How Many People Actually Use Their Condo Amenities?

By on May 1, 2010 in Condos/Lofts with 0 Comments

How Many People Actually Use Their Condo Amenities? Photo 

     Rooftop pools, state-of-the-art exercise facilities, landscaped courtyards, guest suites…  This list of amenities offered to condo dwellers can be quite impressive.  But how many people actually use them?  I would argue that the number is probably lower than one would think.

More often than not, when my clients and I visit the gym in any given building it’s a virtual ghost town.  Granted, I’m not out showing condos at 7:00am which is when a lot of people workout.  But I’ve rarely ever seen a bustling common area (other than the lobby and elevators at 5:00pm).  Could it be that most people don`t actually use their condo amenities?

I guess like with anything else, there are those who do and there are those who don`t.

I’ve worked with a number of buyers where a lack of amenities is an absolute deal breaker.  High on their list of “must haves“ is the ability to pop downstairs for a quick workout before breakfast or to spend a 1/2 hour unwinding at the end of the day on the rooftop terrace. 

On the other hand, I’ve had clients who couldn’t care less about whether or not the gym had free weights or if the party room sat more than 100 people.  I’ve never had a client scratch a building off their list because it didn’t have a theatre room.

I’ve sold plenty suites in great buildings that aren’t necessarily known for having knock-out amenities.  Part of the attraction here is that reduced amenities sometimes mean lower maintenance fees. 

311 Richmond Street East & 330 Adelaide Street East in the St Lawrence Market area, as well as 1000 King Street West in the King West/Liberty Village area are great examples of this.  None of these condos have a concierge and the exercise rooms aren’t quite as robust as others, but the layouts are excellent and the maintenance fees are very reasonable.

I will say that purchasing into a building with great amenities will likely help you down the road when the time comes to resell.  A long list of killer features looks great on any marketing piece.  Being able to boast that the building has saunas, a media room, a dog walking track, etc, may be just the thing that sways a buyer to make an offer on your suite instead of the next person`s. 

Same goes if you plan on renting out your suite.  Prospective tenants are looking for the most bang for their buck.  If they can save an extra $60/month by not having to get a separate gym membership then your unit is that much more attractive.

Whether or not these prospective buyers or tenants will ever actually step foot in the gym, lounge by the pool, soak in the hot tub, shoot a game of nine-ball in the billiards room……

What are your thoughts? 

Do you use your condo amenities?

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