Got off work early on Friday and headed downtown immediately to check out some places downtown. Visited a good number of places in the Bay St corridor (including a little bachelor unit in Ivan's building). Out of the Bay Street corridor, I'd have to say the best bachelor units are at 25 The Esplanade.
The bachelor unit I looked at was about 650 sq ft, for $1200 (all in - utilities, heat, a/c, etc.) The room has a small solarium with glass walls (which you can convert into a bedroom), a bathroom with separate tub and shower stalls, a giant closet, washer/dryer and an open concept kitchen. It's essentially one big open square with the aforementioned occupying space on the perimeter, leaving the centre completely open.
The vacant unit I looked at was on the 11th floor - so half way up, with a south view over the railyards and the lake. Lots of natural light.
The building is very well maintained (probably the best I've seen so far, even compared to brand new buildings). The amenities are amazing (and free of charge) - full gym, outdoor track, 6 garden terraces, billiards room, party room and bbq area, as far as I could see. Security is tight - this is the first place that asked my agent for his real estate licence and picture ID, in addition to the standard business card.
It's pretty much equidistant from union station, St Lawrence market, and queen's quay ferry terminal. There's also a Loblaws and the Bier Markt nearby.
So why is it so cheap? What are the downsides? 1) There's no parking - which for me is an upside, because I don't have a car and it drives down the prices of the units. 2) South view, while beautiful, is also noisy because of the rail yard. 3) The only time any of the good units go on the market is because the owner died.
The wedge units (not the one I'm looking to rent) are considered among the best condo units in the entire downtown core. Those units have a 240 degree view - that's pretty much a full north, west, and south view. The only other comparable view is at 1001 Bay, which overlooks campus - sacred ground that will not likely ever be developed.
The more I think about this building, the more I want to live there - at least for a year to see how I like it. Anyway, the one unit I visited on Friday came on the rental market on friday, and by this morning, was already gone. Now I sorta regret not jumping on it...
-d
Subscribe to:
Post Comments (Atom)
4 comments:
soo... you're saying you have to wait for another owner to die??
but man, that's pretty big for a bachelor downtown. it's like, 1.5x the size of my place, haha (and cheaper, i think)
Yeah. Older buildings tend to have larger units. eg. where Ivan & Irene used to live near Doris/Spring Garden.
The key is to find an older building that's well maintained.
Also, inventory is up because all the students are done school. From now until Aug, prices should drop avg $100-$200 / month. Once Aug/Sep hits, prices go back up, and don't come down until Nov.
-d
how come you're renting and not buying?
Simply put, it is still currently cheaper to rent than to buy.
Current average month-over-month deflation of prices is still at approximately $1000 (which admittedly is better than 3 months ago).
Thus, if I bought a place, I would theoretically lose $1000 per month for at least the short term - probably for about a year.
Add on to that all the other fees - condo fees, property tax, utilities, etc. and you'll quickly see that the $/mo losses eclipse the cost of rent.
At least with a lease, I'm locked in for only a year, and even then I can assign to another tenant if I have to. Easy in and easy out - low risk.
Basically, I'm not confident the real estate market has troughed, and I'm not looking to nail down the exact bottom.
So, I'll continue to wait and use the next year or two to focus on finding a unit that I really like. Once I've found the right unit for me, I'll consider buying.
Post a Comment