Hey, Don’t Diss My Condo!!!

http://www.torontorealtyblog.com/2011/08/the-most-over-saturated-condos-in-toronto/

#5 – West Harbour City II at 21 Grand Magazine Street

10.0%

“Grand Magazine” is yet another stupid name I have enjoyed making fun of, and with 10% of all existing units in the building currently available for sale, perhaps residents should get a second job selling magazines just in case their investments plummet like a Greek bank stock…

I’ve never been a fan of this area, since living in between the Gardiner and Lake Shore doesn’t really appeal to me, so I think it’s going to be twice as difficult for the market to absorb all this inventory.  First, you have to find people that actually want to live here!  Second, you have to convince buyers that there’s nothing wrong with the fact that 32 units are for sale in this 325-unit building.

Finally, he writes:

As for the rest – it’s all junk.

It’s all CityPlace junk and I’ll argue this till the day I die, or until Concord Adex has me taken out.

It should come as no surprise that HALF of the condos on this list are in CityPlace or the surrounding area of Fort York (which is still considered CityPlace by some), and it certainly is no coincidence.

Now – for those of you that are reading this and happen to own in one of the twelve buildings listed above, please use the forum below to squish your sour grapes…

Okay, I’ll bite. I have a unit at West Harbour City II. It has a fantastic view of the lake, island airport, and CN Tower. I revel in the view every morning when I wake up. Just seeing the sunlight play off the water uplifts me.

My floorplan is fabulous. For the space (1161 sq ft), I couldn’t ask for a better floorplan. It’s very efficient and it has great flow. After my interior designer did her magic, my condo is drop dead gorgeous (there’ll be no need for “staging” when it comes time to sell!).

I’ve thrown several dinner parties, and everyone drools over my condo. I have no doubt that I will be able to easily sell my unit when the time comes. And that’s an important point: I anticipate selling 5-7 years down the road. Who can say what the market will be like then? Will today’s “glut” go away?

I love living in this area. The moderating influence of the water is terrific during the summer (though winters should be brutal). I love walking along Queen’s Quay. And I’m only half an hour’s walk from Chinatown, which I’ve taken advantage of frequently (great exercise). In other words, this is a great location.

As for the street name, there is an historical significance to it, if you believe Heritage Toronto:

“The Grand Magazine holding Fort York’s gunpowder supply stood at the north end of this street. In the Battle of York, 1813, the retreating British detonated the magazine with devastating impact on the American attack.”

I love the name!

And TTC access is dreamy. Right in front of the building, I can catch either the Bathurst 511 or Union Station 509 streetcars!

Within a couple of years, there will be a Loblaws Superstore across the street. Incredibly convenient.

Since I only paid $369 psf for my unit, no matter what happens in the condo market, I will be largely insulated from financial disaster. Isn’t pre-construction great?!

The condos on your list have a glut of unsold units for different reasons. In the case of the waterfront condos, I have a theory. Neptune, West Harbour City, and Panorama are well south of the railroad tracks, and even south of the Gardiner. The general perception is that they are too remote and disconnected from the downtown core.

This perception is a sad reflection on how lazy people are. West Harbour City is easily within walking distance of the downtown core. I can walk to Queen & Spadina within 20 minutes. I can walk to King & University within 25 minutes. I’ve been walking to the downtown core this lovely summer nearly every day for the past 3 months! How is West Harbour City disconnected from downtown??

Just how lazy is everyone? I am bemused when I see people at Yorkdale driving around for 10 minutes looking for a parking spot close to the front doors. They refuse to park further away and walk for a few minutes. Unbelievably lazy!

No wonder we have a nation of overweight diabetics and heart attack victims waiting to happen. C’mon, the Fort York condo area is not as remote as you think. Just get off your ass and do the walk.

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Published in: on August 26, 2011 at 9:18 am  Leave a Comment  

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