jagz

Hello,

Is there any one here in this forum living in the Waterfront condos of Queen Quay. I am currently in my Mid 30s and own a home (not really, there is still 60% mortgage to go) in Mississauga and I feel I might be better off if I prepare to move to a condo to lead my post 50+ life.
Being close to the heart of Financial district, downtown and scenic lake I am looking at units in any of the lake facing multi-story condominium units.

Please share your feelings.

1. How do you feel living there ?
2. I see the cost of a single-bed + den unit range from $300K+, is this realistic or cheaper or expensive.
3. The age of those building range any where from 10 years to 30 years, considering the high end of their age, how long they would be good enough to live in future?
4. A real humble question? what happens to the condo dwellers if their building is demolished considering its age / worn out status, do they need to walk away bare hand ?


Appreciate your views.
Jagz.

geo4

I used to live down there. It's Ok- despite feeling cut off from the rest of Downtown. Also, it's very, very cold in Winter. Like crazy cold.

ray1968

Don't live their but sold a new unit was 780 sq ft - 2 bed - 2 bath with 1 parking for $320k - so there are some deals out there

club_biscuit

you're in your mid-30's and are planning a condo purchase for your 50+ life?

wow - now that's what I call planning! I imagine that some of those places are going to have high maintenance fees and other issues in 15 years' time...

jagz

Too long term planning.. well it is just a thought than really a plan..

geedee

I'm sure there's a lot to be said for condo living, but wouldn't you be better off with a small bungalow on your own plot? Even if the place falls to bits, the land will still have value. And you're your own boss.... I know someone who lives in a condo (in Miami) and the management have just upped charges 40% and refuse to justify it. He's a Brit and demanded an explanation, but the others won't support him so they just call him a trouble maker! There's plenty to think about with "group" living!

Ben W Bell

Yup. We live Bremner and Spadina, right beside the Rogers Centre just off Queens Quay. 1 bed +Den for $300K, should be doable yes. 2 +den in our complex going for around $400K, so it's possible, definitely if you don't want parking.

club_biscuit

I know this is going to sound snooty....but it's true...

Bremner and Spadina does not count as the Queen's Quay/waterfront condos to Torontonians - they are the development near where the driving range was. They are built by Concord, which is a bit less desireable than a few other builders who have higher finishing standards.

The numbers above may be realistic (without parking - which has terrible re-sale, ask any agent) but in no way represent good value for money in an area on the verge of seeing many more buildings explode nearby.

I'd think twice before buying in that complex - it's still fairly new and maintenance fees will seriously start to rise soon if they haven't already.

dbd33

One of my daughters has a friend who lives in Queen's Quay, on top of the shopping mall there. It's really her parents place but they're usually in Paris. There's more than a balcony, I suppose you'd call it a terrace, the building seems to be in good repair and it's handy if you're suddenly called to Africa and need a hat as there's a Tilley store downstairs. The area's a but barren in winter but I suppose there's a "year rounder" clique which one would eventually join. I rather like it and would like to try living there.

Biiiiink

I'm sure there are condo specialist realtors in Toronto but that's one of the things that was pointed out to be by mine in Calgary. By going through all the condo documents and flagging up concerns/queries about the reserve fund, and comparing fees with other developments he highlighted that the monthly fees were unrealistically low and sure enough he was right. It would have been a nasty shock indeed if I hadn't had a realistic condo fee per sq ft from him when buying as opposed to the artificially low one, as my fees have more than doubled since.

It's a Calgary-based website but there is some good reading about condo ownership here - http://condosincalgary.com/articles/index.html

club_biscuit

I think you're talking about the "real" Queen's quay buildings, the ones south of the gardiner. Depending on your view, these are nice and somewhat better value since unlikely anyone will build "in front" of you.

Since I gather you like snob appeal, I have a friend whose father is a diplomat (will leave it there) and has a fantastic penthouse in one of the buildings - it must be over 3,000 sq ft and has its own indoor pool - I generally get lost in the maze somewhere - but I too could handle living there if that was the unit I was in!

dbd33

Isn't there really only one, a greenish building with apartments on top of a shopping mall?

I live for it. My every acquisition is made after consideration of What Posh Would Do.

Atlantic Xpat

So sleep with David Beckham, Be a part of a girl power band, move to the US and attempt to become more than a b list celeb wannabe?

Sounds like a strange way to make purchasing decisions!

dbd33

It does work better when choosing cosmetic surgeons than when choosing plumbing parts.

gotoronto

I'd love to live in one of those units... but my former landlord who owns about 5 properties in Toronto tells me that condos are a bad investment... if you want to resell the place one day, then you are not exactly going to make a profit... . But then again, you say you want to stay there...

So now considering a small house rather than a condo...