So you want a condo. Just don’t get too carried away by the lovely views or the great layout. You’ll be buying a stake in the whole blessed building itself. And if it’s been poorly managed, or maintenance and capital investments have been put off too long, it may cost you dearly and leave you with a condo that’s worth less than what you paid for it.
Condo life can also be smooth and worry free if you choose wisely, and with the greying demographics, it’s likely to be an increasingly popular housing choice that will steadily appreciate in value
Roughly 200 condos were sold in Kingston last year – representing about 12 per cent of the city’s real estate market. They ranged from just over $100,000 to well over a million dollars for a large condo with a prime Kingston harbor view.
There is particularly strong demand for condos in the prime downtown area, as the numbers of retiring baby boomers increases. There have been a few bargains, such as estate sales, under $300,000. But most downtown condos without prime water views, but within walking distance of the harbour, fall in the $300,000 - $400,000 range.
A two-bedroom condo with a water view is a bargain at $500,000, and prices go up from there.
Uptown condos, still centrally located but a good mile or so from the waterfront, are mostly in the $200,000 to $300,000 range, give or take.
COPYRIGHT 2015 Kay Langmuir