Fair enough, but I'm more concerned about the long-term durability. Maybe the building is fine today, but how will it hold up over the next 10-20 years, or more? I don't mean to just pick on EP. This goes for any of the new buildings. I just have a feeling that in the next several years there will be a lot of issues and deficiencies coming to light with a lot of these newer builds, similar to the "
leaky condo" scandal that hit Vancouver in the mid-90's:
As in Toronto, the Vancouver crisis was preceded by a boom in multi-residential construction and a smoking hot RE market, forces that lead inevitably to cheap, inadequate product built only for maximum profit.
I personally prefer the older buildings. They feel more like homes, and the higher maintenance fees often include several utilities, while most newer buildings use individual metering. Sure, they aren't as new and shiny, but they feel more solid and better-built.
Does anyone spending upwards of $750K on 800 square feet really care about a few hundred dollars extra in maintenance fees? Fees at EP are in the $700's already, and many of the older buildings include all utilities, and sometimes even full-tier cable packages. And you can even stretch your legs or put a dresser in your bedroom.
I strongly dislike commenting in this thread (or now any online forum actually) but I think you raise an interesting point.
As a resident of the Y+S area, when my partner and I were looking for our second condo (as in, selling and moving out of condo #1 and buying and moving into condo #2) we knew what we wanted. An older and larger condo that fits what you described. And we found it. There are several older buildings (around 20-30 years old) in the area and we eventually found the one for us. It's 1200 sq feet, two bedrooms, and with maintenance fees equivalent to EP but also includes all utilities and a full cable package (that we honestly don't use).
Throughout this process of searching for a new home, I'd often ask myself why the heck anyone would buy into EP, Hullmark, Gibson Park, or any of the newer buildings.
And I think the answer is, as with many things, it's a little of this and a little of that. NorthYorkEd, I think you're correct in that there are definitely investors and speculators who buy into the newer buildings and seek to make profits or park money. However, I think AmnesiaJune is also correct in that 'things are mostly fine'.
On this forum we are in such a bubble that we often lose the perspective of the majority of Torontonians. We have inside knowledge and debate issues and topics on such granular matters that most people don't care about.
Yes, EP does have major problems. But some people don't care or don't really notice about a broken door or maybe even the slow progress of a subway tunnel when there are so many other entrances near by. (**And some people do! Please I don't want to argue about this**)
With older condo buildings, there is also many headaches. My partner and I purchased a unit that was almost as old as I am. It needed an additional $50k in renovations, and still has work to be done. In the last sudden rainstorm, we had water leaking out of our balcony door into our unit. It wasn't a case of mismanagement or poor materials, but just age.
And some people don't want to put up with any of that. They like new and shiny (nothing wrong with that) and no muss or fuss. And buildings like EP etc provide that. Obviously at different levels of quality, but new is new.
My current building hallways has carpets and designs from the 80s. It's very clean and well kept, but some people would be instantly turned off by that.
Anyways, my point being is that I agree with both of you. Some people care more for certain things and rate those more highly in their opinion. I don't have a mini-mall beneath me with many food options, but EP does. Maybe someone really likes that. My 2nd bedroom is larger than the master bedroom in many EP units, but if I was single I wouldn't really care about that.
Thankfully we live in a free market where those who care about A, and those who care about B, can find options that work for them. No one is forced into buying into EP or a musty old (but bigger) condo. My 2 cents.
And now I go back to lurking...
