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Micro-condos: Boom or bust?

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REC | 18 Feb 2015, 03:50 PM Agree 0
What do you guys think about micro-condos? Worthy of investment? I see a lot of articles talking about it. I couldn't imagine living somewhere that's 290 sq. ft but it seems like it's a growing trend, especially amongst millenials. I'm thinking there's something there. Anyone with experience on this? Thoughts?
  • Jon | 19 Feb 2015, 06:13 PM Agree 0
    I have read that some banks now wont give mortgages on condos less than a minimum square footage.
  • BC | 22 Feb 2015, 07:23 PM Agree 0
    Recently purchased a micro condo in Montreal, 300 square feet, and I have been pleasantly surprised at how nice it is. As long as you purchase functional furniture you are golden. I bought mine in an area specifically close to a bunch of post-secondary institutions so it will be easy to rent out to students. Another plus to micro condos, aside from the price, is the low condo fees given the smaller square footage. I have access to all amenities - pool, gym, terrace, party room, BBQs, etc - but pay less than 100 a month in condo fees. So far, I am very happy with the micro condo idea. I also believe that it will be a trend to watch in the coming decade with a number demographic factors contributing to the attractiveness of small living.
  • BC | 22 Feb 2015, 07:24 PM Agree 0
    Oh, and I forgot to mention. It's not hard getting a mortgage for micro condos. Typically the larger banks do not lend for them, but there are a number of other who will with very good interest rates. You just need to talk to your broker but it was a very easy application for me.
  • BC | 24 Feb 2015, 09:12 PM Agree 0
    I really enjoyed the two recent articles on micro condos. I believe that as a new trend in real estate investing, despite its current unknown place in investing history, warrants some attention. Everyone who I have spoken to, investors and non-investors alike, have many misconceptions and questions about micro condos; such as how micro condos fit in to the overall real estate market, the buying process, the rental market, as well as the unique challenges for 'small' and 'smart' living. This is a fascinating niche in real estate investing, which a group like CREW could take advantage of to inform their readers and unpack many of the benefits, drawbacks, and money making opportunities relative to this new trend.
  • Real estate Pat | 25 Feb 2015, 09:34 AM Agree 0
    Thanks for all the interesting insight about micro-condos, BC. Perhaps CREW will look into this topic for an upcoming issue ... Can you email me on please?
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