Condo problems and long term devaluation

Dec 19th, 2019 1:37 pm

#1

Medeomedeo [OP]: Banned; Dec 10, 2019; 117 posts; 41 upvotes

Dec 19th, 2019 1:37 pm

Condo problems and long term devaluation

Have been in my condo for less than a month and so far I've had:

Popping / banging noises coming from the ducts
Smells emanating from the hallway (smoke) that come into the units
Sounds, such as door closing,
Elevators breaking

In talking with more and more condo owners, I have realized that I'm not alone in my experiences.
Has anyone else had these experiences as well? It seems as if the more I have these experiences, just supports my theory that condos will devalue in the long run..

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Dec 19th, 2019 1:51 pm

#2

johnnychi: Sr. Member; Jun 28, 2018; 857 posts; 594 upvotes; Toronto

Dec 19th, 2019 1:51 pm

This is one of my fears about new condo builds.

Not sure how to mitigate some of it beforehand as I am looking for a future place for my parents.

I live in an older condo so a lot of things are fixed/known.

The Distracted Investor

Dividends through quality companies

Though I usually lose money with trades

Dec 19th, 2019 2:00 pm

#3

rapashoo: Deal Addict; Mar 22, 2010; 2974 posts; 860 upvotes

Dec 19th, 2019 2:00 pm

if you live in condo, these things are bound to happen. Wait till your neighbor starts smoking funny stuff and you can't really do anything about it. Pet owners not taking care of their aftermath... list goes on and on. But all these issues have very little to do with property valuation. Why? most condo owners are investors. They don't live there, their tenants do. If tenants can't live with these issues, they can move out and owners can get another tenant within a week.

Location of the condo is what matters to valuation not these "little" issues.

+4

Dec 19th, 2019 2:01 pm

#4

Medeomedeo [OP]: Banned; Dec 10, 2019; 117 posts; 41 upvotes

Dec 19th, 2019 2:01 pm

johnnychi wrote: ↑ This is one of my fears about new condo builds.

Not sure how to mitigate some of it beforehand as I am looking for a future place for my parents.

I live in an older condo so a lot of things are fixed/known.

Agreed.
A lot of things are out of condo owners control...

I just called an HVAC specialist I know that repaired some work on my parents house. His response? "I don't do condos, too complicated."
You are at the mercy of your neighbours, property management and the board.

I have regretted my purchase ever since

Dec 19th, 2019 2:03 pm

#5

sik20fan: Member; Dec 11, 2011; 247 posts; 321 upvotes; CALEDON

Dec 19th, 2019 2:03 pm

All of these are normal. Live with it.

+3

Dec 19th, 2019 2:20 pm

#6

Medeomedeo [OP]: Banned; Dec 10, 2019; 117 posts; 41 upvotes

Dec 19th, 2019 2:20 pm

sik20fan wrote: ↑ All of these are normal. Live with it.

These issues aren't normal, as you don't really have the chance to fix things.
Again, you have very little control in a condo.

Dec 19th, 2019 2:26 pm

#7

Shaun80: Sr. Member; Oct 21, 2016; 863 posts; 634 upvotes

Dec 19th, 2019 2:26 pm

Medeomedeo wrote: ↑
These issues aren't normal, as you don't really have the chance to fix things.
Again, you have very little control in a condo.

My unit is about 10 years old now , my tenant never complained to me about any issue yet. Based on our buidling online dashboard the big problems are :
Dog droppings and urine can be an issue and building management has to catch the culprits with their pets in the act or on camera not always easy to do.
Other issue can be clogged drains toilets because people dump food and grease condoms tampons etc down there . This can be an issue with tenanted houses as well.
Never had an HVAC problem in the unit knock on wood. Elevator/pool malfunctions have also been minimal.

Last edited by Shaun80 on Dec 19th, 2019 2:33 pm, edited 1 time in total.

Dec 19th, 2019 2:26 pm

#8

casanova2001: Jr. Member; Mar 29, 2016; 157 posts; 120 upvotes; Toronto

Dec 19th, 2019 2:26 pm

why did you buy a condo then?

Better to move suburbs and buy a 50ft Single detached house

+2

Dec 19th, 2019 2:27 pm

#9

johnnychi: Sr. Member; Jun 28, 2018; 857 posts; 594 upvotes; Toronto

Dec 19th, 2019 2:27 pm

Maybe the question could be (or separate thread) if anybody knows or has a list of condos with good mgmt, condo board, residents, etc.

The Distracted Investor

Dividends through quality companies

Though I usually lose money with trades

Dec 19th, 2019 2:30 pm

#10

Medeomedeo [OP]: Banned; Dec 10, 2019; 117 posts; 41 upvotes

Dec 19th, 2019 2:30 pm

casanova2001 wrote: ↑ why did you buy a condo then?

Better to move suburbs and buy a 50ft Single detached house

Got caught up in the Toronto Condo Craze Hype.
Never again..

Dec 19th, 2019 2:32 pm

#11

Medeomedeo [OP]: Banned; Dec 10, 2019; 117 posts; 41 upvotes

Dec 19th, 2019 2:32 pm

johnnychi wrote: ↑ Maybe the question could be (or separate thread) if anybody knows or has a list of condos with good mgmt, condo board, residents, etc.

I'd really like to know this as well.
As far as I know, it seems as if Tridel keeps on consistently popping up, but unsure if this is just the best developer that's out there.

Dec 19th, 2019 3:20 pm

#12

CNeufeld: Deal Guru; Mar 23, 2008; 11905 posts; 8158 upvotes; Edmonton

Dec 19th, 2019 3:20 pm

Medeomedeo wrote: ↑ Have been in my condo for less than a month and so far I've had:

Popping / banging noises coming from the ducts
Smells emanating from the hallway (smoke) that come into the units
Sounds, such as door closing,
Elevators breaking

In talking with more and more condo owners, I have realized that I'm not alone in my experiences.
Has anyone else had these experiences as well? It seems as if the more I have these experiences, just supports my theory that condos will devalue in the long run..

Right. Because condos are brand new on the real estate market, and none of these problems ever existed in the past...

The price of a condo unit already includes the "devaluation" you're speaking of, because everyone and their dog knows that there's likely to be issues living in that close of proximity to your neighbors.

C

+3

Dec 19th, 2019 4:57 pm

#13

Lavaris1: Member; Jul 4, 2018; 375 posts; 295 upvotes

Dec 19th, 2019 4:57 pm

All problems have solutions
Location cannot be replaced and being closer to them

+2

Dec 19th, 2019 5:32 pm

#14

oasis100: Deal Fanatic; Mar 27, 2004; 5102 posts; 3136 upvotes; Toronto

Dec 19th, 2019 5:32 pm

did you get your rebate yet bro?

Full-time Realtor

+6

Dec 19th, 2019 7:48 pm

#15

Shaun80: Sr. Member; Oct 21, 2016; 863 posts; 634 upvotes

Dec 19th, 2019 7:48 pm

Medeomedeo wrote: ↑ Got caught up in the Toronto Condo Craze Hype.
Never again..

You can always sell now while the market is strong if you are unhappy with your purchase

+2

Dec 19th, 2019 9:31 pm

#16

CondoChic: Jr. Member; Jan 30, 2019; 107 posts; 67 upvotes

Dec 19th, 2019 9:31 pm

Condo living is not for everyone and finding one without any problems is impossible, as is a detached house - the problems and the benefits are just different and suit people differently. You can never pick your neighbours, not even when you buy a detached house.
Not all renters are bad neighbours. Sometimes they are better than owners are regarding respecting your right to "quiet enjoyment", smoking odours, etc.

If you are so miserable and regret your purchase, sell now and buy a house.

For future reference, those looking into buying built condos may want to check on the pet rules and whether the building is smoke-free or not (mine is smoke free and my quality of life here is vastly improved because of it). This doesn't mean that there won't be problems with the above, but building management should be responsive to your concerns and if not, the Board of Directors may need to be contacted to see if something can be done.

+5

Dec 19th, 2019 10:38 pm

#17

oasis100: Deal Fanatic; Mar 27, 2004; 5102 posts; 3136 upvotes; Toronto

Dec 19th, 2019 10:38 pm

mls number. or it didnt happen.

Full-time Realtor

+3

Dec 19th, 2019 10:43 pm

#18

Medeomedeo [OP]: Banned; Dec 10, 2019; 117 posts; 41 upvotes

Dec 19th, 2019 10:43 pm

oasis100 wrote: ↑ mls number. or it didnt happen.

right... im going to publicly post my address
get a hold of yourself

+2

Dec 19th, 2019 10:50 pm

#19

DPR2017: Sr. Member; Jan 21, 2017; 876 posts; 270 upvotes

Dec 19th, 2019 10:50 pm

elevator was a big issue for me (and the occasional fire alarm), but that's about it. there is hardly any noise, major dog poop etc. life is all about trade offs man. aint nothing is perfect. we can all find things to complain about. if you don't like it, try to find ways to improve the current environment or leave for a different living arrangement.

it's like when I had crappy roommates back in the day, it sucks, but I like the fact I only have to pay $500/m, so it's something I chose to live w/.

+2

Dec 19th, 2019 11:18 pm

#20

oasis100: Deal Fanatic; Mar 27, 2004; 5102 posts; 3136 upvotes; Toronto

Dec 19th, 2019 11:18 pm

Medeomedeo wrote: ↑ right... im going to publicly post my address
get a hold of yourself

pm me, i'll buy your condo from you.

Full-time Realtor

+2