Added value of corner unit (condo) w/ south view

[taxman]

Hi,

I wasnt able to find any previous posts, but I am wondering what the approximate added value (in terms of $) of having a corner unit is? (apartment condo). The view is a south-west lake view, and is the top level of a podium.

Is it really worth it?

Thanks

 

[interested]

Hi,

I wasnt able to find any previous posts, but I am wondering what the approximate added value (in terms of $) of having a corner unit is? (apartment condo). The view is a south-west lake view, and is the top level of a podium.

Is it really worth it?

Thanks

That is a difficult question to answer in $ terms as it will depend on the unit, the building, the likelihood of view disappearing, etc.
If you are at the lake and have a lakeview, it will be very valuable as view will not disappear. Given that you say it is in a podium, if it is not by the lake, then it is likely not very high up and view will be less important. People in Toronto seem to like West/South exposure as we don't get alot of sun and winter is long. that said, it is very hot in summer and you will have blinds pulled.

to try and answer, without further details, if I assume a midrange condo downtown today, say range $500-$600/sq. ft., the Southwest will command the highest dollar all other things being equal. Likely will be worth about 5 to 15% more than say the North or East views, all other things being equal. If you have a lake view that won't disappear, possibly as much as 20%-25% premium. If it was a higher floor and lake view, even 30 to up to 50% higher. this would be more in the case of a luxury building.

Also, if it is a small 1 bedroom, the premium may not be as much I believe in percentage terms as a more luxurious 2 bedroom with the same view. If you could provide more specifics as to the comparables that you are looking at, would be pleased to try and guestimate for you if it is worth the premium.

finally, depends on usage; If it is for your own usage, the view may be worth more to you than to a renter so if you are planning an investment then it may not be worth the additional expense.

Hope this helps.

Helping "the taxman". Not that is something new and novel.

 

[taxman]

Hope this helps.

Helping "the taxman". Not that is something new and novel.

Hi,

Thanks for the great info. It is right on the lake, so the view will not dissappear. BTW, Im the good taxman....the one that gets money back for you haha

 

[interested]

Hi,

Thanks for the great info. It is right on the lake, so the view will not dissappear. BTW, Im the good taxman....the one that gets money back for you haha

OK, I feel better helping you. LOL.

right on the lake and for personal use, likely worth the difference though you will pay a hefty premium. Remember too, in a bad market, better properties sell but not with as much premium but can be sold. In a good market, pay top dollar for premium properties.

 

[neuhaus]

Corner units are definitely a selling point, as you get more light and views which will make the unit brighter, appear larger and feel nicer. Most often, depending on the floor plate design, you will have one less neighbor immediately to you which is better.
Balconies are also a great selling feature as it is not considered part of the interior floor area, but could really expand your living space for part of the year. Also the floor area of the balcony is not included in the calculation of the condo fees, which makes it a even better deal.
Tiny balconies which you could barely place a bistro table and two chairs are rather pointless (French or Juliet balconies are even worse and the inward swinging doors are a wast of interior space), but having a large balcony where you could have a BBQ and some furniture is highly desireable and expected for certain price points.

In your case, being on the top of the building's podium means you probably have a nice large terrace. Unobstructed views of the lake will add tons of value.
You will also enjoy using your balcony while living there, which you really can't put a price on.

 

[larryp7639]

Corner units are definitely a selling point, as you get more light and views which will make the unit brighter, appear larger and feel nicer. Most often, depending on the floor plate design, you will have one less neighbor immediately to you which is better.
Balconies are also a great selling feature as it is not considered part of the interior floor area, but could really expand your living space for part of the year. Also the floor area of the balcony is not included in the calculation of the condo fees, which makes it a even better deal.
Tiny balconies which you could barely place a bistro table and two chairs are rather pointless (French or Juliet balconies are even worse and the inward swinging doors are a wast of interior space), but having a large balcony where you could have a BBQ and some furniture is highly desireable and expected for certain price points.

In your case, being on the top of the building's podium means you probably have a nice large terrace. Unobstructed views of the lake will add tons of value.
You will also enjoy using your balcony while living there, which you really can't put a price on.

I also think so.