Bought a condo last night

[Bullit]

Bought a cnodo last night

Its a 'conversion' (apartments being renovated & turned in to condos) and is really nice.
Very modern design and nary a Stickley to be seen.
Small, but pretty cheap.

I figure I'll be paying $950/mo for mortgage, condo fees and utilities (gas & elec).

What y'all paying for that?



Oh yeah... to bb in advance.

 

[TheProject]

How much is that in US currency?

And is cnodo Canadian for dwelling?

 

[DigitalKyle]

I thought you didn't owe any money...

 

[Bullit]

fuckin un-editable title

 

[sermon_of_mockery]

Re: Bought a cnodo last night

Oh yeah... to bg in advance.

you just knew she would harsh your gig?

 

[Bullit]

I thought you didn't owe any money...

YET.

Then I will 'owe' $100,000 ... but it will be backed by the value of the property so its not true debt.

It was $134,000. Thats about $85-90,000 US.

 

[DigitalKyle]

Oh, btw, congrats.

 

[sermon_of_mockery]

I just bought a house,you don't hear me lookin for high 5's

 

[the nature boy]

The new nick name for his cnodo is "Castle Numbskull".

 

[Bullit]

lol

I aint lookin for hi-5s.

How much? What u figure your monthly carrying cost will be?

 

[TheProject]

The new nick name for his cnodo is "Castle Numbskull".

You're on a roll today.

 

[sermon_of_mockery]

lol

I aint lookin for hi-5s.

How much? What u figure your monthly carrying cost will be?

shit I'm in san diego man,one of the more expensive cities to live in the U.S.
2 story's,3 bedrooms,large livingroom,den,huge kitchen front and backyard,garage,brand new first to set foot in it besides the beaners that built it.
prolly around $2000.00 a month.

 

[Bullit]

shit.

Thats $3000+ Cdn.

You must be selling your dick pics to gay porn sites or something.

 

[sermon_of_mockery]

Holy crap... I can only imagine what one of those things runs for over here in the bay area!

that shits rediculous.Theres no reason why sf should be so expensive,it's not all that.

 

[HULKSTER]

Shit, you bros have nothing to complain about....have any of you recently checked out the price of homes and rental apartments in New Jersey, where I live? Christ, the Bay Area and/or San Diego itself doesn't have shit on the NY/NJ metropolitan area, or even LA for that matter.

 

[MattTheSkywalker]

I fixed your title for you, so you can get out of the CNODO.


With taxes and insurance, my payments are just a shade over $10,100/month.

I am thinking of buying a condo (or cnodo) in South Florida as well.

 

[Bullit]

HULKSTER - you got any numbers? Like how much rent for how many sq ft?

 

[sermon_of_mockery]

Shit, you bros have nothing to complain about....have any of you recently checked out the price of homes and rental apartments in New Jersey, where I live? Christ, the Bay Area and/or San Diego has shit on the NY/NJ metropolitan area, or even LA for that matter.

nobody want to live on the east coast.

 

[manny78]

I fixed your title for you, so you can get out of the CNODO.


With taxes and insurance, my payments are just a shade over $10,100/month.

I am thinking of buying a condo (or cnodo) in South Florida as well.

10 000$ a month ??? WTF ? Is that the Buckingham Palace ? The White House ? Bro for 10 000$ a month, I could get you the best penthouse in Montréal or a mini-castle....

 

[HULKSTER]

HULKSTER - you got any numbers? Like how much rent for how many sq ft?

Not only do I live in Jersey, but in the most expensive area of the state---Central Jersey---which is comprised of Somerset, Hunterdon, Mercer and Middlesex counties. You WILL NOT find a rental 1 bedroom apartment of 850 sq. ft (which is the average size of a 1 bedroom in NJ) for less than $875 per month, NOT including gas and electric. Most apartments only cover water and sewer. And those apartments are very few. Most 1 bedroom apts. are about $900-$950 per month.

 

[MattTheSkywalker]

10 000$ a month ??? WTF ? Is that the Buckingham Palace ? The White House ? Bro for 10 000$ a month, I could get you the best penthouse in Montréal or a mini-castle....

It gets me approx 6,000sf on the water down here...housewarming party will be later this summer.

 

[sermon_of_mockery]

Not only do I live in Jersey, but in the most expensive area of the state---Central Jersey---which is comprised of Somerset, Hunterdon, Mercer and Middlesex counties. You WILL NOT find a rental 1 bedroom apartment of 850 sq. ft (which is the average size of a 1 bedroom in NJ) for less than $875 per month, NOT including gas and electric. Most apartments only cover water and sewer. And those apartments are very few. Most 1 bedroom apts. are about $900-$950 per month.

that's an average price for san diego.

 

[manny78]

It gets me approx 6,000sf on the water down here...housewarming party will be later this summer.

Still expensive. For half the price you could get the same here, well without the nice weather during winter time lol

 

[gotmilk]

I am thinking of buying a condo (or cnodo) in South Florida as well.

I've been checking out places in Miami and Coral Gables...and it's almost worth buying versus renting. There are a lot of condos available below value as many of the newer developments are trying to sell their last units available....

I was expecting to see huge prices but most were pretty reasonable..

 

[Nathan]

Man, rent is expensive in them there homosexual condo units. Good luck with all that Bullit.

 

[MattTheSkywalker]

I've been checking out places in Miami and Coral Gables...and it's almost worth buying versus renting. There are a lot of condos available below value as many of the newer developments are trying to sell their last units available....

I was expecting to see huge prices but most were pretty reasonable..

Well, tax laws let you deduct interest from your first $1.1M of mortgage debt, and I am riding that pretty close. So I have to make some adjustments first....but

In principle I agree with you.

There are a lot of condos in the $300-500K range, but I think you're seeing the stuff that was $2-$3M is now down to $1.3-$1.5M. That's where I think the best values are and where I am looking to buy.

WE'll see. I have a fwe other things to take care of first.

 

[AAP]

Actually South Florida's real estate is taking a sharper nose dive by the day... I am waiting it out. The condo I was thinking of buy at the first of the year was $57K in Dec. It is at $49K right now. By June, it should be around the $44K range. Which is perfect for me to pay cash for and then rent out at double what the mortgage would be.

 

[Bullit]

It is at $49K right now. By June, it should be around the $44K range.

How many sq ft u gettin for $44K, and do you know what condo fees would be?

 

[MattTheSkywalker]

Actually South Florida's real estate is taking a sharper nose dive by the day... I am waiting it out. The condo I was thinking of buy at the first of the year was $57K in Dec. It is at $49K right now. By June, it should be around the $44K range. Which is perfect for me to pay cash for and then rent out at double what the mortgage would be.

That will work. I am trying to get a high end place and live in it free...sell it higher than the original costs plus my expenses....plus while the high end stuff has fallen considerably, there is a point where it stops falling. I think we are close to that in South FL.

I saw stuff that was $3M going for $1.4 or $1.5M. If I buy that and sell it for $2M in 5 years, I'll have owned it for free.

Different sides of the same coin.

 

[AAP]

It is 2 bedroom, 2.5 baths. 1800 square feet. Top floor (only a two level building). condo fees are $80 monthly, that includes water, basic cable, garbage disposal, and is wired for DSL already.

My other condo was two units (2 bedrooms, 1.5 baths) that I bought together for a combined price of $120 two years ago, I combined them into one large unit (went from a total of 4 bedrooms, 2 and 2 half baths to a 2 bedroom, 2 full baths, one half bath, used the other bath as plumbing for the wet bar) and it was appraised at $260 last summer when things were at their peak. I bet it is about $170 now. Here, things shoot up and down in price very rapidly.

 

[Bullit]

It is 2 bedroom, 2.5 baths. 1800 square feet. Top floor (only a two level building). condo fees are $80 monthly, that includes water, basic cable, garbage disposal, and is wired for DSL already.

That is a SUPER GOOD DEAL!!!

 

[the nature boy]

man I wished I lived somewhere else. I had to pay an arm and a leg for my place. At least for my salary it was an arm and a leg.

 

[MattTheSkywalker]

man I wished I lived somewhere else. I had to pay an arm and a leg for my place. At least for my salary it was an arm and a leg.

You'll be in good shape if you move. Look at it that way. You are building MORE equity - maybe you just have a few less dollars to fuck around with. No biggie.


I have never seen numbers like what AAP is describing in South Florida, except for absolute crap. Maybe I am out of the loop.

A decent condo in South FL is $500K or more if you want to be anywhere near the water....but maybe I am out of the loop.

 

[the nature boy]

You'll be in good shape if you move. Look at it that way. You are building MORE equity - maybe you just have a few less dollars to fuck around with. No biggie.


I have never seen numbers like what AAP is describing in South Florida, except for absolute crap. Maybe I am out of the loop.

A decent condo in South FL is $500K or more if you want to be anywhere near the water....but maybe I am out of the loop.

yeah well it took me long enough to find my place (8 months) in the suburbs of DC. And even then I ended up buying from a friend who just got engaged and moved in with his fiance. I really don't care to go through that again. But I guess it can't hurt to look.

 

[MattTheSkywalker]

yeah well it took me long enough to find my place (8 months) in the suburbs of DC. And even then I ended up buying from a friend who just got engaged and moved in with his fiance. I really don't care to go through that again. But I guess it can't hurt to look.

The more you do it, the easier it gets. First place I bought was an ass-pain too.

 

[AAP]

That is not true. I bought my house 2 years ago brand new, I mean BRAND NEW, never lived in.. for only $180K plus closing cost.

The condo I want to buy is on Lake Emerald. About 4 miles from the beach. I am right under 3 miles from the beach. I can (and often do) ride my bike to the beach. It has a rental base of $875 per month and tenants are already in it.

Actually, sitting directly on A1A, there are condos going for $300 that is really good size. About 1600 sq ft. About 20 yards from the beach. It is the newer models that are high priced. 4 years ago, my priest friend bought a condo at Le Hermitage for $280 on the 22nd floor. The identical unit next to his sold in November for $860. You can find good deals here. If you don't mind an older updated building, you can get condos on the intercoastal for around $140-$190 for one and two bedrooms. If you go slightly west and north up to Palm Aire, you can get 3 bedroom, 3 bath penthouses for about $250.

Buying a house on the water gurantees you ZERO privacy. My BF has a 6M house on the intercoastal and he and all his neighbors have their lives and backyards open to view from any boats going by. No matter how you try to have privacy, you don't Unless you plant wall to wall 40 feet bushes along your waterfront. Because the intercoastal tour ships are over 30 feet high. If you do that, then they can't see in, but you can't see out and lose your view.

Now Miami is ridiculous overprices and under quality, but who wants to live there anyway? Good deals can still be found in Aventura, Hollywood, Lauderdale By The Sea, and Pompano.

 

[MattTheSkywalker]

That is not true. I bought my house 2 years ago brand new, I mean BRAND NEW, never lived in.. for only $180K plus closing cost.

The condo I want to buy is on Lake Emerald. About 4 miles from the beach. I am right under 3 miles from the beach. I can (and often do) ride my bike to the beach. It has a rental base of $875 per month and tenants are already in it.

Actually, sitting directly on A1A, there are condos going for $300 that is really good size. About 1600 sq ft. About 20 yards from the beach. It is the newer models that are high priced. 4 years ago, my priest friend bought a condo at Le Hermitage for $280 on the 22nd floor. The identical unit next to his sold in November for $860. You can find good deals here. If you don't mind an older updated building, you can get condos on the intercoastal for around $140-$190 for one and two bedrooms. If you go slightly west and north up to Palm Aire, you can get 3 bedroom, 3 bath penthouses for about $250.

Buying a house on the water gurantees you ZERO privacy. My BF has a 6M house on the intercoastal and he and all his neighbors have their lives and backyards open to view from any boats going by. No matter how you try to have privacy, you don't Unless you plant wall to wall 40 feet bushes along your waterfront. Because the intercoastal tour ships are over 30 feet high. If you do that, then they can't see in, but you can't see out and lose your view.

Now Miami is ridiculous overprices and under quality, but who wants to live there anyway? Good deals can still be found in Aventura, Hollywood, Lauderdale By The Sea, and Pompano.

Thanks good info.

I agree with you about losing privacy on the water. i am on the river up here and boaters pass by...

 

[AAP]

I mean, what is the point of having a backyard if you can't run around naked in it.

 

[gotmilk]

There are a lot of condos in the $300-500K range, but I think you're seeing the stuff that was $2-$3M is now down to $1.3-$1.5M. That's where I think the best values are and where I am looking to buy.

WE'll see. I have a fwe other things to take care of first.

Yup....quite a few have been marked down. I'm also finding prices on homes in Biscayne Key have been cut in half.

I'm hoping the prices hang for 3 more months so I can cash out on an upcoming IPO and be able to pay mostly cash.

 

[MattTheSkywalker]

Yup....quite a few have been marked down. I'm also finding prices on homes in Biscayne Key have been cut in half.

This could also be a 20 year markdown....