Grenadier Gardens – South Kingsway
They say never to judge a book by its cover. I like that saying because it applies to so many other things in life, such as how we judge others. Far too often we judge something negatively based on its exterior, without giving much regard for what lies within.
Real estate can be no different, especially as it pertains to condominium buildings. We’ve all seen those old apartment-style condo buildings in and around the city. The ones that look hideous and ‘vanilla’ on the outside, and have been around for the last 40-50 years. They can often be quite difficult to distinguish from their rental apartment counterparts. Yea…those old things.
Well, I’m here to tell you some of the most beautiful and surprisingly modern units I’ve seen are found in those old buildings. And to make matters better, there are a host of other great reasons to explore these units. So here are five great reasons to give these buildings a shot on your next condo hunt.
The Reserve Funds
I have found the majority of these older apartment style condo buildings have enormously large and healthy reserve funds. The interior of the buildings never match the exterior, as they are constantly being modernized. Something always seems to be on the go in terms of maintenance/renovations. And you can feel safer knowing that should there be a large issue facing the building, the reserve fund will likely be able to cover it without having to assess you more fees.
Not to mention that in the future, it’s not out of the realm of possibility that the decision will be made to improve the overall facade of the building. And if that decision is made, you can bet the value of your place will be on the rise!
The Views
I think many people assume these buildings won’t have great views because they’re typically not high-rise buildings. But, that couldn’t be further from the truth. These buildings were built so long ago, the developers had more options in terms of acquiring suitable and aesthetically pleasing land. Consequently, many of them chose locations that backed onto ravines, rivers, large green areas and golf courses. I’ve seen some of the most beautiful views in the city at some of these buildings.
Take the Masters buildings located at Burnhamthorpe and Mill Rd or Lambton square near Scarlett and St. Clair. All the units on the west and south sides back onto Markland Woods Golf Course and Lambton G&C respectively. There are only beautiful big trees, green fairways, small ponds, and a host of terrible golfers trying to find the dance floor. If you’re a huge golf nut, check them out!
West View of Lambton Square Condo.
The Sizes
One of the biggest complaints of buyers in regards to condo units in Toronto is their ever-diminishing size. There is a shortage of family-sized units, and it is becoming increasingly difficult to find a unit where you could comfortably invite more than one or two friends over at a time.
Fear not though, as spacious units DO exist in this great city. Many of these older buildings were built when land and space weren’t as limited, families were larger, and housing demands weren’t as high. They were designed to meet the needs of families, not to cram as many units in a building as possible. Two to three bedrooms are the norm in these buildings, and the square footage is usually anywhere between 1,100 – 1,800 square feet. By today’s standards in terms of size, these units are mammoth.
The Prices
Price is relative to size, so let me assure you these huge units come at some of the best prices (per square foot) in the city. It’s simply impossible to find a unit like the one described above in a modern building and within a good Toronto neighbourhood, priced in the $300-400k range. That’s not the case here. I can’t tell you how many nice 3-bedroom units I’ve seen in the $300-400k range.
If you’re a big price per square foot fanatic, do some research on these older apartment style buildings. You’ll thank me for it.
The Amenities and Maintenance Fees
Many prospective buyers are shocked to see the amount of quality amenities associated with these buildings, especially given the rugged exterior of the building. (Who knew people liked to be active back in the day, right? ) Don’t be surprised when you find more amenities than your typical new condo development. These buildings often include indoor/outdoor pools, saunas, fitness rooms, squash/racquetball courts, tennis courts, golf simulators, entertainment rooms, large beautiful gardens and enough visitor parking to invite your entire friend list. And this list is by no means exhaustive.
“But the maintenance fees are $700 per month Anthony…that’s crazy!”
Is it though? Remember, these units are larger than life. Not only that, they are all-inclusive fees. This means it includes all of your utilities (including hydro), central air-conditioning, building insurance, cable tv, common elements and parking maintenance. When you look deeper and break it down by price per square foot, you will discover there is often better value in terms of amenity prices in older buildings.
So remember, don’t always judge a building by its cover. You might just be shocked to find the inner beauty that awaits you inside these units. And besides, how much time do you really spend staring at the building from the outside?
The Masters Buildings