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!
dadda
that is a very attractive interest rate.Which bank are you with?
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?
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?
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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