There's a blustery outspoken condo developer in town who happens to own a real estate firm. His name is Brad Lamb. He has a lot of experience building and selling condos in Toronto so he should know what he's talking about. Perhaps that is the case more often than not, but not always.
He was spouting off in a newspaper article recently about the evils of balconies. He says they cost too much to build (eats into his profits) and people don't use them (he doesn't use his).
Does this tall hairless wonder who dresses up as a sheep have no soul? He tells the reader in this article that he personally owns a condo with an enormous terrace. This outside space even has it's own kitchen and yet he prefers to cook and eat indoors. Apparently he doesn't use this space often, but then most workaholics don't use most of the square footage they own. Therefore in his little world, in a survey of condo owners who's name is Brad, let it be said that terraces and balconies are bad. Perhaps he'd prefer a condo development that features hermetically sealed units with recycled air and tinted windows. Who would buy these things? I know. Like minded personalities who shun fresh air, sunshine, birds, flowers and all things related to the natural world.
I too have a fair bit of experience selling Toronto condos. That would be 26 years of experience and I can count on one hand the number of buyers who tell me a balcony is not important.
My own little sampling of condo owners in the community surrounding my own condominium corporation tells me that the majority of owners frequent their outside space, either to cook, smoke, chat or read. Dogs who dwell in these buildings use their balconies more than Mr. Lamb, but then many of them have a little “pee” area that they visit from time to time.
I can think of two downtown buildings that would be worth a lot more if they had outside space. In the Market District there's 65 Scadding Avenue, where you can buy over 1000 SF for $375,000.00. Most of the units I've sold there move to a smaller unit so they can have outside space. Same thing at 15 Maitland Place in the Village. Over 1000 SF, corner unit for $415,000.00. Add balconies to these buildings and you could add $50,000.00 + to their value.
Come on Brad. Talk sense man!