Why are condos so crappy?
Landlord Rescue
05 September 2016
I’ve rented a lot of condos, and I’ll rent thousands more I’m sure.
I’ve seen my share of awful layouts, bad treatment from security,
substandard common areas, unfinished buildings and more recently
absence of parking. After this weekend and the lack of power at
Cityplace… three times this week, someone has to ask this hard question.
I have a theory about why a lot of situations exist. Investors buy
condos pre-construction, from plans. Developers can pretty much change
whatever they want, add what they want, remove what they want and you
have to suck it up. Investors mostly care about how much money they
will make. They will never live in the place, chances are they will
just rent out the suite for a year or two then sell it.
The developer is therefore marketing their product to the investor who
just wants to make money and will never live in the suite. This is why
I have to rent two-bedroom condos with no room for a full size sofa in
the living room because of concrete pillars. Another place I rent has
three bedrooms in 900 square feet and a very small combined living
dining kitchen room. At least you can fit a full size sofa in, but as
one of the only three-bedrooms I’ve seen built in this city, it’s
completely impractical for a family. I’m 99% sure this developer did
not put this weird sprinkler system in his brochure.
That’s what happens when you buy a unit at a side of the building that
firetrucks can’t reach with their hoses. In any case it’s ugly as hell
and probably not what wifey has in mind when she’s planning window
treatments.
most condos in this city are not marketed to the end user
That’s my point, the reason that condos are so crappy is because the
person who ends up living in the condo is not the person who purchased
the condo. With the HST, it’s likely that the first person to live in
the condo is either the investor or a tenant. Tenants are selective but
aren’t as picky as buyers. In fact an argument could be made that most
condos in this city are not marketed to the end user. This
creates a complete disconnect between what the end user user needs and
the product available.
Condos as glorified hotel rooms
For the most part, the new condos tend to blend together in a bright
white palate of similarity. Differences are minor, layouts are pretty
boring and blah. As a innovation I’ve liked the Jack & Jill
Ensuite. Most ridiculous is the One Bedroom plus Den at Ice Condos at
12 York, where the “den” is a six inch recess in the wall where you
couldn’t fit a sofa table.
The spaces are most suitable for young professionals who stay out all
the time, landing for the night after dining out, occasionally doing
laundry only to leave in time for work the next day.
Condos for boomers
This idea is so funny. I see boomers trying, but they have to dispose
of their furniture, and hire organizers. I doubt that there will be
mass adoption of the condo by boomers. I do see the upsurge of senior
help services to help boomers stay in their houses and neighborhood.
The kind of shoe box currently being built by developers and bought by
investors is kind of offensive to the Boomer lifestyle.
I’m not sure what I hate more
Shoeboxes…
If you’re a developer, it’s a “micro condo” but if you’re a university
student trying to subsidize the rent, it’s a walk-in closet. I’m not
sure what I hate more, the disappearing parking spot or the shrinking
condo. Spaces have to be liveable and sometimes they aren’t or have
significant problems.
My advice about investment condos
Long term, unique and livable layouts, room for a table and chairs and
a decent building are tops. Personally I don’t think that buildings
that are 50% or more one bedrooms or bachelor or studios make for
stable buildings. They make more money for developers but, they also
will have a lot of moving in and out and transitory renters.
Ask yourself: “Would I live there?”
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