Condominium vs. Freehold

South view from my condo unit.  More being built in front of my eyes.

The word "condo" evokes images of large buildings, wall-to-wall windows, new developments and flashy sales offices with names like "iLoft" and "Bohemian Embassy", but truth be told..."Condos" don't just mean apartments or lofts.

According to Audrey Loeb, "The term CONDOMINIUM applies to a type of property ownership rather than to any particular style of building or the physical structure of the building or building complex.  Residential condominiums can be either high-rise or low-rise apartment style units, townhouses, detached houses, stacked houses - any configuration of housing you can imagine.  Non-residential condominiums can be industrial, commercial or retail.  What makes them CONDOMINIUMS is not their physical structure but the way in which owners have agreed to share the ownership of the common elements of the property, while retaining individual ownership of parts of the property which constitute their units."

Condominium properties consist of units and common elements -- i.e. hallways, parking garage, elevator, lobby, gym, party room, etc.  Condominium ownership is dual in nature; one has ownership of their unit, while sharing the cost of common elements with other condominium owners.  All unit owners must pay their own property taxes and monthly condo fees, according to square footage.

On the other side of ownership is FREEHOLD.  Unlike condo owners, freehold ownership does not entail common elements. The word "freehold" refers to an interest in land for a limited or infinite amount of time (until you sell or will it to someone else).   Freehold property owners are deeded the land and the house on which it sits on.  Instead of paying monthly condo fees, freehold owners are responsible for their own upkeep, cost of maintenance (water, hydro, etc.), and property taxes.

It all comes down to a lifestyle choice:  Condominium ownership offers many conveniences such as a gym, lobby, and not having to worry about shoveling the snow or having to be home when UPS drops off that eBay package.  Whereas freehold ownership provides the freedom of doing things on your own such as landscaping, renovations, bar be quing on the lawn, and not having to adhere to pesky condo bylaws.

For many buyers, choosing to purchase a condominium is a fantastic option for people who want the lifestyle and convenience of manageable space and urban living.  Whether you're a first time home buyer or you're looking to downsize, there are many options and neighborhoods for you.  Contact me for more details!

Looking for a new nest or want to sell your current one?  Call (or tweet) Robin!

Houses & Habitats - Long Branch

Some History 

Long Branch is named after the summer resort area of Long Branch, New Jersey, and is Toronto's most southwest 'habitat'.  In the late 1800s, the 'Long Branch Hotel' served as a popular summer resort.  Land transportation was limited for the droves of resort-goers and thus routes to the resort included a ferry boat for elite Toronto residents. 

For most of the latter part the 1900s, Long Branch was seen as a blue collar neighborhood with relatively affordable real estate and limited "quality" businesses.  A good portion of area residents held jobs in the various industrial companies nearby.

Over the last decade, Long Branch has seen a lot of change in the neighborhood fabric in that new and modern businesses have opened up with applause from area residents.  There has also been an influx of young families and young professionals who are attracted to Long Branch's quiet, lakeside atmosphere, and its proximity to various amenities: shopping, public transit, highways, and to Downtown Toronto.

Location

Bound by Etobicoke Creek to the west, Lake Ontario to the south, CN Railway to the north, and Twenty Third Street to the east.  Known for it's numbered streets, the main roadway is Lake Shore Boulevard West.

View Larger Map

Total Population

9,625 (Statistics Canada, 2006 Census).

Available Listings

As of the date of this blog post:

• 12 available freehold properties with an average asking price of $868,042. Sounds a little hefty?  Contact me if you want more detailed stats and real estate information. 

• 39 available condominium properties with an average asking price of $329,662.  Most of these condos are in the newly built Aquaview Condominiums located at the corner of Lake Shore Boulevard West and Forty Second Street.

Mural depicting life by the lake.  Located on Lake Shore Blvd West by Thirty First Street.

Parks and Rec

Long Branch has always been known as a lakeside community.  With many parks and its connection to the highly regarded Waterfront Trail, Long Branch is a haven for those who enjoy the outdoors in an urban setting.  The biggest park in the area, Marie Curtis Park, is cut into two with one half on the east bank of the Etobicoke Creek in Toronto, and the west bank portion in Mississauga.  The Toronto portion carves it's way north from Lake Ontario along the Etobicoke Creek to the Etobicoke Valley by bike path, showcasing native black alders and other flora and fauna.

Len Ford and Long Branch Parks.  Also a great place to stand up paddle board (sup) during calm waters and surf when the conditions are right.  Watch out for the rocky bottom.

Sign for Long Branch Park

Distinct Businesses

As previously mentioned, there has been an influx of new businesses that have opened up in the area.  Seemingly overnight, several establishments have made their stake at the corners of Lake Shore and Fortieth Streets including Woody's Burgers (burgers that will put you in a food coma), the recently renovated Empanada Company (they also have churros, and seriously, who doesn't like sweet fried dough?), Fair Grounds Cafe & Roastery, and the eversopopular Burrito Boyz.  I don't know why this corner suddenly became the bees knees but I like it and I'm sure you will too.

The corners of Lake Shore and Fortieth Street have become quite the destination for great food.

Of course, there's also the classic Long Branch businesses including Pendragon Comics, which has been selling comics since the dawn of the 1980s, Long Branch Fish and Chips (formally known as Blue Water), and Long Branch Animal Clinic, helping your friendly furry loved ones since 1988.

For more information, check out the extensive list of area businesses on the Lakeshore BIA website.

Fun Facts 

The 501 Queen streetcar ride from Long Branch to Neville Park is a good two and half hours of people and place watching and cuts through the entire south end of the city.  Try it one day.

Remember Degrassi Jr. High?  No, not that godawful new class.  I mean the likes of Joey Jeremiah, Snake, and Spike.  Well anyway, the series was filmed at what is now Vincent Massey Public school located on Twenty Ninth Street just north of Lake Shore.  If you look closely above the front doors today, you can still vaguely see the word "DEGRASSI" embedded on concrete slab above the front doors.  Cool, huh?

If you think this area is for you, or would like to know about what Long Branch has to offer, contact me on how you can make it your new habitat!

***Next time on Houses & Habitats we'll be continuing eastbound to the neighboring neighborhood of New Toronto.