270/260/250 Queens Quay West - Undervalued?

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Mar 30th, 2022 2:02 pm

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Mar 30th, 2022 12:29 pm

reesefitzmaurice [OP]: Sr. Member; Jan 16, 2017; 572 posts; 332 upvotes

Mar 30th, 2022 12:29 pm

270/260/250 Queens Quay West - Undervalued?

Why is nobody going for these older condos? It seems like these are undervalued compared to neighboring units. The maintenance fee seems reasonable too.

1608-260 Queens Quay is like 800 sqft and sold for 700k

3408 - 8 York St is only 553 sqft and sold for 732k

Doesn't anyone else see the value in owning a bigger unit.

553 sqft = good for single person or couple
800 sqft = single person, couple, even young family

5 replies

Mar 30th, 2022 12:35 pm

bear20: Deal Addict; Jan 28, 2017; 1071 posts; 1196 upvotes

Mar 30th, 2022 12:35 pm

Because it is a 35 year old building. Lots of buyers still place higher value on shiney new condos

Mar 30th, 2022 12:35 pm

sircheersa: Deal Guru; Feb 22, 2011; 13679 posts; 17361 upvotes; Toronto

Mar 30th, 2022 12:35 pm

There are a few things impacting the values.

Age; 8 York is only 17 years old, whereas 260 QQ is 35 years old

Location; 8 York is immediately across from harbourfront and Union station whereas 260 QQ is halfway to Spadina

View; The 8 York unit has a direct south lakeview

Amenities; 8 York has a lot more amenities and modern amenities, for instance I don't think 260 QQ even has a pool?

Efficiency; Price per sqft is useful but gross price matters too. People don't like overly big units that at the end of the day is still only 1 bedroom. Having a slightly bigger living area isn't that helpful too many. Especially when it comes with higher maint fees and taxes.

Last edited by sircheersa on Mar 30th, 2022 12:38 pm, edited 2 times in total.

+1

Mar 30th, 2022 12:36 pm

reesefitzmaurice [OP]: Sr. Member; Jan 16, 2017; 572 posts; 332 upvotes

Mar 30th, 2022 12:36 pm

bear20 wrote: ↑ Because it is a 35 year old building. Lots of buyers still place higher value on shiney new condos

I wonder if this is all the foreign buyers who dont know any better. Just want to show pics to their friends of a new building they own...

Mar 30th, 2022 12:44 pm

bear20: Deal Addict; Jan 28, 2017; 1071 posts; 1196 upvotes

Mar 30th, 2022 12:44 pm

reesefitzmaurice wrote: ↑ I wonder if this is all the foreign buyers who dont know any better. Just want to show pics to their friends of a new building they own...

No, not foreign buyers. Even among domestic buyers, fthb, renters - many prefer newer condos with modern amenities, new kitchens/appliances, floor to ceiling windows, efficient floorplans, etc.

Personally I wouldn't even consider buying a 30 year old building. Maybe if the address had something unique about it (like double height loft), then I'd reconsider, but definitely not a run of the mill 30+ yr old condo complex

+1

Mar 30th, 2022 2:02 pm

reesefitzmaurice [OP]: Sr. Member; Jan 16, 2017; 572 posts; 332 upvotes

Mar 30th, 2022 2:02 pm

bear20 wrote: ↑ No, not foreign buyers. Even among domestic buyers, fthb, renters - many prefer newer condos with modern amenities, new kitchens/appliances, floor to ceiling windows, efficient floorplans, etc.

Personally I wouldn't even consider buying a 30 year old building. Maybe if the address had something unique about it (like double height loft), then I'd reconsider, but definitely not a run of the mill 30+ yr old condo complex

lower the price is more it can increase

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