Posted by
carmine
16 yrs ago
I am interested in buying a unit in a walk up on Staunton Street, next to escalator. 500 Ft for about 2.2 Mil, do you think it will be a good investment value?
Thanks!
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dadda
that is a very attractive interest rate.Which bank are you with?
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Hi Walkup, yes it requires refurbishment as the current resident is an elderly lady who lived there for 20+ years. The outlook is good (I went to look at some around hollywood road area that was just horrific). I just really liked the fact that it is right next to the escalator, is there still a value to this?
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I had a hard time getting bank valuations on this property, one local bank valued it at 1.5 to 1.6 mil, asking price is 2.5 mil and I figure owner will let go at at 2.2 mil. Accroding to agent, rental yield is high for such property but dont expect to make a huge profit in resale within the next 2-3 years. Maybe 5-10 years down the road. Thats good for me as I wanted this to be a long term investment anyways and dont really see the price of properties around that area dropping dramatically down the road. Any thoughts?
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bing2
16 yrs ago
carmine, if you can tell me the size stated in the RVD (ask your agent) I can tell you whether it is a good price or not. I bought two flats on Elgin St for less than bank valuation. It's all about the net size, so check with your agent the net size stated in a document issued by RVD.
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