Hello All,
The Victoria market is insane right now. Houses with suites go in a day at 100K over asking. Nice condos in James Bay go at 100K over asking too. How do you make money in this market?
I recently moved here and have a small salary so only qualify for a condo up to 440. I bought one subject to conditions. It is a 2 bedroom 2 bathroom brand new one that will not be built until June. I am told that the value with jump once it is complete because people want one that is finished.
Is this true? In a year or May 2018 I'd like to sell it, hopefully at a profit that outpaces the "old" market, and get into something I actually want to hold for 20 years. It sound good, but feels speculative. But better than alternatives.
Any advice from those with knowledge or experience with buying brand new condos not yet built in a hot/low inventory market?
The Victoria market is insane right now. Houses with suites go in a day at 100K over asking. Nice condos in James Bay go at 100K over asking too. How do you make money in this market?
I recently moved here and have a small salary so only qualify for a condo up to 440. I bought one subject to conditions. It is a 2 bedroom 2 bathroom brand new one that will not be built until June. I am told that the value with jump once it is complete because people want one that is finished.
Is this true? In a year or May 2018 I'd like to sell it, hopefully at a profit that outpaces the "old" market, and get into something I actually want to hold for 20 years. It sound good, but feels speculative. But better than alternatives.
Any advice from those with knowledge or experience with buying brand new condos not yet built in a hot/low inventory market?
Likes:
Marnie