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22 Condominiums 
22 Wellesley St E, Toronto
Developer: Lanterra Developments, H&R Developments

22 Wellesley St E (H+R Developments/Lanterra) - Real Estate -

Discussion in 'Real Estate - Individual Project Threads' started by timyan89, Jul 31, 2011.

  1. timyan89

    timyan89 New Member

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    Im considering buying a 802sf unit on the 19th floor here but the maintenance is $609/month. So im just wondering why the maintenance fee is so high in this building, especially when there are so few amenities
     
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  2. tkip

    tkip Active Member

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    $609/month? That's almost my entire rent. This is insane. What in the world are they offering in that piece of crap building that offers superior amenities that demand this price?
     
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  3. dt_toronto_geek

    dt_toronto_geek Superstar

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    It's a fairly small building so there are fewer units to pay for things like security, property management, fitness centre maintenance, landscaping, cleaning staff, garbage hauling, hot tub, hydro etc. than in a large building.
     
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  4. cdr108

    cdr108 Senior Member

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    either that, or it's inefficiently managed.

    IIRC, when it was pre-con marketed, the fees were no different than larger projects at ~$0.40 psf.

    $0.75 psf for maintenance is ridiculous for a relatively new build with minimal amenities and unit owners have to pay utilities extra.
     
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  5. dt_toronto_geek

    dt_toronto_geek Superstar

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    Oh, and take into account the reserve fund too of course.
    I lived in a building with fewer units than 22 Wellesley (94 units) with maintenance fees at 37¢ psf the first year, 53¢ the second year and then sometime after I sold they increased security from 8 to 24 hrs per day so maintenance fees would have taken a huge hit after that.
     
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  6. TheKingEast

    TheKingEast Senior Member

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    I would not buy there. Those fees are ridiculous and they are not going to go down. In addition, you have to think about resale. There's a point where the maintenance fee starts to affect the sale price.

    I've also heard that the soundproofing is not that great in this building...this seems to either be the norm with Lanterra buildings or all glass buildings...so keep that in mind.

    But that maint. fee is far too high. The building's just a couple years old, seems to be poorly managed or they've had to spend a lot of money fixing stuff.
     
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  7. Automation Gallery

    Automation Gallery Senior Member

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    Considering the area....i think if they had build it 10 floors taller, it would have helped stabilize the average Toronto maintenance condo fees.
     
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  8. dt_toronto_geek

    dt_toronto_geek Superstar

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    It should have been, it's right next to a subway for goodness sakes. Height restrictions (along with some dispute over the property line or something) have also delayed developing the two properties at 40 and 46/50 Wellesley St. E. (the two properties directly east of 22 Wellesley).
     
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  9. Automation Gallery

    Automation Gallery Senior Member

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    Dont get it..height restrictions on Wellesley, when up the street on Charles you can blow in a 50-60 storey/ 160-200 meter structure..same goes for down the street.:cool:
    Again whats up with Yonge/Wellesley, great place to develop an... Aura/1 Bloor-type project.:confused:
     
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  10. dt_toronto_geek

    dt_toronto_geek Superstar

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    Maybe not quite that high, there are dense neighbourhoods to the north. 35-45s I think is workable.
     
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  11. WanderLust

    WanderLust Active Member

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    The units have, I think, 8 foot ceilings, which is average, better than the 7 foot 9-3/4" ceilings at 24 Wellesley W, but not the new standard 9' ceilings on newer builds. Also, southern exposure units will have their views of the CN tower and much of downtown obstructed with the new towers going up on Yonge.
    The fees in this building have shot up through the roof ... you would need to discuss this with the property management to see why, but don't expect them to go down, fees tend to go up with every annual budget.
    I wouldn't buy at 22 Wellesley because it's an incredibly noisy location and that building looks 'cheap', inside and out. The larger units have already started stagnating in price ... 800 square feet in a 'newer' building at that location should command 450k minimum, with cheap appliances and laminate flooring, but it's priced a lot lower than that. The Met down the street at Yonge/College ... 600+ square footers have been selling for over 400k, which is a riot considering they don't even have granite counters and the units look incredibly sub-standard and cheap, but, hey, people buy cheap condos all the time.
     
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  12. dt_toronto_geek

    dt_toronto_geek Superstar

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    One of the units for sale at 22 Wellesley on MLS says 9' ceilings
     
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  13. WanderLust

    WanderLust Active Member

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    I'm not 100% certain, but 22 Wellesley has 8' ceilings. Not sure if maybe penthouse level has higher, or some other floor, but a lot of agents list properties with wrong details all the time. E.g., some agent listed a unit elsewhere saying 700 square feet 1bdrm, when in actuality, it was 644 square feet as per builder plan, not even a rounding error, just a rush to make it look like a value in the listing because a bedroom wall was removed to open up the living space. The agent ended up having to modify it to 644 once it was brought to his attention via another agent, not the seller. However, notice how 99.9% of the agents DON'T mention 9' ceilings at 22 Wellesley. Usually, if a unit has 9+ ceilings, you'll see it say so in the listings, else, don't both mentioning it, let buyers 'assume' what the height it.
     
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  14. rufferdawg

    rufferdawg New Member

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    I just wanted to post something about this building since I've lived there since opening (2008) and, after a six month search looking for a larger unit, decided to buy again in this building when a bigger space came on the market. It's a well run building with 24 hr security, which costs a lot when it's a smaller building with fewer units to spread costs over. The reserve fund is ample, which is fine by me since it lessens the chance of special assessments. The proximity to the subway is fabulous. My main complaint about the 'hood is that the restaurant choices are weak -- but I think that will change as construction along Yonge progresses.
     
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