city for condos.
Waterfront access has a huge premium all around the world. There is a reason Miami is basically a giant line of condos along the beach - same thing here, in Toronto, and Mississauga. The condo market is strongest close to the lake as people will pay for the views.
I bike through this neighbourhood regularly in the summer time and my experience of the people who live in the adjacent buildings isn't exactly "full of seniors" - lots of younger couples, young families in the townhouse blocks, and seniors as well. It's a very diverse mix of population.