Real Estate

Condo Hotels/Residences - high maintenance fees

  • Last Updated:
  • Dec 1st, 2019 11:03 pm
[OP]
Sr. Member
Sep 24, 2006
878 posts
150 upvotes

Condo Hotels/Residences - high maintenance fees

Hello,

1 King Street West is a mixed use hotel and condo residence. As a result, the maintenance fees are rather high as can be seen here:

https://www.bungol.ca/map/43.649004&-79 ... 50-3719845

and here:
Your text to link here...

My guess is that the condo owners pay to use the amenities of the hotel. If this is the case, I wonder why Bisha Condos on Blue Jays Way doesn't have the same high fees? Or is it just a matter of time?

Anyone have any insights?
17 replies
Deal Fanatic
Feb 22, 2011
9498 posts
11697 upvotes
Toronto
I am not completely sure about this specific hotel condo but the issue with most is that they don't get the hotel room occupancy they planned on and since there is less revenue there is less credited to the condo corp, thus the income needs to be made up elsewhere, maintenance fees. I would personally never consider purchasing a condo like this.
Deal Guru
User avatar
Mar 9, 2007
13764 posts
8802 upvotes
Think of the Childre…
1 King West Condo/Hotel gets room service as well for both.

WOULD SOMEBODY THINK OF THE CHILDREN!!!
[OP]
Sr. Member
Sep 24, 2006
878 posts
150 upvotes
Interesting. My sister is looking to purchase a condo and Bisha was one of her options due to location and the "newness" factor. She just told me that the Bisha Condos have a different address than the hotel and is treated as a separate entity. I'll tell her to look into it more.
mazerbeaner wrote: I am not completely sure about this specific hotel condo but the issue with most is that they don't get the hotel room occupancy they planned on and since there is less revenue there is less credited to the condo corp, thus the income needs to be made up elsewhere, maintenance fees. I would personally never consider purchasing a condo like this.
Member
Jun 2, 2012
320 posts
302 upvotes
NORTH YORK
Wow.. the pics were such a letdown.

So ... average?
Deal Guru
Feb 29, 2008
13829 posts
10048 upvotes
gemenichic wrote: Wow.. the pics were such a letdown.

So ... average?
Yes Bisha is very meh looking.
Sr. Member
Nov 22, 2009
788 posts
850 upvotes
Toronto
I was looking at the Bisha residences as well. What are the long term implications other than increased maintenance fees if the business isn't as sustainable as expected or even if the hotel goes under?
Deal Addict
Jan 17, 2006
2138 posts
2231 upvotes
Toronto
I can confirm that it is different set up in Bisha comparing to hotel / residences.
Maintenance of course can go up with time but hotel and residential parts operate as separate entities with different corporations, they claim that residential part will be pretty much as any other condo.
Deal Addict
User avatar
Dec 13, 2016
3691 posts
3189 upvotes
1 King west is about 30% cheaper than anything else downtown. High floors have nice views. Up to you if increased maintenance fees justify the lower price.

Btw, this building had high fees forever and they didn't go up that much. Also everything is included, even the internet.

Personally I wouldn't buy just because it's a hotel. Noise.
Deal Addict
Dec 10, 2007
2143 posts
102 upvotes
Buying a hotel unit to live seems cool if you are young and single; otherwise just no. Maybe ok to invest in though(?)
[OP]
Sr. Member
Sep 24, 2006
878 posts
150 upvotes
I have heard the same from my sources. In fact the hotel and condo corp have different addresses. 80 and 88 respectively.
ilim wrote: I can confirm that it is different set up in Bisha comparing to hotel / residences.
Maintenance of course can go up with time but hotel and residential parts operate as separate entities with different corporations, they claim that residential part will be pretty much as any other condo.
Deal Fanatic
Mar 27, 2004
5085 posts
3120 upvotes
Toronto
1 King west , high maintenance fees, and some of the units are taxed at commercial rates.
Full-time Realtor
Newbie
Nov 15, 2019
70 posts
27 upvotes
Yes, that's the other issue. The units in 1 King West ended up being taxed at higher rates than typical condominium units. Maybe this is why there are two addresses at Bisha - one for the hotel and one for the condo - as a way of ensuring the condos are taxed at normal residential rates.

A lot of buyers at 1 King West had higher expenses than they were expecting because of the way their units were taxed.
[OP]
Sr. Member
Sep 24, 2006
878 posts
150 upvotes
Sister bought at Bisha. Likes it a lot. Great location as it's walking distance to major attractions, subway and financial district. Also, the management is good at cracking down on noise and other complaints.
DennisC11068 wrote: have you bought this condo? how do you like it?
Newbie
Nov 29, 2019
2 posts
Yes, I am considering Bisha as one of the option.
But I found the maintenance fee seems relatively higher than the condo nearby
Deal Fanatic
Mar 27, 2004
5085 posts
3120 upvotes
Toronto
They cover water and heat, not hydro.

First few years, they usually ramp up the mfee to build up the reserve fund.

have to read the status certificate to find out.

what did they originally advertise during pre con?
Full-time Realtor
[OP]
Sr. Member
Sep 24, 2006
878 posts
150 upvotes
Not sure but I believe the mfee was around $.70/ft when she bought this fall
oasis100 wrote: They cover water and heat, not hydro.

First few years, they usually ramp up the mfee to build up the reserve fund.

have to read the status certificate to find out.

what did they originally advertise during pre con?

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