Rising up immediately to the east of Karma Condos is the next big building to be completed in the Yonge Street condo scene: YC Condos. So where is it currently at, and what impact will it have on Karma Condo residents?
As of this typing, YC Condos has gradually impacted the views of east-facing residents of Karma with each passing concrete level poured. Right now, there are only the top 6 levels of Karma Condos that have “unobstructed” views before progress continues and those views are wiped out in early 2018. Unfortunately, with YC Condos ultimately having 66 floors, it outpaces Karma Condos by quite a bit. The top of YC Condos will have an infinity pool, so it’s not the worst thing in the world to look at, but it’s still an obstructed view.
I can understand how east-facing pre-construction purchasers of Karma Condos are disappointed that a project came up right next door to them, but no west-facing buyer at YC Condos can be held for not knowing about Karma Condos going up right next door. It was a construction site during the selling phase for YC Condos.
Values will be impacted – both for selling and renting – whether at east-facing Karma Condos or west-facing YC Condos. There will be clear differences in price between levels and exposures due to the dramatically different views seen from the units, which isn’t all that much unlike the difference in value that the lower floor west-facing bachelor units at Karma Condos experience due to the head-on view into the immediately neighbouring concrete wall from 25 Grenville Street. The exact same layout can have a significantly different value (as in more than the typical ~$1,000/floor) depending on whether it’s on floor 20 or floor 30 due to the obstruction.
Time to make good friends with your neighbours. And to get some curtains for privacy! Urban density in Toronto is showing its face plain and clear in these condos with only a small laneway dividing these giant towers.