This is what jumped out at me. It’s your money, and if it’s worth it to you, great, but I would bet you could get a much larger place for half the money, within walking distance of a more exclusive health club with a less crowded pool and spa that doesn’t have the tourist kids from Podunk peeing in it, and order all the food you want from any of a thousand places that deliver to your door, and even, if necessary, make special arrangements with dry cleaners or whatever to give you personal pickup and delivery, and still have a quarter of a million left over.
You might want to recheck your knowledge of Toronto real estate prices. 500K doesn’t go as far as you might think, although you could still get a nice condo for that much.
I have a question that’s sounds really snarky but is actually quite serious:
Would you buy a $900,000 condo somewhere else and pay $100,000 for a live-in masseuse who feeds you chocolate chip cookies?
As I said, it sounds ridiculous. But so is your description.
You’re paying a million dollars for room service. That’s not a sound real estate plan. More importantly, if you’re only planning on living there a few years you HAVE to be looking at the viewpoint of the person who plans to buy this unit from you. Look at it through their eyes and tell me how you’re getting your money back.
This. If that’s the OP’s thing, more power to her - after all, there are cookies involved. But one of the most distinctive things about a good hotel is a very attentive, active staff - and that’s a fine thing, on vacation. But at home, I just want someone at the door who will hand me my packages and call 911 if there’s a break-in. I don’t want to be waited on; I’d find that uncomfortable.
I’ll agree with those who say 950 feet isn’t small, though. I live in a 600-square-foot studio, and I love it. (Granted, I do have a balcony with a view). For one person, 950 feet is plenty. (What would you do with more space, anyway?) For that matter, I know several couples who live in that size apartment very comfortably.
It’s probably smarter to buy a (relatively) low-priced condo in a very expensive building than to buy the top-end condo in a cheapo building.
Not that I would do either.
I actually seriously considered some of those hotel condos in Vegas a while back. I love Nevada and try to get out there two or three times a year. But even with the we-rent-it-for-you-when-you’re-not-there setup, I just couldn’t make the numbers make sense, even at post-crash prices.
A friend of the family is quite wealthy. Vintage 1971 Ferrari, kids going to some of the most exclusive universities in the country, giant house in a very expensive neighborhood which backs up to a pretty high-end country club, kids go on to be partners in law firms, own successful tech startups, Federal circuit Judges, Councilmen, etc. kind of wealthy. When he retired he sold the big house in the nice part of town and bought a condo(~4k sq ft) in a very nice part of town. When asked why he’d do such a thing, he, being a good Texan, said “I done made all the money I care to make, now I wanna push buttons and have people bring me shit.”
Can’t really argue with that. If you’ve got it, and you want to use it, freak freely.
Enjoy,
Steven
Some nice pictures here
This is the part that stands out for me. If this wasn’t originally supposed to be a condo, the what was it meant to be (and if they had the space that they could potentially sell, what initially made them not want to sell it?)? I would suggest checking out the geography of the space - is it above or beside a machine room/boiler room? Is the layout and shape of the unit reasonable (I can’t tell from the floorplan)? Is the interior build quality up to par?
I don’t know what kind of homes you guys live in but 950 square feet is not a “tiny condo.” That is a fairly spacious apartment. My condo is 850 square feet, and my daughter and I have lots and lots of space.
The condo is not too small. It’s quite big for one person. Its problems lie elsewhere.
Be wary of Maintenance Fees, especially at high end places. Developers tend to keep the fees low during the sales phase in order to entice new owners. Then when the developer subsidy ends, the fees spike up. Remember that fees are divided among all owners. If x % of owners default, then those fees have to be absorbed by the paying owners.
My cousin lives for free (it’s a model condo and her uncle owns the place) in a swanky condo development in Northern Kentucky. It’s riverfront, and has 24/7 guard on duty, valet parking, exercise room, etc. It’s within walking distance to restaurants, shops, stadiums, etc. Were she to purchase this $750,000 unit (this one does not overlook the river), MFs would be $900 per month, and property taxes $750. She could rent 2 parking spaces in the garage underneath for a mere $250/month. Combined, these fees are as much, or more, than the mortgage would be. And the fees are not tax deductible, which is important for US residents.
I’d say proceed with caution. When you want to move, you may be hard pressed to find another buyer willing to buy a “quirky” place that come with such high MFs and taxes.
I agree. I have a 1000 sq ft condo, and am single, and it is quite large. Its living room would be enough for 6 people to socialize in comfortably (perhaps up to 10 before it become uncomfortable.) Its master bedroom is quite big enough for one person plus it has a second bedroom, and 1 1/2 baths.
OT, but I find it interesting that the company offering this place is apparently able to have both Realtor and Realtors as registered names.