Family-sized condos - Why so expensive?

[West End Boy]

There's been a lot of talk lately about creating more 3-bedroom condos downtown to give families the option to avoid the inevitable move to the 'burbs. The barrier always seems to be cost. An article in the Star today mentioned a condo on Richmond that will offer 3-bedroom units with prices over $700,000.

Can anyone explain why adding a 3rd bedroom makes these condos so expensive? The larger units that I see floor plans for online seem to be much more involved than just adding a 3rd bedroom. They seem to assume that anyone wanting a 3rd bedroom also wants a more deluxe and spacious unit, large terrace, etc. Are there more "basic" 3-bedroom units available anywhere?

I'm wondering if there are reasons that aren't obvious, like development charges that I'm not aware of.

Any info would be appreciated!

 

[dt_toronto_geek]

There's a thread on this topic -

http://urbantoronto.ca/showthread.php?9146-Family-Sized-Condos

 

[BobBob]

It's about square footage. It's tough to do 3 bedrooms in under 1000 sqft.

There are some relatively affordable/basic 3 bedrooms in these two new projects, in west downtown:
http://www.tridel.com/reve/prices.php
http://www.tributecommunities.com/queen_west_reg/

 

[West End Boy]

Thanks BobBob. The layouts are a bit odd, but the prices are much less than the $700K+ mentioned in the article.

 

[Tridel]

Preconstruction offers the opportunity to join suites together. This is useful particularly if you want a three bedroom suite on lower levels and therefore can avoid paying the floor premium for being at the top of the building. The configuration on of lower floors can be more amenable to this where you have only have a couple of two bedroom suite designs with many adjacent 1 bedroom or 1 bedroom with den to choose from.