Good Things Come in Small Packages in Today’s Condo Market
By Pat Baker, Dream Homes and Condos
Condominiums have changed dramatically over the past 25 years and at Baker Real Estate we find the metamorphosis of condo design and popularity continually fascinating.
The major change has been in the size of the suites. Among the first condos marketed in Toronto in 1980 were those at Dundas and University, where a one-bedroom suite was 1,050 square feet—huge by today’s standard. The ceilings were eight feet high and there were no balconies. But it was downtown and it was a beginning.
The fact that today’s condos tend to be smaller isn’t a negative. On the contrary, that practice has brought them into the realm of affordability for more people than ever before. Plus, innovative modern designs maximize space usage, and the furniture market has radically revised itself to accommodate smaller spaces. Nowadays you can find furniture items that serve a dual purpose and enable condo owners to increase the functionality of their space.
The original condo suites had solariums, which increased interior living areas. The trend now is toward balconies and terraces because people moving from low-rise homes want outdoor living space. Kitchens have changed, too, and have incorporated into the main open-concept living rooms. Most condo owners love to cook and entertain, and the big spaces lend themselves to socializing.
Another major change is with amenities. The first condominium buildings might have had an indoor pool in the basement that was rarely used. Today there’s a huge concentration on providing bright, well-equipped amenities that appeal to a variety of lifestyles. Over the years, developers have researched what amenities people use. Right now exercise facilities are huge because everyone’s into fitness. Some condos even have play areas with virtual golf and media rooms where residents can get together in a theatre-style atmosphere.
It’s easy to see why the condo concept caught on, but it took a while. In the beginning, sales representatives had to explain what a condo was. People had trouble grasping the notion that you actually owned your home and shared the expenses for the common areas. Today the market has expanded to include first-time buyers, move-up buyers, and empty nesters who opt for the freedom the condo lifestyle offers.
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