"New condos" refers to recently built or constructed condominiums, which are individual housing units within a larger building or complex. These condos are typically brand new and have never been lived in before.
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With
new condos in downtown and family friendly new neighborhoods for sale just outside of town.
There is a huge supply
of new condos on the market and interest rates will be moving up at some point in the future which will likely put pressure on prices.
As the buying frenzy
for new condos continues, a growing trend threatens to leave purchasers poorly protected against construction deficiencies.
In the center of the city, there are more studio apartments, including
brand new condos with big windows.
New condo construction accounts for roughly two - thirds of all housing starts, which is high from a historical perspective.
There are a
few new condo developments going up on the island and the pace of development is picking up.
Potential value will come from a high - traffic area with strong demographics, an area
where new condos or subway line expansion are great examples.
Because of my reputation and involvement in the real estate industry, I am one of the first to know about any
exclusive new condo or property development.
A brand
new condo climbed the list of important features in 2009 with 58 per cent selecting it as very or somewhat important compared to 45 per cent selecting it in 2008.
And they are willing to pay for it and
newer condos in nice properties fit the bill.
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During the mid-2000s, developers constructed a record number of
new condo units in Manhattan but prices were generally not higher than the average for existing condos, she said.
Right now, «people who have
bought new condos as an investment are having a difficult time selling them once the building is ready,» says Toronto agent Brian Persaud.
Lots of affluent, mainly white families have been moving
into new condos in the waterfront area called DUMBO, and the local elementary school is getting overcrowded.
«The results of this very important survey show a rather limited role of foreign buyers in the GTA
new condo market and a very significant overall share of (domestic) investors,» Shaun Hildebrand, Urbanation's senior vice-president, said in a news release.
He was swamped with calls
from new condo owners living in the Greater Toronto area.
The remaining 43 per cent of
new condos sold in the Toronto area went to locals who plan to live in the properties, according to the firm.
It was estimated that a quarter of condos built between 1995 and 2007 used Kitec plumbing and many
new condo owners are coming to grips with an unforeseen and costly crisis looming behind the walls.
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In Vancouver, for example, a recent survey found that half of
new condo buyers expected to live in their units less than six years.
Part of the reason for the slower appreciation in this neighbourhood is that it's a mixed - use community, meaning single - family homes share the street with older, low - rise apartment buildings as well as
newer condo towers.
Don Campbell, founder of the Real Estate Investment Network, a membership - based education and research outfit for individual investors, says those in his network who have
purchased new condos tell him they're financially sound enough to deal with monthly losses until prices rise and they can make an exit.
With 20,000
new condo apartments coming in each of the next two years and mortgage rates rising, be very careful about grabbing a pre-sale unit — especially to rent.
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* Unfortunately, I now see the real estate market declining for the next two years as global growth softens, private tech / internet company valuations decline, layoffs increase, more
new condo inventory fills the market, and a dearth of liquidity events like IPOs keep startup employees illiquid.
But others are quick to put the brakes on speculation that Toronto's
slowing new condo sales are an indication of significant troubles ahead.
This is your Inside Vancouver Real Estate tip that I just recently experienced as I was touring a
relatively new condo development in Mount Pleasant last weekend.
A recent article I read from the Greater Toronto Apt Assoc. stated that 51 % of
new condo suites were rentals.
You can purchase the most
beautiful new condo hotel unit in the city, but if the real estate market is crashing hard, you are not going to realize growth in your equity until the market rebounds.
The economics started turning negative for
new condo investment in Toronto a couple of years ago, but construction boomed nevertheless.
As sprawling city, Surrey is
seeing new condos and townhomes being constructed every year.
Noting that housing prices in the neighborhood have increased dramatically while developers have built
new condos there, she said residents would be negatively affected by the plan.
Then you had your people who clearly didn't think before they spoke - «It'll be so nice when this block is torn down for
new condos blah blah blah.»
Cape Canaveral is now a mishmash of newer townhouses, older buildings,
new condo high - rises, and beach mansions.