I am often asked: “What are the best buildings to buy in, and not to buy in?” The first thought that runs through my mind (as a still-functional realtor) is that any such answer is bound to burn some unnecessary bridges and unleash a wave of disagreement e-mails. Life’s too short.
Fortunately, I can sincerely say that I don’t believe there are any “good” or “bad” buildings.
There are indeed such things as ‘bad prices’ and ‘bad timing,’ but money can be made in any building if one pays the right price at the right time. Sometimes you can even pay the wrong price at the right time, and still come out ahead if the market continues on a roll and you don’t get too greedy.
In any building, legitimately good deals can come up at any time. The secret is to know the building micro-market inside out so that you can recognize and pounce on such an opportunity. Let’s take the example of a suite that is grotesquely decorated, and/or filthy dirty, and/or occupied by a totally uncooperative (but month-to-month) tenant. That particular unit layout and view might be highly desirable, but there have been no offers, and the broker’s listing is about to expire (i.e. if the sale is not made right away, the broker will never see a nickel in commission and he has wasted many advertising dollars and hours on the property).
If you have done your homework, you don’t need even to see the suite. Frankly, at the very worst, a few thousand dollars can transform a condo.
Stock market professionals know very well that whether “the market” goes up or down does not itself determine whether you personally make money. The important thing is what happened to the specific stocks that you own, or have shorted.
Harry Stinson was one of the first Toronto developers to recognize the potential for urban condominiums, to develop residential lofts, and to convert old office and warehouse buildings into residential spaces. His current project is the Stinson School Lofts, an 1894 heritage building in Hamilton, Ont., that he is converting into stylish and affordable lofts.
