[Halifax] Navy Lane Condos (2183 Gottingen) | 24 m | 8 fl | Approved

[coastalkid]

100 of the 169 units in here have already sold. I think these are appealing to mostly investors rather than people intending to live in them. We don't have many pre-construction condos in the city (I think just this one and NRTH at the moment), and pre-construction can be appealing as buyers only have to pay a 15% deposit now, and don't start paying mortgage, taxes, etc. until the building is finished (scheduled fall 2026). In theory, the unit will have appreciated 5-10% over those 2 years (especially with the way the city is growing), and they will have an instant return on their initial investment. I think by 2026 if rents continue to grow the way they have been, it wouldn't be crazy to think an investor could break even by renting it out at that time. Amenities are pretty luxe - rooftop pool, gym, bar/lounge, etc.

[someone123]

Originally Posted by coastalkid

In theory, the unit will have appreciated 5-10% over those 2 years (especially with the way the city is growing), and they will have an instant return on their initial investment. I think by 2026 if rents continue to grow the way they have been, it wouldn't be crazy to think an investor could break even by renting it out at that time. Amenities are pretty luxe - rooftop pool, gym, bar/lounge, etc.

They seem somewhat expensive but who knows. It does allow for leveraged investing that people seem to think is lower risk.

To me the building looks quite nice and the area is likely to really start coming together with the next round of developments. It reminds me of the level of quality and amenities you'd see in a nicer development around here. The YMCA buildings are similar.

It would be nice if Urban Capital does a big development in Halifax sometime. Maybe a 40 storey tower?

[Drybrain]

Originally Posted by Keith P.

Wow, just about $7000/month for mortgage, taxes and condo fees for a place the size of a hotel room.

That’s with property-tax assessment at $51,000/year though, which obviously isn’t right, whatever the listing says. (Still very expensive, of course.)

[Keith P.]

Originally Posted by Drybrain

That’s with property-tax assessment at $51,000/year though, which obviously isn’t right, whatever the listing says. (Still very expensive, of course.)

Maybe they took the assessed value for the entire development.

Obviously that is driving the monthly number into the stratosphere. Of course with HRM/PVSC nothing would surprise me.

[kzt79]

The assessment is old and/or reflects the entire property. Agree with the other comments, maybe this will be a part time “pied a terre” or something? Normal rooms at the Halifax Tower hotel are 1.5X the size.

[alps]

I personally wouldn't mind living in a small unit as a single person, but most single would-be first-time homebuyers wouldn't qualify for a mortgage that large nowadays.

[kijoma]

I'm actually surprised they wouldn't have sold almost all of the units by now with all the demand for housing. It seems like they're dividing up larger units into smaller ones, because I keep seeing things like units 804a and 804b, and I'm guessing most people are struggling to gain entry into the housing market and can barely afford a 1-bedroom, never mind a 2-bedroom condo. Even if it's wealthier people buying them to rent out, they know they can charge a lot more rent for two 1-bedrooms vs a 2-bedroom.

[kzt79]

Originally Posted by kijoma

I'm actually surprised they wouldn't have sold almost all of the units by now with all the demand for housing. It seems like they're dividing up larger units into smaller ones, because I keep seeing things like units 804a and 804b, and I'm guessing most people are struggling to gain entry into the housing market and can barely afford a 1-bedroom, never mind a 2-bedroom condo. Even if it's wealthier people buying them to rent out, they know they can charge a lot more rent for two 1-bedrooms vs a 2-bedroom.

I think it's almost all sold. Not many units left (single digits).