Winnipeg Construction

[calder]

Originally Posted by biguc

I'm in the Chateau 100 facing west, but I don't think I'll see much of anything at DCondo until it's above 375 Assiniboine. Unless there's a sliver of the lot between buildings viewable from my balcony, but I doubt it.

Almost with I had an east facing view, I bet those apartments get a great view of the Heritage Landing site.

[lilwayne]

how do ppl afford to live

in these condos

mortgage 800 a month
condo fees 500 a month
property tax 5 k works out to 420 a month

thats 1800 a month thats without cable internet food car

thats about 3 grand a month just paying ur bills....
u need 3 solid incomes to support urself

its rediculous

[Cyro]

Not wanting to post my comment in the wrong thread, but isn't it interesting, that the debate has switched to "So Many new/proposed developements", in Winnipeg / or the Core, that posters are actually (debating the viability of "SO", many projects and developement all at the same time? Should we build more,is it viable, are the prices to high,to many high rise bldg.'s? Will people buy?..Haven't seen this much dev. since the 80-90's...It's quite the shift..and I've only been browsing this forum for several months, unlike 10 yr. posters...please continue..I love it.

[rrskylar]

Originally Posted by lilwayne

how do ppl afford to live

in these condos

mortgage 800 a month
condo fees 500 a month
property tax 5 k works out to 420 a month

thats 1800 a month thats without cable internet food car

thats about 3 grand a month just paying ur bills....
u need 3 solid incomes to support urself

its rediculous

So now some of you "young'ins" are starting to realize why some of us are against yearly property tax increases, school tax on the property tax bill, social services coming out of city taxes, overall high property taxes relative to other Canadian cities etc.

[Shinook]

Originally Posted by lilwayne

how do ppl afford to live

in these condos

mortgage 800 a month
condo fees 500 a month
property tax 5 k works out to 420 a month

thats 1800 a month thats without cable internet food car

thats about 3 grand a month just paying ur bills....
u need 3 solid incomes to support urself

its rediculous

I don't think you can comprehend this likely because you don't have a well-paying job and you don't own your own home. Lots of people do and want to live a certain lifestyle. It's their choice. It's only ridiculous to you and some others. Not to everyone.

[rypinion]

Originally Posted by lilwayne

how do ppl afford to live

in these condos

mortgage 800 a month
condo fees 500 a month
property tax 5 k works out to 420 a month

thats 1800 a month thats without cable internet food car

thats about 3 grand a month just paying ur bills....
u need 3 solid incomes to support urself

its rediculous

It's called owning your home - that's how much it costs. A house in the suburbs is essentially the same except the condo fees are (mostly) replaced with exterior maintenance and replacement of items that in the condo are part of the building itself.

[Riverman]

Originally Posted by lilwayne

how do ppl afford to live

in these condos

mortgage 800 a month
condo fees 500 a month
property tax 5 k works out to 420 a month

thats 1800 a month thats without cable internet food car

thats about 3 grand a month just paying ur bills....
u need 3 solid incomes to support urself

its rediculous

Simple. You make more money.

[cheswick]

Originally Posted by lilwayne

how do ppl afford to live

in these condos

mortgage 800 a month
condo fees 500 a month
property tax 5 k works out to 420 a month

thats 1800 a month thats without cable internet food car

thats about 3 grand a month just paying ur bills....
u need 3 solid incomes to support urself

its rediculous

800 a month on a mortgage?? Maybe for a house in the north end. If you're living on waterfront and paying $5k in taxes your condo is probably worth $450k and with a 20% downpayment, thats maybe a $360k mortgage. Likely somewhere north of $1600 a month in mortgage payments.

[Mininari]

Originally Posted by steveosnyder

You can build equity without buying a house -- some would say you would be better suited to build equity if you continue renting because you can keep your portfolio more diverse.

This whole discussion is turning into a condo versus house / renting versus buying discussion, which would be a very interesting separate thread, especially in the context of the Winnipeg Market.

I can speak from personal experience on the owning side of things. I bought a condo (eventually became the vice president of my strata council) at 21 in Vancouver, sold it at a large profit, moved here, and stand to make a large gain on my house here too. Much of my net worth growth has been property-gain related (stock market has yielded me mixed results).

Regarding property taxes. Seems those cancel out based on assessed value, so forget about it.

Condo fees: Yes, they can be pricy... but if your building has amenities like a gym, bar, pool, etc. Those are things you no longer have to pay for beyond your walls. Furthermore, you have to consider that these condo fees are going towards things you'd be responsbile for ANYWAY has a house-owner, and typically include (but are not limited to) gas bill (central heating and hot water), fire insurance for the building (you are responsible for your possessions), general maintenance, and repairs. If a building is well-managed (and not all of them are), a contingency fund can be built to offset, or cover completely, large projects such as a new roof. I've had to spend a fair bit of money on major repairs at my private house. That's a trade-off to consider.

But yes, I admit that the timings of my purchase and sale in BC, then my subsequent purchase here were well-timed with the markets in both cities, and cannot promise that would happen to others. Who knows, maybe the 80's are right around the corner again. Its a personal decision, but if I had to do it again, I'd be a buyer.

Thank you best-friend who wanted his girlfriend to move in, thereby kicking me to the real estate market earlier than I had planned

[lilwayne]

Originally Posted by cheswick

800 a month on a mortgage?? Maybe for a house in the north end. If you're living on waterfront and paying $5k in taxes your condo is probably worth $450k and with a 20% downpayment, thats maybe a $360k mortgage. Likely somewhere north of $1600 a month in mortgage payments.

good godd

1600 a month mortage
300 fees
450 tax
200 a month car insurance
150 a month cable internet

not to mention all the interest ur loan collects
were slaves bro slavveees

1600 plus 300 plus 450 plus 200

2550 to live that lifestyle ouch

[rypinion]

Originally Posted by lilwayne

good godd

1600 a month mortage
300 fees
450 tax
200 a month car insurance
150 a month cable internet

not to mention all the interest ur loan collects
were slaves bro slavveees

1600 plus 300 plus 450 plus 200

2550 to live that lifestyle ouch

Understand that there's still places downtown (and elsewhere) that have 800 a month mortgage, 200 fees, 200 tax. You're specifically choosing numbers that only someone who makes six figures would get into.

[Cyro]

Originally Posted by lilwayne

good godd

1600 a month mortage
300 fees
450 tax
200 a month car insurance
150 a month cable internet

not to mention all the interest ur loan collects
were slaves bro slavveees

1600 plus 300 plus 450 plus 200

2550 to live that lifestyle ouch

Sorry for this,but this post should be moved to an appropriate thread, and I'm a super mellow person to boot...

[GD4C]

Just thinking aloud here, guys, but there is a way for Fortress to satisfy all the rumors, thus avoiding some of the seemingly conflicting aspects of this development. If one tower, not two or three, is built and mixes both office and residences, rather than a tower for one and a smaller structure or two for the other, then Fortress might be able to achieve the real goal of the tallest building in the city.

Assuming a podiium with shops and maybe parking levels, one formula could be 15 stories of offices and 25 stories of residences. Adding it up, that could come in at the following.

Podium = 50 ft.
Offices = 180 ft.
Residences = 225 ft.
TOTAL = 455 ft.

This is based on conservative figures of 12 feet per office floor and 9 feet per residence floor. And, the total is beyond the current tallest building by 30 or more feet which is good for 3 floors right there.

Since mixed use is stated, this seems to be a way Fortress can produce the city's tallest building without exceeding the current tallest office building (201 Portage) or residence (55 Nassau) in floor count or height. As a single tower, perhaps this could be done near the $80 million quoted budget which could well nudge up over time anyways.

[h0twired]

Originally Posted by lilwayne

how do ppl afford to live

in these condos

mortgage 800 a month
condo fees 500 a month
property tax 5 k works out to 420 a month

thats 1800 a month thats without cable internet food car

thats about 3 grand a month just paying ur bills....
u need 3 solid incomes to support urself

its rediculous

1 - by getting a better job
2 - by having a wife/girlfriend with a good job

[red_179]

Originally Posted by rypinion

Understand that there's still places downtown (and elsewhere) that have 800 a month mortgage, 200 fees, 200 tax. You're specifically choosing numbers that only someone who makes six figures would get into.

$800/month, $200 fees and $200 tax is roughly what you would pay for a 435 square foot unit in Glasshouse. As mentioned earlier, it's $170,000. + parking of $39,500 + net GST (roughly 3.2% after the rebate) for a total purchase price of $216,204 for a 435 square feet unit. Assuming 20% a down payment of about $43,000 and a mortgage rate of 3%, the monthly mortgage payment would be $820/month with condo fees and taxes about $200/month each. That is a fair bit of money for a tiny unit, that doesn't even have a balcony.

[Cyro]

Originally Posted by h0twired

1 - by getting a better job
2 - by having a wife/girlfriend with a good job

HAHAH ----->>>>>>>>http://forum.skyscraperpage.com/showthread.php?t=188202&page=70

[Cyro]

Cool this has turned into the Winnipeg: Financial/Investment thread:

[chrisallard5454]

When you purchase a condo do you have to purchase a stall? I don't plan on driving anytime in the future, as long as I am physically able not to. Not that I can't I have my licence, just don't need to.

Although I am assuming that investment wise it would increase property value as you sell the stall with the condo. So even if you don't drive it would probably be harder to sell without a stall, because most people do. Am I right there?

[red_179]

Originally Posted by chrisallard5454

When you purchase a condo do you have to purchase a stall? I don't plan on driving anytime in the future, as long as I am physically able not to. Not that I can't I have my licence, just don't need to.

Although I am assuming that investment wise it would increase property value as you sell the stall with the condo. So even if you don't drive it would probably be harder to sell without a stall, because most people do. Am I right there?

Some condos come with parking included, with some condos the parking space is extra and some don't have parking at all (eg. District Condos). You would definitely be limiting your options of prospective buyers if you did not have a parking space with your unit, considering the amount of people who drive in the city. If you purchase a stall, it is typically not difficult to find someone in your building who has more than 1 vehicle who would be willing to rent the parking stall from you.

[rypinion]

Originally Posted by red_179

If you purchase a stall, it is typically not difficult to find someone in your building who has more than 1 vehicle who would be willing to rent the parking stall from you.

Or someone who works downtown that wants to rent it 8 - 5 weekdays.