Hi,
I wasnt able to find any previous posts, but I am wondering what the approximate added value (in terms of $) of having a corner unit is? (apartment condo). The view is a south-west lake view, and is the top level of a podium.
Is it really worth it?
Thanks
That is a difficult question to answer in $ terms as it will depend on the unit, the building, the likelihood of view disappearing, etc.
If you are at the lake and have a lakeview, it will be very valuable as view will not disappear. Given that you say it is in a podium, if it is not by the lake, then it is likely not very high up and view will be less important. People in Toronto seem to like West/South exposure as we don't get alot of sun and winter is long. that said, it is very hot in summer and you will have blinds pulled.
to try and answer, without further details, if I assume a midrange condo downtown today, say range $500-$600/sq. ft., the Southwest will command the highest dollar all other things being equal. Likely will be worth about 5 to 15% more than say the North or East views, all other things being equal. If you have a lake view that won't disappear, possibly as much as 20%-25% premium. If it was a higher floor and lake view, even 30 to up to 50% higher. this would be more in the case of a luxury building.
Also, if it is a small 1 bedroom, the premium may not be as much I believe in percentage terms as a more luxurious 2 bedroom with the same view. If you could provide more specifics as to the comparables that you are looking at, would be pleased to try and guestimate for you if it is worth the premium.
finally, depends on usage; If it is for your own usage, the view may be worth more to you than to a renter so if you are planning an investment then it may not be worth the additional expense.
Hope this helps.
Helping "the taxman". Not that is something new and novel.