New Development Of The Week: “The Bayview”

Condos

4 minute read

July 24, 2008

This will be one of the easiest reviews I have ever written.

The reason?  In the marketing for “The Bayview” condominium, everything positive that is written about this project is ironically something I consider to be a negative.

It’s almost like all the work has already been done for me…

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Before I move any further, look at the photo above; the artist’s rendering.  Notice that the top five floors are all staggered as to enable each and every owner to have a large terrace.  What a novel concept!

But as soon as I realized where this project was located, I immediately lost interest.

I find this project and the way that it is marketed to be unbelievably ironic, since things that the developers use to praise the project are things that I would probably use to criticize it, starting with location.

Flip open the brochure for “The Bayview,” and you’ll read: Location is Everything.

Why, I couldn’t agree more!

But apparently the developers (at least the marketing team) and I disagree about the idea behind a “good” location.

What do I NOT consider a good location?  How about right next to six other condos!!

Location is Everything.

What a joke.

This project is situated at Sheppard in between Bayview & Leslie, in the midst of all of Daniel’s Corporation‘s other buildings.

Take a look at this picture:

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I understand that everybody has their own tastes and opinions, but I just can’t picture the following conversation taking place:

“Honey, I’ve found the perfect homefor us!  It’s up at Bayview/Sheppard—take a look at this picture!”

“Wow, you mean it’s in one of these massive condos?”

“No, it’s going to be built right in the middle of all of them!  You know I absolutely love claustrophobia!”

Nope, I just don’t get it.

I have never been an advocate of 50-storey monster condominiums, especially those that are situated amongst 4-5 other buildings of the same nature.  The cluster of buildings at the base of Yonge Street disgusts me, and I loathe the CityPlace “community” as well.

I hate these buildings from an investment perspective just due to the sheer number of units; it completely contradicts the theory of supply versus demand.

But as for the actual style of living, why would you want to be right next door to a massive tower?  I mean, some of these buildings are less than 100 feet apart.  Can you imagine eating a romantic dinner with your significant-other on the 21st floor of your building and looking across the way to see your neighbor in his living room practicing karate buck-naked?  He can kick really, really high!

“The Bayview” is actually a mid-rise condo as it’s currently slated for less than ten floors, but this might give the building an even more boxed-in feel since it’s going to be surrounded by giants.

Another ironic element of “The Bayview” and their marketing is their caption underneath the photo I’ve displayed above: “Daniel’s Corporation has changed the Toronto skyline forever….”  Yeah, no kidding they have—they ruined it!

I fail to understand or accept this idea of a condominium “community.”  Personally, I don’t want to be absolutely enclosed in some futuristic society in the sky.  Don’t get me wrong, I know that condos in downtown Toronto are in close proximity to one-another and many views are compromised by surrounding buildings, but most buildings are nothing like this.

I just hate “clusters,” and even more to I hate the positive spin that developers put on the idea when they use the word “community.”

So let’s get to the price, shall we?

First, let me bring up something amazing: every single unit and every price quoted INCLUDES parking & locker!  I’ve never seen this before.  the new trend with pre-construction condos in the downtown core is that many developments don’t allow the buyer to purchase parking unless the unit is a 2-bedroom, $400,000 plus, or some other requirement.  But before you get overly excited, consider that you pay a “special fee” every month in the amount of $35 for parking and $15 for locker that is NOT included in the monthly maintenance fees.

The smallest unit, known as “The Gosford” model, is $373,900 for 698 square feet.  This equates to about $535/sqft and this unit is only available on the first floor, which most people shy away from.

The smallest 2-bedroom unit, known as “The Bennington” is about $557/sqft for an 850 sqft unit.

And the largest unit at $1,311,900 is $608/sqft for a 2157 square foot unit.

I’m blown away by the prices.

We’ve officially moved past the $500/sqft mark as any sort of threshold whatsoever as it now seems almost like a price floor and not something you question whether you’ll pass in the first place.

Now let’s compare these prices for pre-constructionat “The Bayview” to prices for resaleat Daniel’s other buildings such as “New York Towers” on Rean Drive.

At the moment, there is a 2-bedroom, 2-bathroom unit of 1120 square feet for sale at $399,000.  What does this cost per square foot?  A measly $356.25!

I’ll be the first one to shout, “Price per square foot is such an inexact science!  You have to know your product!  Every building is different!”

Gee, I have to agree with what I said—it sounds brilliant.  But comparing two buildings that are in the same “community” and built by the same developer is much easier than comparing an Ajax condo to 230 King Street in downtown Toronto, no?

I have read through the description of “The Bayview,” and both the finishes of the units and the features & amenities of the building are fantastic.  BUT…..how can you justify $560/sqft for pre-constructioncompared to $356/sqft for resale?

I think this project is just way, way too expensive.

Oh and before I forget—my favorite part: the building is scheduled for completion in August of 2009. 

Unless they rip an existing condo out of the ground and airlift it to the future site of “The Bayview,” I don’t know how they expect to complete this thing in one year, assuming no delays.

“The Bayview” is certainly a nice looking building with very pretty terraces, but I hate the location, and it’s very pricey.

But I hear the sounds and views of Highway-401 are spectacular in the rest of the New York Towers “community”…

Written By David Fleming

David Fleming is the author of Toronto Realty Blog, founded in 2007. He combined his passion for writing and real estate to create a space for honest information and two-way communication in a complex and dynamic market. David is a licensed Broker and the Broker of Record for Bosley – Toronto Realty Group

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