Any advice on 263 Wellington St. E?

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ERIN

NewBee

Any advice on 263 Wellington St. E?

Hey everyone - just looked at a beautiful condo in the 263 Wellington E building at Wellington & Blue Jays Way. 900 square feet, granite, s/s appliances, balcony, parking, locker, the whole nine yards. It's priced at $433/square foot, but maintenance fees are $610, and the amenities aren't great.

We noticed there are several other units for sale in the same building (8 to be exact), which seems like a lot for a boutique-size building.

Is anyone familiar with this property, and can give us a heads-up on any issues other than the high condo fees?

Toronto / New Home Q&A

CONDO CHRIS

Buzzer

1 BEST REPLY

The building is new so I am assuming the high listing volume is investors trying to cash out... Because there are so many listings you may have a little "extra" negotiating power so make sure you are agressive with your offer... The high maint fees are because its a smaller building (and was originally planned as rentals so they may not have factored in a PSF maintenance fee schedule when they built it) ... You get slightly high maintenance but you have to balance that with the convenient downtown location (walk to work vs. ttc at $100 monthly?) .... make sure you get a unit with parking - with 12 other listings you should be able to get it almost for free.... At the end of the day, if you try to figure out a story behind every building you will always find something.... If you like the unit and could see yourself enjoying the lifestyle - go for it.

CARY CHAPNICK

Buzzer

116

http://urbantoronto.ca/forum/showthread.php/5651-263-Wellington-St-W-%28connected-to-Marriott%29

Something is fishy here -- 12 units for Sale in this building.... I am digging around but cant find anything.... hopefully someone here may know some "inside info"

ANDREW LAFLEUR

Buzzer

Always seems to be a lot for sale in that building at any given time. Low price per square foot, high maintenance fees, lack of amenities, lack of views in the units.

CONDO CHRIS

Buzzer

did I mention "get the parking?" if not - GET THE PARKING! I know everyone is like "oh, get a zip-car, or you don't need parking Blah blah blah".. But that parking spot that you can steal right now may be worth 50-60k or more in the Toronto of the future... Just having the parking spot may hedge your investment against the danger of falling condo prices because 1 thing I can absolutely guarantee will NOT be going down in price is parking downtown...

CARY CHAPNICK

Buzzer

116

Chris - the building is now almost 5 years so its not terribly new unless the buyer profile all have maxed and are now with families moving to the 'burbs or to bigger condos.

The fishy thing here is 12 new listings in the last 6-8 weeks and only 2 reported 2012 sales in a hot market.

My call is a special assessment coming or laid out. Also 72 units averages $2000 a unit or so just on Security with a 24 hour concerige....thats $200 a month per suite....and the amenities were not great - a split party room/ makeshift workout room and terrace with no BBQ.

I do agree some units could be stolen here but im cautious when i see people selling units they purchased in resale since the building opened at a loss....look at a few of the for sales now -- after commissions people are dumping em for less than they paid 2-3 years ago

CONDO CHRIS

Buzzer

Has it been around 5 Yrs? When was it registered? 12 new listings w/ 2 sales in 2012 is suspect for sure... Definitely want to examine the estoppel with a fine tooth comb..This is where you want a good lawyer! Caveat Emptor..

CARY CHAPNICK

Buzzer

116

maybe 3-4 years...was registered in mid 2009 but occupancy was defintely taking place in think in early 08 - registration was slow as there were unsold units