Who would buy a 500~550 sqft condo?

[izomax]

I have been looking at downtown condos and I was wondering is there really a market for it?

What kind of people would live there?

Is it really hard to re-sell?

 

[cdr108]

that's actually considered a large 1 bedroom unit these days.

i've noticed alot of developers are trying to passing off 450sf as 1 bedroom units, which only 5 years ago was still considered a bachelor.

unfortunately, these small units are a symptom of high RE prices and unaffordability.

 

[Jayomatic]

It all really depends on the layout of the unit. I'm in a 560 sq ft unit in the Hudson but the layout is fantastic. Not an inch of wasted space. My living/dining room is larger than most of the new 2 bdrm units i'm seeing in newer buildings. My living/dining is 18x11 which is pretty large for a 1bdrm. The only problem is the lack of closet space.

 

[madmolecule]

Does anyone know whether this condo shrinkage has also occurred in other cities? It seems to make sense that condo sizes would fluctuate with affordability (price/income ratio). In Toronto, affordability has gradually decreased since 2000. Prior to that, there had been a sharp drop in affordability around 1990, followed by a gradual increase through the 1990s - I wonder if condo sizes decreased and then increased, respectively, at that time...

 

[Yossi Kaplan MBA]

500 sq ft condos

There are multiple reasons

1 - affordability. in 1999 I bought a 700 sq ft for 140,000 (200PSF)

Today if you can't afford 250k (500-550 sq ft) you should consider renting

2 - more units for young uni grads

3 - immigration - used to living in smaller spaces

4 - improvements in designs allow for smaller yet more functional spaces

 

[AGTO]

4 - improvements in designs allow for smaller yet more functional spaces

LOL...that's a sales pitch.

 

[grey]

It all really depends on the layout of the unit. I'm in a 560 sq ft unit in the Hudson but the layout is fantastic. Not an inch of wasted space. My living/dining room is larger than most of the new 2 bdrm units i'm seeing in newer buildings. My living/dining is 18x11 which is pretty large for a 1bdrm. The only problem is the lack of closet space.

Joni Mitchell suite, by any chance?

 

[simuls]

LOL...that's a sales pitch.

No, I disagree. The fact is, I had more usable space in my 630 sq foot 1+ than most older condo's I'd visited that were 800+ and the unit still felt a little too big for me. Most homes area complete disaster when it comes to using space, we, in North America, are just starting to see how the rest of the world lives.

 

[cdr108]

Joni Mitchell suite, by any chance?

the only 1 bedroom suites with that size of LR/DR i could find were the Nina Simone and Duke Ellington; however, they are larger than 560SF >>> 586-590.

 

[AGTO]

No, I disagree.

...and I disagree with you. There have been no "major improvements in design" that make a 500SF apartment feel like an 800SF apartment...no matter how you want to spin it.
The only major change I've seen is the "linear kitchen"...which is another way of saying "kitchen with absolutely no work space".

I lived in one of the smallest suites in the Merchandise building, it was a one bedroom at 860SF.
I now live in 2100SF of loft space....I can't go back.

 

[gei]

...and I disagree with you. There have been no "major improvements in design" that make a 500SF apartment feel like an 800SF apartment...no matter how you want to spin it.
The only major change I've seen is the "linear kitchen"...which is another way of saying "kitchen with absolutely no work space".

I lived in one of the smallest suites in the Merchandise building, it was a one bedroom at 860SF.
I now live in 2100SF of loft space....I can't go back.

I live in a 1 bedroom at cityplace that is ~750sqft, and over the years I've realized I could easily live in a smaller space. 550sqft isn't too bad depending on the layout

 

[Josef]

I would never purchase a 500-550 sq foot unit. That's incredibly small!
My unit that I'm moving into is 575 sq ft

 

[aabbcc888]

I would never purchase a 500-550 sq foot unit. That's incredibly small!
My unit that I'm moving into is 575 sq ft

It makes that much of a difference?

 

[carturo15]

have a look to this link, if I am not wrong the original price of that unit was $145.000 3 years ago. With that ROI, I would not mind at all living in such a small place.http://www.realtor.ca/PropertyDetails.aspx?PropertyID=8729868

 

[iSlutsky]

LOL...that's a sales pitch.

I disagree...

Changes in design have allowed for much more useable space, and better unit layouts. This is seen with less hallway space, and more efficient technologies within the units.

For example:
(i) My washer/dryer is a two-in-one, with no need for venting;
(ii) My dish-washer is TINY and compact, thus taking up less room;
(iii) Unless you are in luxury, kitchen space now takes up much less room, and with the open concept, makes for much larger entertaining spaces; and,
(iv) etc...etc..

In fact, two years ago I was on a tour of condos in the UK, and I was blown away by a few 300SF suites that seemed to be extremely spacious due to their design. In fact, the entire kitchen space was hidden in closets, and with the switch of a button the wall separating the living from the bedroom turned sideways (similar to The Hudson's common ammenity party room) thus either hiding the bedroom or opening it up (the bedroom had a murphy-bed, and doubled as a cool den.

New designs and technologies have made for very efficient and comfortable small spaces.