Looked at two condos this morning. One was literally a closet. I am amazed that people are listing one-bed plus dens as two bedrooms. And then pricing them like they are luxury condos.
We talked about not getting trapped in the market if we buy. So our thoughts on the purchase is to approach the suites as a purchaser would. We can fix up the walls, change the floors, update the kitchens and baths. But we can't change the amount of light that comes into the rooms or change the layout.
So light and layout are imperative to any decisions we make.
I still think condos suck. Too much to compromise to ever really enjoy. There are some positives, but a lot of negatives too.
Over on Victoria's Truth there's been a bit of a discussion about the number of new units coming onto the market. I'm wondering the implications on the type of units we've been looking at. I'd classify what we've seen as the last of the affordable units around. The units are generally bigger, sometimes 20% or more, than the new developments. New units are usually priced at least 30-40% more as well. Granted, there aren't too many new units under construction in neighbourhoods that I would classify as affordable. What does this mean for the cheaper units available today? Does this make the affordable--OK, I can't use that term anymore, its not accurate, let's agree to call them least-expensive--units a more competitive market? Can we assume that they are going to experience a relative stable pricing effect because of this?
This market is terribly difficult to sort out. I'll tabulate some of the price to sales ratios that I can later today and post again.