My friends and clients routinely have questions about the advantages and disadvantages of various downtown areas, with respect to appreciation value, investment prowess, general aesthetic and/or practical appeal, and so on. Here’s a brief overview, within an interesting, applicable analogy.
Downtown Core: Areas in and around Yonge St, between Bloor and up to Front. Sort of like your first love: comfortable, familiar, safe, perfect in so many ways, tragically fallen in the pursuit of perfection. The immediate advantage here is geographical convenience to just about everything and everywhere. In terms of renting out your condo, on the average unit you’re looking at safety but not luxury. You’re sacrificing being able to get a relatively high rent for the comfort of knowing that, comparatively, your location makes your unit most rentable.
A parking spot is of least concern, although not of least value.
The Lakeshore: The Esplande as well as the Queens Quay condos. A bit like that one amazing fling that catered to your passions, lusts and luxurious needs unlike anyone before or after. Appealing in so many sexy ways, as The Esplande and QQ Condos are, yet unfortunately not practical enough for many. Advantages include exceptionally beautiful buildings and facilities, lake views and proximity. Investment wise, you gain the possibility of charging a higher rent price compared to a similar “core condo” at the expense of accepting that potential tenants may be fewer and farther between.
King West: Perhaps the most up and coming area of downtown, demonstrated by Zip and DNA. King West is like that sultry, suave, alluring mysterious stranger at the next table who just entered the room. King West is developing into quite a destination, and many people are becoming hooked and succumbing to the promise of an incredible tomorrow as well as an appealing today. Advantages include the possibility of cashing in on a unique investment and an increasingly chic and trendy area, demonstrated by the class of its residents. Plus, it’s a location that’s just far and close enough to the the core. Disadvantages include the fact that your greatest advantages are not yet realized and you’re hoping the allure does not fade as soon as you get to that next table.
These are of course only three of many, as the confines of this space necessitate! If you have any questions or comments, feel free to e-mail me at amitp@rogers.comor visit www.realtyintel.comfor additional info.
Happy Hunting!
