Winnipeg | CentrePoint | Alt/Glasshouse | 20F | 21F | 72.5M | 70M | Completed - Page 101

Riverman · #**2001** Posted **Jul 7, 2016, 2:21 PM**

Quote:

Originally Posted by drew

^ I think condo fees include property taxes.

Nowhere that I have looked. Taxes are in addition condo fees.

esquire · #**2002** Posted **Jul 7, 2016, 2:26 PM**

Quote:

Originally Posted by Riverman

Nowhere that I have looked. Taxes are in addition condo fees.

Condo fees will include property taxes on the common elements (which would be minimal anyway), but that's about it. All the condos I've lived in/owned have had a separate property tax statement sent.

cheswick · #**2003** Posted **Jul 7, 2016, 2:30 PM**

Quote:

Originally Posted by robertocarlos

I was more asking then informing with the "?". All I know is the units are around $200k and the building banner states starting at $1250 a month. I have a pamphlet from when they were first offered and I was told they went up in price from first offer to completion.

Not sure what the $1250 is based on. A $200k home with 5% down on a 25 year amo term and 3% interest would be roughly $900 a month.

You would add taxes and condo fees on top of that, but you are also accumulating equity in the home where as if you rent at the end of your term you have nothing to show for it.

robertocarlos · #**2004** Posted **Jul 7, 2016, 2:37 PM**

I'll try to find out what the $1250 is based on. It's too early to be taking rental losses.

buzzg · #**2005** Posted **Jul 7, 2016, 3:26 PM**

It's probably based on which units are left. I'm sure all the cheap/lower ones got snapped up quick.

bomberfan68 · #**2006** Posted **Jul 7, 2016, 5:09 PM**

Quote:

Originally Posted by esquire

Condo fees will include property taxes on the common elements (which would be minimal anyway), but that's about it. All the condos I've lived in/owned have had a separate property tax statement sent.

So many people don't realize this and likely choose against a condo because of it. I think the ideal condo at least for me would be a row-townhouse style with your own entrance and garage where the common areas are grounds as opposed to hallways and elevators and many ones in that style have decent fees. (A nice 1100 sq-ft one on Portsmouth in Tuxedo right now is listed at $225K with fees just over 300 with a fireplace, 2 pkg spots, outdoor pool and hot tub.)

However some of the bigger towers on Wellington or the three on Tuxedo/Corydon have taxes of $5000+ per year and fees of $1000-$1500 per month, so even if you paid cash for the condo you're still shelling out a lot. Though I suppose the people paying that level are ok with that after paying similar costs for property tax on a house in Tuxedo plus a pool guy, landscaping service, etc.

The Asper condo at 1 Wellington had taxes of $32K per year and monthly mgmt. fees of $4500/mo, which despite having a nice lobby and concierge/valet, is a hell of a lot for a building with no other amenities to speak of.
http://www.webview360.com/Manitoba/W...1613757776.pdf

drew · #**2007** Posted **Jul 7, 2016, 5:15 PM**

Quote:

Originally Posted by esquire

Condo fees will include property taxes on the common elements (which would be minimal anyway), but that's about it. All the condos I've lived in/owned have had a separate property tax statement sent.

If that's the case, then mortgaging for $1250 a month, plus taxes plus condo fees...

Makes renting for $975 a very attractive option.

esquire · #**2008** Posted **Jul 7, 2016, 5:23 PM**

Quote:

Originally Posted by drew

If that's the case, then mortgaging for $1250 a month, plus taxes plus condo fees...

Makes renting for $975 a very attractive option.

Oh yeah. Owning a condo is not cheap, and the rental market is pretty good now. Renting also means not ever having to hear the dreaded words "special assessment".

For a while condo ownership was pretty appealing while markets were soaring from around 2001-2013 or so, but now that you can't really expect a significant year over year gain anymore it's probably wise to just rent if you're a young professional who doesn't yet want or need a SFH.

Urban recluse · #**2009** Posted **Jul 7, 2016, 5:41 PM**

The whole rent vs buy debate is interesting. In a case of the condo option, rather than pay property taxes and condo fees, take that money and invest it into RRSPs? Go on an additional vacation? Same with owning a house; property taxes, maintenance, etc.

drew · #**2010** Posted **Jul 7, 2016, 6:06 PM**

Quote:

Originally Posted by Urban recluse

The whole rent vs buy debate is interesting. In a case of the condo option, rather than pay property taxes and condo fees, take that money and invest it into RRSPs? Go on an additional vacation? Same with owning a house; property taxes, maintenance, etc.

Don't forget to account for the interest portion of your mortgage payment.

IF you choose to invest or otherwise use wisely the equivalent throw away portion of your monthly home/condo ownership bills, renting versus owning is basically a wash.

And yes esquire - "special assessment" on a glass covered building would terrify me personally.

robertocarlos · #**2011** Posted **Jul 8, 2016, 8:09 PM**

They are trying to rent some units for Sept 1st. An A1 is $945 and a larger place A3? is $995. There is no parking or at best Impark market rate outdoors covered for $175-200 a month. These prices are lower level units. Higher up costs more. The units still start at $210k.

Riverman · #**2012** Posted **Jul 8, 2016, 9:11 PM**

Quote:

Originally Posted by drew

IF you choose to invest or otherwise use wisely the equivalent throw away portion of your monthly home/condo ownership bills, renting versus owning is basically a wash.

I'm assuming you are leaving gains of equity out of the equation. Because if it really was a wash there would be no such thing as a landlord.

buzzg · #**2013** Posted **Jul 26, 2016, 4:34 PM**

Well, nice story about a long running family-owned business — doesn't look like O Calcutta is going anywhere (at least not for a good price).

http://www.winnipegfreepress.com/bus...388044112.html

CoryB · #**2014** Posted **Jul 26, 2016, 6:35 PM**

^^ You might have made a similar statement about the Carlton Inn a few years back. Put enough cash on the table and just about every business can be bought. The question is if it makes sense to do so, ie you offered Mark Chipman $10 Billion for control on the Winnipeg Jets you might be their new owner...

Urban recluse · #**2015** Posted **Jul 26, 2016, 6:45 PM**

True. The family could lose interest.

LilZebra · #**2016** Posted **Jul 27, 2016, 8:59 AM**

Quote:

Originally Posted by buzzg

Well, nice story about a long running family-owned business — doesn't look like O Calcutta is going anywhere (at least not for a good price).

http://www.winnipegfreepress.com/bus...388044112.html

Family owned businesses usually last for about the length of a career. That's about 30-35, maybe 40 years.

See McNally's. I was surprised when they sold out.

Authentic_City · #**2017** Posted **Jul 27, 2016, 2:23 PM**

Quote:

Originally Posted by buzzg

Well, nice story about a long running family-owned business — doesn't look like O Calcutta is going anywhere (at least not for a good price).

http://www.winnipegfreepress.com/bus...388044112.html

What's striking about the story about O Calcutta, to me, is that these poor people have been pushed around downtown again and again in the name of redevelopment. For whatever reason, people seem to think downtown doesn't need this sort of business and the best way to make progress is to clear them out and make way for new shiny developments that more appealing to suburbanites. Unfortunately, we cleared out all the arcades, record stores, headshops and massage parlours on North Portage for a mall that failed to attract suburban shoppers. I really think O Calcutta should be commended for hanging in. It's a unique business that works downtown - like Dominion News, Value Plus Pawn, Urban Bakery, etc. While it's great to see the new towers of CentrePoint downtown, I think this development did some real damage to the urban fabric downtown, particularly along Hargrave and Ellice. I'm guessing most of the businesses displaced by the parkade are simply gone now. RIP Wagon Wheel.

CoryB · #**2018** Posted **Jul 27, 2016, 2:46 PM**

It is not so much that O Calcutta is being pushed around it is more their business is based on finding the cheapest possible rent. That eventually lead to them taking ownership of a property when the market was at the bottom.

Authentic_City · #**2019** Posted **Jul 27, 2016, 3:17 PM**

^Fair enough. The problem is that govt subsidy and intervention distorts the downtown property market. The parkade was built with public subsidy. Ergo, OCalcutta and other marginal businesses are forced to move.

buzzg · #**2020** Posted **Jul 27, 2016, 4:08 PM**

Quote:

Originally Posted by Authentic_City

I think this development did some real damage to the urban fabric downtown, particularly along Hargrave and Ellice. I'm guessing most of the businesses displaced by the parkade are simply gone now.

I definitely agree with this — but the big issue here was the bait-and-switch. That parkade was supposed to have CRUs along Hargrave but they were removed last minute, and the city was OK with that. They have to start sticking to their guns about these type of things. The parkade should not have got a building permit for its eventual built form.