Real Estate

30+ yrs DT/ condos

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  • Jan 2nd, 2021 10:25 am
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[OP]
Newbie
Jul 12, 2020
7 posts
2 upvotes

30+ yrs DT/ condos

We are going for a condo unit with bigger sqft and have a limited budget, we are considering some older builds by reputable builders (1055 Bay Str by Tridel, 40 Homewood Ave). Do you have suggestions on appreciation potential and areas to watch out for? Anyone has had experience living in 1055 Bay Str particularly? (Maple Ridge is the building mgmt and I have heard mixed reviews). Appreciate any advice!
7 replies
Member
Jul 4, 2018
393 posts
317 upvotes
How much is maintenance fee?
Is parking included ?
Deal Guru
Feb 29, 2008
14253 posts
10543 upvotes
Maintenance fee is very important along with the managment company. Status certificate is very important and will tell you all the hidden secrets about any building. Allow you to look at the reserve fund, what has been fixed, what will be fixed, what lawsuits are pending, etc.

Appreciation in older buildings is not as great because the maintenance fees are usually high and the higher the maintenance fees go eventually the price is impacted.
[OP]
Newbie
Jul 12, 2020
7 posts
2 upvotes
For 1055 Bay Str, maintenance fee is actually 0.79 which to me is not so bad, parking is not included though! Yep thanks I'll check out the status cert! Wonder if there is anything in the status cert that talks about more qualitative things (management responsiveness. etc)?
Deal Addict
User avatar
Dec 13, 2016
3705 posts
3202 upvotes
I have nothing against old condos, but condos around this area remind me of commie blocks back home aka brutalist style which I find somewhat depressing.

Also the sizes of units are surprisingly small for these old style condos, you'd be better off buying something near waterfront for basically the same price.
Deal Addict
Oct 27, 2012
2280 posts
3600 upvotes
Toronto
Just looked up 1055 Bay St. Good location but wow the units for sale right now look dated, and not particularly cheap relative to the downtown average (cheap-ish for being next to Yorkville though).

You'd probably get better value closer to the Harbourfront or in some of the older buildings at King/Bathurst.
Member
May 24, 2012
265 posts
61 upvotes
Toronto
We sold our condo townhouse a few months ago that was managed by maple ridge. We sold it because we felt maple ridge was financially irresponsible and it made no sense to keep that property. We got a letter stating The fees were projected to rise $300 in 3 years. We sold shortly after.
Deal Addict
Mar 2, 2017
1455 posts
2645 upvotes
Toronto
Mondaynightmare wrote: We are going for a condo unit with bigger sqft and have a limited budget, we are considering some older builds by reputable builders (1055 Bay Str by Tridel, 40 Homewood Ave). Do you have suggestions on appreciation potential and areas to watch out for? Anyone has had experience living in 1055 Bay Str particularly? (Maple Ridge is the building mgmt and I have heard mixed reviews). Appreciate any advice!
As a general rule, there is an inverse relationship with appreciation and age of building. The older the building, the lower the apreciation, this is a function of maintenance fees/reserve fund/special assessments/general condition of the place/ratio of owner vs. tenant occupied/etc. You also alienate a number of future buyers who don't want to buy anything less than 10 years old, with condos you kind of end up chasing your tail because there is a phantom depreciation component. This is why many "investor" types dump units around the 10 year mark or close to it. This is not something to live by, but something to consider (I personally wouldn't pass on a unit in a 10+ year old building if it's a well managed building with sound financials).
Realtor, Investor, CPA

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