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First Time Buyer - need some input.

Fencejack wrote: Urban Newbie:
Thanks for the input. Can you give me some feedback on the area and Zip itself as a person living there. Also, would you have any inside information about other units for sale? I remember about 1 or 2 months ago they had a few 1+dens available that were nice. They were facing the train tracks though (not sure how much of a problem that is). I especially remember a corner 1+1 on the 6th floor. It had that large terrace. Such a nice unit but it sold quickly and not much under asking price.
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Hey Fencejack:

I love the area. I know it's not everyone's cup of tea (seems to be a particular hate on for LV on UT) but I like being able to walk to get my groceries, to the LCBO etc. And it's a quick walk (5 mins) to either the King or Queen's Quay cars. I work right downtown and getting home at night is a 15-20 min streetcar ride.

Zip is a great building. Again, not a huge fan of the architecture, but the ammentities are great and the people are very friendly. It's a very social building (so if you like to keep to yourself, maybe not for you :) )

Re: Units. My unit (a 2 bed, 2 bath) faces the train tracks. I definitely hear the trains, but it's no worse than hearing traffic or a streetcar. I am, however, on a pretty high floor, so it would likely be louder on a low floor. But the northview is a great one - especially at night. I'm north east so I also get a city view, which is sweet.

Do avoid units by the elevators. The insulation between units is great - I don't hear a thing- but our front doors are kinda useless and you could hear a pin drop in the hallways.

I'm famliar with most of the layouts in the building (and have visited most of them) so if you have any other questions, I'm happy to help if I can.

U.N.
 
I don't know if parking is essential for you or not, since someone noted that the CP listing doesn't indicate a space is included.

What is the SF for ZIP?

The CP unit says 934 SF, so if you were open to having a roomate, you could charge $900-1000/m for the extra bedroom.
There are several rentals on craigslist for 2 bed + study of this size going for $2000-2200, and shared accomodation for $1000.
That should cover the extra $50K mortgage, maintenance, taxes, etc.
 
Urban Newbie:
Those are similar reasons why I like the area. You are also right on the exterior but I don't mind it. The interior is what sells me; shallow and wide with plenty of windows (very unique).

As for my maximum price, I would say ~$280k would really be the highest price I would pay (before a downpayment). I considered a roommate but I want to be able to afford it comfortably without one just in case. My plan was to keep costs low at the start, which will give me some extra money to play with or save for something new/bigger down the road. I read a lot about how 1 bedroom condos aren't worth buying so I'm contemplating if I should even bother with it.
 
Wow - I was just looking at what's available in my building on MLS. Looks like it's mostly just the very small 1 bedrooms (under 500 square feet) that are under 300,000.

My advice would be to wait a bit and see how prices come down. If you want a 1 bedroom den, it's really best to shoot for a 2 bedroom. The second bedroom is always pretty small and itself would serve as a better den/study than the teeny nooks they often build as a real "den". I use my second bedroom as my study.

OR - a nice 1 bed plus den (with a decent sized den) is the Coral. It faces north and west, they're located on the 10th floor up and are unit #4 on each floor.

There is a nice 2 bedroom model listed right now, but it's going for 309,000 (although you could probably bid lower for it considering the market.)
 
I'm not conditioned to think in square feet but what's funny is if you apply condo terminology to single-family detatched or semi-detached housing in the city centre condos appear incredibly expensive.
 
If you check mls there are a few units under $300k that are a fair size. I was told those one bedroom corner units were 611 sqft. Not sure if you'd know for sure. Maybe thats including balcony in the measurements.

As for the 1+den, I would look for a sizable den. That 'Coral' floorplan you mentioned is what I was talking about. The den is a decent size and since it does have windows I guess you can legally call it a second bedroom haha. Anyways, they sold quite quick (don't see them listed anymore). I remember there were three of them; 6th, 12th, and 14th floor I believe. I do have time to look around so I'm not in a rush to necessarily purchase something very soon. So I guess I can hope for another 1+den to pop up somewhere.

How much and when did you purchase your unit (if you don't mind me asking)? I'm also curious to know where the maintenance fees are allocated to since from my understand all the amenities (pool, gym etc) are/will be shared among 3 buildings. I assume the fees would be low if the majority of what they're allocated to is shared.
 
Hi FenceJack:

Yes, that unit on MLS, called a Sapphire during the sales process, is 611 square feet. Again, it's a good sized unit, it's just the locale of it within the building that might not appeal. That 611 does NOT include the balcony, btw.

Another 1+den will definitely pop up. Just keep watching.

At the time I bought my 2 bedroom unit, in 2006, they started at (lowest floor available, no upgrades, no parking or locker) at 252,000.

Our maintenance fees aren't all that low. They're 45cents a square foot and common belief is that we should expect them to rise by about 20% next year. We do share ammenities with the first phase, but we also have a tonne of ammenities in our own building (gym, party room, theatre room, billiards room, security etc.) That said, our ammenities are really nice and well kept, so in my mind they're worth paying for.

UN
 
I agree with Urban Newbie in that LV is a great area to live. All the amenities and proximity to downtown but none of the hassles with an urban, dense, but residential and artistic feel. Walk to financial district in 20 min, Lakeshore in 5, Queen West in 5, Club district in 15. 4 Streetcars within 20 min walk, plus the super fast/frequent 24 hr Ossington Bus to the Bloor subway in 10 min. Car access is 2 min to Gardiner, 1 min to Lakeshore, King, Queen, etc. All amenities within 5 min walk - seriously, ALL AMENITIES - from gym to dentist, nails to full grocery store, LCBO, Starbucks, and at least 200 bars/restaurants/galleries within a 15 min walk. Best location in Toronto, hands down, and it's only getting better. Yeah, I said it. :)
 
simuls said:
I agree with Urban Newbie in that LV is a great area to live. All the amenities and proximity to downtown but none of the hassles with an urban, dense, but residential and artistic feel. Walk to financial district in 20 min, Lakeshore in 5, Queen West in 5, Club district in 15. 4 Streetcars within 20 min walk, plus the super fast/frequent 24 hr Ossington Bus to the Bloor subway in 10 min. Car access is 2 min to Gardiner, 1 min to Lakeshore, King, Queen, etc. All amenities within 5 min walk - seriously, ALL AMENITIES - from gym to dentist, nails to full grocery store, LCBO, Starbucks, and at least 200 bars/restaurants/galleries within a 15 min walk. Best location in Toronto, hands down, and it's only getting better. Yeah, I said it. :)
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simuls will you tone down the HATE ON with King West ...:rolleyes:
 
I guess it's pretty obvious that if one can afford a 2 bedroom it's much better overall than a 1 bedroom or 1+den. Unfortunately, I don't see myself being able to comfortably afford a 2 br. There have been some decent sized 1+den's that were in my price range but rare to find. Doing a little more research I've come across some North York condos.

Any thoughts on a 1bedroom (maybe 1+den) near downtown vs a nice 2 bedroom in north york?
 
It depends on location in North York versus location downtown. In general, I find that North York condos are more affordable than downtown, with slightly larger units for the money. The best area I would say is the North York Centre (Yonge: Finch to Sheppard). The closer you get to Finch, the cheaper it gets.

I would say for convenience and amenities, NYCC has everything you could want in amenities, schools, parks, subway and highway access, retail, LCBO, community centres are all within 5-10 minute walk.

Transportation wise, NYCC is a very central location. In 20-30 minutes you can get to: Downtown, Mississauga, Markham, Richmond Hill, Vaughan, Scarborough, Pickering. Has a good mix of transit and car options.

I would go with a 2br over a 1+1, mainly because the 2nd bedroom has much more value than a den. The dens are usually tiny, and recent buildings label a long wall a den. Usually they are only large enough for a desk and chair. Some buildings are more affordable than others. The buildings built in the early 2000's have larger units than the most recent batch 2006+.

I have a 2+1 in North York, and I'm using the 2nd bedroom as a guest room for out of town friends that stay over (sofa-bed) as well as a home office. The den is being used as an extra closet for storage. The bedrooms generally have a window, versus a den, which usually does not. I find that important for working at home (natural light versus lamp light).

Layout of a unit is key. The more efficient use of space can make something small look bigger and vice-versa.

I would say if you're buying, consider how long you want to live in the unit. 1br can be easily outgrown. I use to live in a 1br (525sqft) unit, and I found it comfortable for 1 person, but for two people it is cramped. 1+1 can be ok, but the layout has to be really good.

When I purchased my unit last year, I bought it because I'm planning to live there for 5 years at least.
 
lead82:

The fact that you can get a larger condo for cheaper in North York vs downtown is why I'm considering that area. My concern is that I commute to work and I hear commuting is insane at the 401 yonge intersection. Is it really that bad?

I do plan to live in the same condo for about 5 years (if not longer?). You make a good point that a 1 bedroom can be quickly outgrown, however, I would be looking at a slightly larger 1 bedroom (~650). My main concern about getting a 1 bedroom is it's resale. People speak as though it's almost impossible to sell. I have plenty of time to search for a condo so I wouldn't just settle for a cookie cutter 1 bedroom that can be found anywhere.

Again, thanks to everyone for the input. I think I'm still confused as to what I 'really' want. Being a first time buyer requires a lot of questions to be answered.

Further input is always appreciated.

Thanks in advance.
 
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