How Do You Value Condominium Amenities?

I would have thought that I’ve re-written this blog over and over, throughout the years, but I combed through the archives and realized the last time I really listed off Toronto’s most common condominium amenities was back in 2012!  And a lot has changed since then.

Without exaggeration, I did not once, ever use the gym in my first condo.  And it wasn’t a bad gym, I just never had occasion to use it.

In my current condo, I run a 5K on the treadmill every Sunday night.  And by “every,” I suppose I mean in my mind, because in practice I probably do it every other week.

Perhaps I workout in my current condo gym, but never did in my previous condo, because of life changes and happenstance.  But either way, I have personally experienced both the value of a condominium amenity, and the waste of the very same one.

Let’s not forget, you do pay for condominium amenities.

One of the very most naive things I ever hear among the buyer pool is, “I feel like I’m getting so much more value when I look at condos with substantial amenities, than with condos without.”

That’s like during the the 2018 Provincial election, when the NDP and the Liberals kept trying to out-do each-other by providing more “free” services to the voters.

In both examples, you’re paying for it, whether you realize it or not.

Some condos in the downtown core have absolutely zero amenities, and some are completely over-done.

So before I give you some examples of the latter, let me show you how I break down condo amenities, at least from a value and functionality standpoint:

TIER 1:

• Gym
• Concierge
• Rooftop Deck

TIER 2:

• Party Room
• Guest Suites
• Pool
• Hot Tub/Sauna

TIER 3:

• Games/Billiard Room
• Tennis/Squash Court
• Yoga Studio

TIER 4:

• Cinema
• Dog Wash
• Car Wash
• Meeting Room
• Multimedia/Business Room

TIER 5:

• Bowling Alley
• Virtual Golf Simulator
• Baseball Batting Cage
• Video Game Room
• Poker Room
• Library
• Lounge

Like I said, we could probably argue about this all day long, whether it’s what tier a certain amenity belongs in, or whether one particular amenity is more valuable than another.

I’ve also probably missed a few of the newer amenities offered in downtown condos, but perhaps that’s because some of them are just so crazy that I never knew they existed.  More on that later.

For now, let me briefly run through the amenities above, and why I think they belong in certain tiers.

TIER 1:

Concierge – This is, without a doubt, the number-one amenity that people look for, whether it’s for safety, or because they don’t like going to Canada Post to pick up packages.  A 24/7 concierge is becoming automatic in most new condominiums, and that’s primarily because of the popularity.

Gym – This is a close second, in my opinion.  Many of us condo-dwellers, myself included, grew up as gym-rats, and the condo gyms just aren’t “enough” for us.  But many of us have come around on supplementing a gym routine with a quick fix in the condo gym, and then there are scores of buyers who get more than they need from the condo gym, and relish the opportunity to give up a monthly membership.

Rooftop Deck – Whether this has communal BBQ’s or not, I would still put this in Tier #1, as most of my condo buyers are looking for some additional outdoor space, with or without a view, just for extra breathing room.  Especially for those buyers who have only a Juliette balcony, or a small, useless 4 x 6 foot plank.

TIER 2:

Party Room – Most people who live in condos have never rented the party room, and yet so many condo-buyers want one.  I think that when you’re contemplating a move into 700, 600, or maybe even 476 square feet, you like the idea of being able to use a much larger space.  It makes the commitment to a small box in the sky a lot easier!

Guest Suites – In the same way that people like the idea of a party room, condo-buyers always seem to think of their “out-of-town guests.”  It’s very sweet of them, and again, in practice, they don’t get a ton of use out of them.

Pool – Many of you will balk at this being in Tier #2, but I get a lot of requests from buyers for a pool.  Certainly more people ask for a pool over a bowling alley, or a wine cellar, or whatever else developers are coming up with these days.

Sauna/Hot Tub – This could debatably go in Tier #3, but with a pool often comes these two features, so I think they go hand-in-hand.

TIER 3:

Games/Billiard – Getting into the third tier means these items aren’t necessarily requested by my condo-buyers, but rather I’m gaging their response to the mere presence of these amenities.  A billiard room gets used, and thus it’s the most common of all the “games” in condos.  Spaces like the games room at the Merchandise Lofts – with billiards, ping-pong, foosball, darts et al makes for a much longer stay, even an actual “event” one Saturday night.

Tennis/Squash Courts – This is hardly ever requested, but I know a lot of people who use the tennis courts in the buildings down by the waterfront.

Yoga Studio – You might think, “This is really just a gym, so why isn’t this in the first tier?”  Well, I think a gym has weights and cardio machines.  A yoga studio is a separate, defined, enclosed area strictly for yoga, although in my building people use it for band practice…

TIER 4:

Cinema – You might use this once, maybe.  If you’re using this on the regular, then you’re clearly making a point to get your condo fees’ worth!

Dog Wash – You can put this in Tier #3 if you want, and I probably won’t disagree.  There are so many dog-owners in condos these days, but I personally don’t think that means a defined dog washing station is a necessary condo amenity.  I wash my dog once per week in my bathtub, although she’s only eight pounds.

Car Wash – This can be convenient, I’ll give it that.  But as most of you know, the “coin-wash” you get of the do-it-yourself variety is awful compared to the $10 wash you get, even at Esso.  So while this is convenient when you have bird crap on your windshield, you know it’s not the real-deal.

Meeting Room – Now we get into amenities that make some of you ask, “What the hell is that?”  Well, a meeting room is essentially a smaller version of a party room, often that you don’t need to either, a) pay for, b) hire security for.  We have one in my building, one level below the party room.  I had a fantasy football summit a few years ago (don’t ask – it was a meeting after thirteen years of league play with the same ten guys, to discuss rule changes), and I didn’t want to pay for the party room, or bother my wife with the presence of the other nine guys.  This room was perfect.

Multimedia/Business – I know this sounds silly, like the “business centre” of yesteryear, but think of all the students that rent in downtown condos, many of whom rent a 1-plus-den with a roommate and have zero privacy.  Many of them go down to the multimedia room or business centre to study.

TIER 5:

Bowling Alley – This feature made its first appearance, at least that I know of, in CityPlace back in the early 2000’s.  At the time, it seemed excessive, and unnecessary.  But as I’ll explain, and perhaps delve into further on Friday, this might have paved the way for far more outlandish features.

Virtual Golf Simulator – This is where you get into the category of, “I guess if it exists in my building, I”ll use it.”  But you would never want something like this if you knew you had to pay for it!  The problem with something like a virtual golf simulator is that the technology changes dramatically from year-to-year.  Ask anybody who has hit a golf club in the simulator at Golf Town this year, and they’ll tell you.  A simulator from 6-years-ago is like firing shots in the dark and making guesses about where they end up.  Not to mention, think about the maintenance and the potential for damage.  Just add alcohol on a Saturday night, and voila!

Baseball Batting Cage – This is getting repetitive, I know…

Video Game Room – These exist, trust me.  About halfway through writing this blog, I figured I’d better provide photo evidence of some of these amenities, so I’ll come back on Friday with a dedicated post.

Poker Room – My mind is reeling with cynical comments; I don’t know where to stat.  Is it BYOSG?  Bring your own sunglasses?  Will residents show up with advertising on their shirts?  “FULL TILT POKER” hats, and the like?  Who decides the buy-ins, the games, the players?  Is the condominium corporation responsible if somebody loses their life savings, and blames it on an illness?

Library – Here’s a return to normalcy, and yet I included this in Tier #5 because for the life of me, I’ve never understood who seeks out the use of a library in a condo.  I understand that some people out there like to turn their front lawn into those “Little Free Libraries;” take a book, leave a book!  But in a condo, I don’t know.  I remember my old stomping grounds at 230 King Street had this odd, almost awkward little area around the corner from the front foyer where there was a small shelf with books, and one chair.  It was so odd!  I had a Halloween party back in 2005 and as we were leaving the condo, somebody stumbled upon it and was like, “Oh wow!  A secret lair!”  My current condo has a library too, which is painfully awkward, since it reeks of retirees who have nothing to do.  On the wall next to the billiard table, there are shelves, clearly installed by a resident, and books – separated into genres!  “Fiction” and “Non-Fiction,” the hand-made signs read!  Hey look, I know I’m making fun here, and many of you reading this will disagree.  But walk up the aisle of an airplane and you’ll see so many older-folks on Kindles and iPads!  I will admit, I read paper books, and I will never change.  I refuse to give up the turning of a page, the placing of a bookmark, and the proud display of an actual book on a shelf, once I’ve completed it………….three times per year.  But I find it odd that as libraries in society are being closed, condominium residents are creating them at home.

Lounge – We’re not talking about party rooms here, nor are we talking about libraries.  Some condos have something called a “lounge,” which is often a party room with no party, or a library with no books.  It’s not a business centre, or a multimedia room.  What the hell is it?  I’m not sure…

Let’s break here for now, and on Friday, I’ll show you some of the more impressive, and/or ludicrous amenities that either already exist, or are being planned…