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  #61  
Old Posted Oct 27, 2020, 3:59 PM
eastcoastal eastcoastal is offline
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Originally Posted by Takeo View Post
The parking is what kills me. When I bought a unit in Monaghan 4 years ago (before that project got cancelled) parking was $20,000. The prices don’t look TOO bad until you factor in parking. But who doesn’t need parking?! ...
I agree

I can understand not providing parking if location is right. Halifax has a small footprint, which might otherwise encourage alternative transportation options, but transit is not great (though there ARE quite a few routes that pass this site, it's not easy to get anywhere other than downtown).

Groceries aren't that convenient for fetching on foot here.
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  #62  
Old Posted Oct 27, 2020, 4:24 PM
Takeo Takeo is offline
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Originally Posted by eastcoastal View Post
I agree

I can understand not providing parking if location is right. Halifax has a small footprint, which might otherwise encourage alternative transportation options, but transit is not great (though there ARE quite a few routes that pass this site, it's not easy to get anywhere other than downtown).

Groceries aren't that convenient for fetching on foot here.
With a wheel-y cart you could manage fine. Young St Superstore is maybe a 10 min walk. Also there is that little weekend market around the corner on Isleville. And there's a car share (or two) within a few minutes walk of NRTH. But personally I need my own car for other things. I'm very active outside the city on weekends as a hiker and other activities. Plus I'm a Search & Rescue volunteer. So car ownership is a 100% necessity.

But yah... I thought "oh these prices aren't bad" then I saw the $40,000 for parking. Yikes. Anyway it's got me thinking about how I might increase my income. Haha. But sadly I think it's not for me. I could do 20% down but it would take a big chunk out of my retirement money. And even at 20% down I'd be house poor. Part of that is that the property taxes would be so high. High property tax + condo fees + high mortgage payment = not a whole lot of discretionary income left over for a single working professional.

I wonder what percentage of this condo may end up being foreign-owned?
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  #63  
Old Posted Oct 27, 2020, 4:30 PM
Takeo Takeo is offline
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Originally Posted by RoxyTanyaM View Post
Decisions must be made quickly because I'm certain all units will be sold at lighting speed.
That kind of concern may be self-fulfilling though. Goresbrook still isn't completely sold. And some units sold for less than developer pricing. But the market is nuts right now so you're probably right. it's a big decision though. Don't sit on it but don't rush TOO much. Make sure it's the right decision and you can afford it etc. They do have a 10 day escape clause tho' so that's helpful.

Last edited by Takeo; Oct 27, 2020 at 7:58 PM.
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  #64  
Old Posted Oct 28, 2020, 6:15 PM
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Citizen_Bane Citizen_Bane is offline
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I noticed today a 6th floor 600 ish sq. ft. unit at the Goresbrook listed for $399.900.00. The listing indicates deeded parking but I'm not sure that it's included in the listing price. Seems a bargain compared to NRTH. Still, I'd put my money in the Dutch Village area and enjoy twice the square footage and likely a better return on my dollar.
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  #65  
Old Posted Oct 28, 2020, 6:50 PM
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Originally Posted by eastcoastal View Post
Groceries aren't that convenient for fetching on foot here.
With the North End today I'd guess that future improvements to the neighbourhood are being priced in to these units somewhat. By the time the condo is complete and occupied, there will probably be a few more options nearby, and in 5-10 years I think the shopping landscape will have changed a lot. But I am not so sure about full-service grocery stores and it's definitely a risk. It might not matter so much if there are good delivery options for staples and then good small shops for fresh produce.

The North End has a bit of a "problem" in that it doesn't have full service stores along the main older arteries like Gottingen or Agricola but there are suburban-style stores just close enough to siphon off a lot of that market; convenient for some but they might make it take longer to get more services in other nearby areas. Eventually, I think the old Sobeys locations at least (Queen St and Windsor) will probably get mixed use redevelopments.

I don't think foreign buyers (everybody means something different by this but usually it means investment buyers who don't live in Canada, though maybe they have kids who go to school in this country) are a big factor in this part of town. But I could see people cashing out of say Toronto real estate putting upward pressure on these prices. There are lots of people who bought shoebox Toronto condos circa 2010 who would see these as very affordable.
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  #66  
Old Posted Oct 28, 2020, 8:05 PM
eastcoastal eastcoastal is offline
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... The North End has a bit of a "problem" in that it doesn't have full service stores along the main older arteries like Gottingen or Agricola but there are suburban-style stores just close enough to siphon off a lot of that market...
That's a good point.

I recently rented a short term apartment in Montreal, very close to a metro station, and it was so nice to grab something from the depanneur on the way home for dinner that night. Longer-term grocery shopping was a couple metro stops away, but there were three or four deppaneurs within a couple of blocks that had limited but fresh and good produce and plenty of pantry staples.
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  #67  
Old Posted Oct 28, 2020, 8:23 PM
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Originally Posted by eastcoastal View Post
I recently rented a short term apartment in Montreal, very close to a metro station, and it was so nice to grab something from the depanneur on the way home for dinner that night. Longer-term grocery shopping was a couple metro stops away, but there were three or four deppaneurs within a couple of blocks that had limited but fresh and good produce and plenty of pantry staples.
Rapid transit like subways often gives cities pedestrian-oriented focal points. Halifax is mostly lacking that except for a couple of small areas that happen to have very high population densities, like Spring Garden Road.

Halifax has a lot of medium density areas that are nice enough and probably not even much sparser than many neighbourhoods in larger North American cities but are low on services and convenience. Examples of this are parts of the North End (less and less applicable south of North Street), deeper South End, Armdale, Fairview, and Dartmouth. And Halifax is the most out-there North American I know of as far as having large areas of multi-unit buildings with few nearby businesses and services. They are like exurbs but where most people live in concrete highrises. They are not necessarily that high density because of the large spacing between buildings. Washmill Lake Dr is like this.
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  #68  
Old Posted Oct 29, 2020, 12:20 AM
Takeo Takeo is offline
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Originally Posted by Citizen_Bane View Post
I noticed today a 6th floor 600 ish sq. ft. unit at the Goresbrook listed for $399.900.00. The listing indicates deeded parking but I'm not sure that it's included in the listing price. Seems a bargain compared to NRTH. Still, I'd put my money in the Dutch Village area and enjoy twice the square footage and likely a better return on my dollar.
Yes that’s the listing I was referring to in my above post. As for Dutch Village, I lived in the area briefly and honestly, I couldn’t get out of there fast enough. Almost cried tears of joy when I relocated back to the North End.
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  #69  
Old Posted Oct 29, 2020, 10:25 AM
DigitalNinja DigitalNinja is offline
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These prices are crazy for me to think about for a 650 sq ft condo specially once you add in the condo fees your probably looking at the same costs as a $550k house or more.

I'm selling my renovated condo in clayton park that has 2 levels for $220k. I know that this is on the peninsula but still that is a lot of money for what you get...
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  #70  
Old Posted Oct 29, 2020, 1:28 PM
Takeo Takeo is offline
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Originally Posted by DigitalNinja View Post
These prices are crazy for me to think about for a 650 sq ft condo specially once you add in the condo fees your probably looking at the same costs as a $550k house or more.

I'm selling my renovated condo in clayton park that has 2 levels for $220k. I know that this is on the peninsula but still that is a lot of money for what you get...
Yah. What killed it for me was the property taxes. The high price (especially with parking) is a double whammy... high mortgage payment but also very high property taxes. And no amount of downpayment or amortization or interest rates etc. can change that number. I would have been looking at increasing my already high monthly housing expenses by $1000/month. Even if I could come up with that money (and be house poor)... if I'm managing to come up with an extra GRAND a month in my budget... I think I'm going to stay where I am put that in index funds and get a much better return (not to mention cash flow... you can't eat your condo). It is tempting though. Amazing location. And there's nothing else in the area (it's all apartments and houses). And nothing else planned that I know of in the area. I really really really tried to talk myself into it but for me I think it would not be the right move... financially.
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  #71  
Old Posted Jan 23, 2021, 11:38 PM
RoshanMcG RoshanMcG is offline
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Just passing along some renderings of this one I came across on Urban Capital's website.



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