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The Toronto Real Estate Market

kyfe

TRIBE Member
Lucky how are you enjoying the area?

have you been spending your weekends as SanRemo bakery??? The Key lime tart is solid
 

lucky1

TRIBE Member
This is our first summer, the area is really growing on me now that we are out and about more. Love living in a detached house too, so quiet! We couldn't have afforded that more downtown.

So far the highlight is living close to the lake. My summer commute is a bike ride into work in the morning along the lakeshore trail. about 40 minutes bike ride from my door to Bay street and College. Was one of the must haves when buying (cycling distance to work). Really I get to work in a great, positive mood.

We don't go to Sam remo too much, actually we get pissed off at the traffic jam it causes on our street...lol

We go to Tom's Dairy Freeze on the Queensway too often though. Friend's told us about a good sushi place by the valumart we are going to check out. Another great thing is that stuff is cheap in Mimico! Seriously without being in a trendy area property valuesmust be more affordable and that gets passed off onto the customers. (I was living in King west for almost a decade so maybe stuff is just much more expensive there?)

e.g. I wanted to make mac and cheese, but I didn't have enough cheese. Went to my corner store and the had the big cracker barrell brick for the same price as no frills, downtown I would have been paying double that.
 

kyfe

TRIBE Member
You bike to work??? I'm at uni/college and while I've thought about it I haven't yet built up the stamina to attempt the ride lol.

Now I feel guilty
 

kuba

TRIBE Member
that's not a close ride, but not that bad either. i'm sure if you did it 2 weeks in a row you'd be ok. get a good hybrid bike.
 

kyfe

TRIBE Member
that's not a close ride, but not that bad either. i'm sure if you did it 2 weeks in a row you'd be ok. get a good hybrid bike.

15K each way, totally doable. too bad I'm fat and lazy

BTW, I rode over to see that house, the same builder/owner owns the other adjacent house that you can't see in the photo. The house is a disaster and I feel sorry for anyone who buys it. they used pressure treated on most areas, the front is finished in untreated cedar, the windows are flush with the stucco and the caulking is clearly visible, the drainage from the roof is not adequate and drains down the driveway (good luck in the winter), the front steps are wobbly, the light fixtures are installed upside down. the roof flashing/facias are dented in spots and not flush in others, poor color co-ordination.

best way to put it, a few guys who think they're handy went to home depot and did the work themselves, who ever buys this house and the next door prop once it's completed are idiots.
 
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lucky1

TRIBE Member
You bike to work??? I'm at uni/college and while I've thought about it I haven't yet built up the stamina to attempt the ride lol.

Now I feel guilty

The one obstacle for me this summer is the freaking rain. I had my riding clothes on this morning and then my husband says "look out the window" it was freaking pouring. so I had to hustle and catch the last rush hout train. Yesterday same thing, I just hate riding in the rain.

15 Km is enought that I feel it but in a good way. I work out regularly so my cardio is fine, just getting my leg muscles up to biking again takes some practice each spring.

Try riding the bike to work one day, and then home the next, so you are doing 15km every day or other day, and then increase from there. Even if you ride a few days a week it is good way to get active.

My work has bike parking in the underground garage and has single mens and ladies washrooms in the p1 level so I am able to go in there get changed and freshened up (wash sweat off face and put make up on hehe) before heading up to my office

It's a really pleasant ride by lake in the moring. In the fall I wil probably go a different route since the lake can be miserable if weather is blowing in.
 

lucky1

TRIBE Member
best way to put it, a few guys who think they're handy went to home depot and did the work themselves, who ever buys this house and the next door prop once it's completed are idiots.

I rode my bike by that house. judging by the two guys I saw sitting on the porch smoking, it didn't look like it was a proffessional job!
 

leigh

TRIBE Promoter
I was hoping to get some input from the real estate agents and experts in this thread. We purchased a pre-construction condo about 7 years ago. 2 years after the sale, the developer scrapped the original 11 story "boutique" building and replaced it with a 20 story cookie cutter monstrosity. We didn't walk away for various reasons (which in retrospect was a HUGE mistake). Our original unit was a 710 square foot 1 bed with office. It got replaced with a 630 square foot 2 bed. At the time, we had no need for a 2 bedroom space so we opted to have it built as a 1 bed instead. A real estate agent at the time said that the amendment would not greatly change the resale value of the unit. Fast forward 6 years, we have a baby on the way, and the area is now flooded with smaller / cheaper units. The space, as is, doesn't work for a baby long term. So to all the real estate agents, do you think we should convert back to a two bedroom if we plan on selling in the next year? Will the investment be worth it?

This is the layout of our current apartment (this is not our unit!):
150 Sudbury Street Suite 1910 now for sale! | 150sudbury

And this is what we would convert it back to:
150 Sudbury Street #723 | Central Toronto - Downtown

Can anyone weigh in on this? Obviously a two bedroom layout makes the apartment more livable with a baby, but we don't want to invest a lot of money if it's not going to make any difference in resale because we don't picture ourselves living here long term.

Here is the original layout. We kept the bedroom at the entrance, which on delivery was even smaller than promised in the floor plan.

HyO9Rr4.jpg
 

kuba

TRIBE Member
How much is it going to cost you to turn into a 2 bedroom?

A 2 bed is more attractive to buyers because, well, it has more rental opportunity. Its also more important for you now, with your baby (congrats). However, at 630 sq ft a 2 bedroom is also very very small and realistically your little noodle isn't going to need more space than just an office because little things like that do not need anything except a small crib, so an office would work if its closed off and makes the rest of the space bigger.

I'd also suggest asking houzz.com, a great home-reno site.
 
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kyfe

TRIBE Member
you don't usually see 2br's below 700sqft, with that being said you'd essentially need metal studs and drywall for one wall (as I read it you'd need to separate the room by the balcony). it's not a supporting wall and wouldn't be that difficult to do maybe cost you between $500 -2000 for just that.

I'd think you'd make that back at resale
 

Jennika

TRIBE Member
is this the old westside lofts? that was a real shitty thing Urbancorp did by changing the project

that aside I totally think if you plan on living there with a baby you'll want the two bedrooms.

PS- congratulation!! welcome to mommyhood
 

leigh

TRIBE Promoter
Thanks for the input Kuba, Kyfe and Jennika!

I hadn't gotten as far as researching how much the renovation would cost, but thanks for the confirmation Kyfe that it won't be too much. I assumed it would be under $5000. We'll probably do some minor adjustments to the kitchen and the bathroom as well.

The condo is in an area with a huge stock of cheap and tiny 2 bed units. Literally a stones throw across from us is a double 20 floor building going up with many 2 bed floor plans around 600 square feet. So a 630 square foot 2 bed won't be out of place here, sadly.

Kuba, we can't really sell right now because we don't know how long we're going to be able to stay in Toronto. We might have to return to Germany once the baby arrives. If we sell now, we'd have to find a short term unfurnished rental, which probably won't be easy.

Jennika, yes, this is the Westside loft building. I won't go into my opinion of Urbancorp... :)

Based on what an agent has told us, we'd get about 30K less because the apartment is configured as a one bed rather than a two bed. That doesn't make sense to me since I thought pricing was based more on square footage. But either way, I guess all signs are pointing towards converting back!

Kuba, thanks for the houzz.com suggestion!
 

kuba

TRIBE Member
I'll refer to a realtor re: pricing but yes, it is done on a per-sq-ft basis AND also the # of 1-bed vs 2-bed units, as either one may appeal to more people. That said something that small may be easily converted to a 2-bedroom as you can attest so maybe that'll influence values this or that way.
 
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coleridge

TRIBE Member
Can anyone weigh in on this? Obviously a two bedroom layout makes the apartment more livable with a baby, but we don't want to invest a lot of money if it's not going to make any difference in resale because we don't picture ourselves living here long term.

Here is the original layout. We kept the bedroom at the entrance, which on delivery was even smaller than promised in the floor plan.

HyO9Rr4.jpg

Videotronic here on Tribe just sold his place under a similar circumstance. His master bedroom had been removed to make a larger living area, and he used the second bedroom as a master.

I think when he put it on the market he got a quote as to how much it would cost to put the wall back in and that was given to the agents. I think all he needed from there was written approval from the condo board to put the wall back in.
 
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Persephone

TRIBE Member
Best is you don't need to do ANYTHING, it's timeless design IMO.

Pretty much. I really like the flooring. Although the red brick in the home isn't my ideal, its still great and timeless as you say. I like having exposed brick, I'm just not a fan of the red brick in this case.

How many freakin staircases and ladders are in that home!?

Anyways, I would lucky duck who scored that home.
 

videotronic

TRIBE Member
Videotronic here on Tribe just sold his place under a similar circumstance. His master bedroom had been removed to make a larger living area, and he used the second bedroom as a master.

I think when he put it on the market he got a quote as to how much it would cost to put the wall back in and that was given to the agents. I think all he needed from there was written approval from the condo board to put the wall back in.

Yes
 
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