The Appeal Of An Older Building

The Appeal Of An Older Building Photo

Toronto’s Bay Street Corridor has a fair mix of newer and older condos. On the older side you’ve got buildings like The Liberties (Bay & Gerrard), Century Plaza (Bay & Wellesley), and The Penrose (Bay & College). On the newer side you’ve got the College Park Residences (Bay & College), Murano (Bay & Grosvenor/Grenville), and the Trump Tower (Bay & Adelaide).

While there are plenty of condo shoppers out there who will settle for nothing less than the newest of the new, there’s still a healthy pool of buyers who see the benefits that an older building can sometimes offer.

I recently listed a suite for sale in one of the corridor’s more well-known older buildings, Polo Club 2 (Bay & Wellesley). We saw plenty of activity during the six days that the property was on the market and it ended up selling with multiple offers for above the list price. If that doesn’t show there’s a market for older condos then I don’t know what.

So what exactly is the appeal of an older building?

Simply put – you get more bang for your buck.

Developers are building condos smaller than ever these days. Many two-bedroom suites are coming in at well under 800 sq ft now. For the same money, you’re likely to get yourself closer to 1000 sq ft in an older building.

The room sizes are generally larger in older condos as well. Especially 2nd bedrooms. Try comfortably fitting a queen-size mattress and two end tables into the 2nd bedroom of most brand new buildings. Good luck.

Kitchens are often more functional as well. So many new buildings are putting the kitchen along just one wall. This means less counter space and a layout that may limit your ability to have a dining room table. The kitchens in older condos usually have more counter space, more cupboards, and allow for a separate dining area.

Granted, there are drawbacks to older buildings; the maintenance fees are often higher, kitchens & bathrooms often need updating, the common areas are often outdated, etc. You can’t have it all though and there are always going to be trade-offs.

If space/size is important to you and you’re not hung up on having the newest digs on the block, then an older building may be the option for you.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

 

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