Tuesday, May 15, 2007

Condo Mania!

Yesterday, I remarked in regards to WC Varones' blog post about a $349,900 crack house that I couldn't top that with an equally absurd story from here.

Today, I'm not so sure. I got this in my email from one of my regular correspondents:

In the Saturday Journal there was an ad for a new condo building. Yesterday I finally looked at the website. The initial offer is by auction. For the 30 units, the "base bid prices" range from $342,140 to $446,870 and sizes from 769 to 986 square feet. There are six extra parking spots. The price for those is fixed: $30,000. I guess the auction is suitable for a developer whose pockets are possibly not deep enough to build and then sell, which would give some leeway for rising costs. Some of that developer's other projects have had some interesting problems. In the case of one, it reputedly settled two inches, which is rather more than one might wish, if one likes intact drywall and uncracked windows.

$446K as only the opening bid on 986sqft!? Lord only knows what the final price tag will be.

I thought it was vaguely outrageous when last year someone I know bought one of the many wood-frame three story walkups that were slapped up in the Whyte Avenue area back in 1980 during the last oil boom. They renovated the ten 800sqft suites (new paint, laminate flooring, and artsy fixtures), and resold them as condos for ~$300K each.

Apparently, that was only the beginning...

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