Real Estate

Advise needed: which unit to buy?

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  • Apr 12th, 2021 3:26 pm
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[OP]
Newbie
Apr 11, 2021
18 posts

Advise needed: which unit to buy?

Hello, I'm a new home buyer in Toronto and have been looking into buying a condo in midtown (within walking distance to the subway Station).
I have been accepted for 2 offers and they have the same layouts except for the view and floor.
Right now my 2 options are 16th floor facing north with obstructed views on the front and side and a new upcoming building on the diagonal as well.
The other option is on the 33rd floor facing south with a partially unobstructed view for 40k more.
Are the view and higher floor really worth the extra 40K?

Your advice is greatly appreciated as I'm still a rookie in the real estate business.
Thank you
19 replies
Deal Addict
User avatar
Mar 30, 2010
3324 posts
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Greater Toronto Area
I'm going off topic here, but what do you mean you've been accepted for two offers?

Have you been putting in offers for multiple properties at the same time?
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[OP]
Newbie
Apr 11, 2021
18 posts
Not really. One offer I did get accepted but the owner is currently reviewing some other things before he gives me his final say.
The other one is agreed upon verbally until the owner sorts some personal things first. So not anything concret yet.
Deal Addict
Oct 13, 2014
2251 posts
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Just Moved To Somewh…
I would hope that you did not make any deposit or this thread might get interesting including an increase in popcorn sales. You do realize that unless your offer has an expiry date that has passed you may be liable.

P.S. - Do not expect sympathy should either of those sellers accept your offer and you then decide to go with the alternate property.
“Don’t irritate old people. The older they get, the less “Life in prison” is a deterrent."
Deal Addict
User avatar
Jan 14, 2007
3794 posts
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GTA
What is the approximate purchase price of the properties? I'd need to know just how significant the $40K is. With the info we have right now, I'd pick the south facing unit:

1) Higher floors usually command more money
2) Partially unobstructed view is superior to obstructed
3) More natural sunlight if facing south
Deal Fanatic
Mar 27, 2004
5691 posts
3575 upvotes
Toronto
I guess you don't value nor respect people's time to be pulling off a stunt like this.
Full-time Realtor
Deal Addict
Jan 26, 2016
1810 posts
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Toronto, ON
Amazonboy wrote: Hello, I'm a new home buyer in Toronto and have been looking into buying a condo in midtown (within walking distance to the subway Station).
I have been accepted for 2 offers and they have the same layouts except for the view and floor.
Right now my 2 options are 16th floor facing north with obstructed views on the front and side and a new upcoming building on the diagonal as well.
The other option is on the 33rd floor facing south with a partially unobstructed view for 40k more.
Are the view and higher floor really worth the extra 40K?

Your advice is greatly appreciated as I'm still a rookie in the real estate business.
Thank you
You have to answer if you are willing to pay the ~200$ extra each month for the view and floor. Roughly 1-1.5k$ extra per floor is reasonable and the south view means less sun in the summer and more sun in the winter which is better for the unit. The unobstructed view is also a major selling point as opposed to the obstructed view. I would say it's worth it.
[OP]
Newbie
Apr 11, 2021
18 posts
The difference would be 720 and the other 760. Would it still be worth it?
Deal Addict
User avatar
Mar 30, 2010
3324 posts
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Greater Toronto Area
Amazonboy wrote: Not really. One offer I did get accepted but the owner is currently reviewing some other things before he gives me his final say.
The other one is agreed upon verbally until the owner sorts some personal things first. So not anything concret yet.
If I'm understanding the situation correctly, you don't actually have a choice in the matter.

You've likely passed the cut off for the offer that's already accepted, so you either close with that seller or risk being held liable for damages.

If the other seller comes back to you with an acceptance, you will need to back out of that immediately.

There's no point in discussing options now.
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[OP]
Newbie
Apr 11, 2021
18 posts
Before any judgments are made, in a nutshell, the owner told me he would get back to me in 1 week and it has been 3 weeks already.
So he kept postponing and that is when I started looking at other options. None of the deals are signed yet as none of the sellers inked anything.
I might not even be able to purchase both units but in case one of them returns to me, than I have a better idea which one would be a better deal.
[OP]
Newbie
Apr 11, 2021
18 posts
That is true but you never know. One of them might come back to me and I just want some peace in mind what I'm walking into.
Deal Addict
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Mar 30, 2010
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Ok sure.

I just thought I'd point this out because it's better to be safe than sorry.

The first realtor I ever worked with actually tried to get me to do the same. I didn't realize how risky and inconsiderate it is to make multiple offers until I fired his ass and had the second realtor explain that to me.
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[OP]
Newbie
Apr 11, 2021
18 posts
Oh I see. Thanks for sharing, I think I better be sure before I sign anything with the realtor if one of the units comes out.
Being extra cautious is never bad!
Newbie
Oct 23, 2020
10 posts
5 upvotes
Amazonboy wrote: Hello, I'm a new home buyer in Toronto and have been looking into buying a condo in midtown (within walking distance to the subway Station).
I have been accepted for 2 offers and they have the same layouts except for the view and floor.
Right now my 2 options are 16th floor facing north with obstructed views on the front and side and a new upcoming building on the diagonal as well.
The other option is on the 33rd floor facing south with a partially unobstructed view for 40k more.
Are the view and higher floor really worth the extra 40K?

Your advice is greatly appreciated as I'm still a rookie in the real estate business.
Thank you
1-partially obstructed views would command more money to something with an obstructed view

2-you put it offers for more than one property... You could be held liable for the purchase of both.
[OP]
Newbie
Apr 11, 2021
18 posts
Thanks for letting me know. I only put 1 offer but just confirmed it was expired since the seller did not get back to me within the 1 week timeframe.
He asked me to wait and once he decides we can write a new offer. The realtor got in touch with another unit and is telling me to go with the 32nd floor one.
Have not put an offer on this one yet.
Deal Guru
Feb 22, 2011
10539 posts
13106 upvotes
Toronto
Amazonboy wrote: The difference would be 720 and the other 760. Would it still be worth it?
5% more is definitely worth it in my opinion. Though it kind of depends what you mean by partially unobstructed.
[OP]
Newbie
Apr 11, 2021
18 posts
The lower floor literally has building in front, constructing 2 towers on the side and diagonal and another one to be built on the diagonal angle.
The higher floor has one on the front and one on the side, nothing diagonal.
Both units are corner units with glass doors that make the diagonal view visible.
Jr. Member
Jan 30, 2019
109 posts
68 upvotes
Amazonboy wrote: The lower floor literally has building in front, constructing 2 towers on the side and diagonal and another one to be built on the diagonal angle.
The higher floor has one on the front and one on the side, nothing diagonal.
Both units are corner units with glass doors that make the diagonal view visible.
I lived in the area for many years. With so much construction already up and more coming, it seems to me the better deal would be the one on the higher floor....but, I would check to see if there is any proposed construction that will even block that view. If you name the buildings I can give you a better answer.
Newbie
Jun 13, 2007
83 posts
34 upvotes
I feel like another important question is: Will you be living in it, or will you be renting it out?
For a rental investment, I may consider the cheaper unit for better cashflow.

I ask because you mentioned:
as I'm still a rookie in the real estate business

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