Pros And Cons Of Living In A Hotel Residences (Four Seasons, Shangri-La, St.Regis)

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Video Chapters
1. [0:00] Introduction to Hotel-Condo Mixes
2. [0:25] Breaking Down the Pros and Cons
3. [1:04] Examples of Hotel-Condo Buildings
4. [1:36] The Importance of Brand and Perception
5. [2:40] Pros: Luxury Amenities and Convenience
6. [3:03] Pros: Central Location
7. [4:09] Cons: High Prices and Limited Financing Options
8. [5:56] Cons: Potential Noise Issues
9. [6:17] Ideal Residents for Hotel-Condo Buildings
10. [6:43] Share Your Experiences in the Comments
11. [6:58] Conclusion and Thank You
The opinions expressed herein are solely that of Tom Storey, not Royal LePage or the TRREB and should not be misconstrued as advice or the basis of an agency relationship whatsoever. Please consult your professional advisor prior to taking action on any decisions relating to the matters discussed in these videos. This communication is not intended to cause or induce breach of an existing agency agreement. This is not financial advice.

[@albertn.1742]

I used to live at the Four Seasons Residences before moving out to the suburbs. Noise wasn't a concern as you said, there's a separate entrance for residents. The building was pretty well built and units were larger, thus helping with soundproofing. Lots of units are empty half the year anyways. Amenities were great, especially valet car service which was my favorite. Didn't really care for the spa, pool and gym. Concierge and security were top-notch. Very personal experience as they try to go above and beyond for residents, whether it'd be scheduling housekeeping or laundry services (at a cost obviously).

[@mattk741]

Good to know. So why did you end up moving to the suburbs, just more space, less annual dues?

[@TomStorey]

Thanks for sharing your experience. Great to hear from someone who lived there.

[@albertn.1742]

@@mattk741 I no longer worked downtown so it was a no-brainer to move to the suburbs where I could get a nice detached home instead of a smaller 2-bedroom condo.

[@mattk741]

@@albertn.1742 I appreciate the info. Was there any downsides to living at the Four Seasons Residence? The cost might not be viable for a lot of people, and you can get more square footage for cheaper anywhere else... but other than that, was there anything you didn't like?

[@albertn.1742]

@@mattk741You’re welcome. There aren’t really any cons other than price, and it just depends on each individual. But to nitpick and what some would agree, the lack of parking spots for car enthusiasts (2 beds usually have 2 parking spots but some units have 1 - first world problem, I get it). Secondly, during the busy season the amenities can get a bit more crowded and less private since it’s shared. That’s about it that I can think of. Everything else has been great.

[@melissalopes6492]

This is a great video! I am a concierge in Vancouver in luxury building with this style on building model... and you very correct in this video!

[@SteelyDan-xj5rg]

I live at the Shang. Noise is actually lower than you can imagine there. Cost is market driven. I do agree that financing is a sticky point. 30% down is the standard from all big lenders. Sharing the gym with NBA teams on stop overs is common during the season. Best view, best location, best security, best parking, best amenities. I do hear the clock at old town hall, and sirens on hospital alley, but never people or internal building noise. Condo fees are 2k a month, high, but it’s like a membership fee in reality. Having a separate entrance with separate elevators, keeps all hotel people behind key card access. Visitor parking is always available. I would not live anywhere else downtown in this cost range. Oh and…the 750 sq foot 2 car garage is a clincher for car buffs.

[@TomStorey]

Great insight. Thank you for sharing. Do you think it's worth the price premium to live there?

[@JKaler99]

Quick question. Do you have room service? Can you order breakfast from the hotel in the morning like you can do in hotel rooms?

[@howy3333]

Good info Tom! Financing really bad in all the hotel/condos where they dont separate out the financials...

[@kevinamorimrealestate]

I think you will hit 10,000 subscribers by the end of the month. 🎉

[@miralev7396]

Bisha Hotel Residence in Toronto and overall, it was a great hotel experience. However, one of the main disappointments is the limited access to the pool. Unfortunately, there are times when access to the pool area is restricted, which was frustrating. It seemed to be quite busy, with a mix of hotel guests and residents, making it difficult to find a peaceful and relaxed environment.

[@TomStorey]

Thanks for sharing! Great to hear from people who have lived in these buildings.

[@Tawfiq_abdulsamad]

Great video! Does anyone know why 1 king street west building is usually cheaper than other buildings? Anything to be worried about?

[@TomStorey]

Very high condo fees. When the condo units were sold in 2005, people paid a very high price. I met with a seller last year who would have broken even based on what they paid in 2005 from the developer. It's not a good building for an investment. Lifestyle wise/location, it's great and there are "cheaper" condos in there, but not for investment purposes, I would stay away.

[@Tawfiq_abdulsamad]

@@TomStorey ah ok got it. Thank you for your reply

[@herranton]

One of the things that would draw me towards a hotel/condo building instead of just a regular (very expensive) condo building is the fact that the _hotel brand_ has a reputation to keep. If you look at 432 Park Ave in NYC (one of the buildings on billionaire row with units selling for over 100 million USD) there are horror stories about a war between the residents and factions breaking out, nothing ever getting done and poor management. Youve got a bunch of very wealthy people that all want to get their way (and aren't used to people saying no to them) and obviously, they can't _all_ get their way. If you buy into a four seasons, the four seasons will make for damn sure that shit gets done and they will enforce their rules because their reputation is on the line. (The following is an assumption by me) I'm guessing that the management associations have MUCH LESS control over making the rules. You live by the four seasons rules, not by some guy living in the condo below you with a blood feud vendetta because your kid plays violin a bit too loud sometimes. I trust that the four seasons will do anything to keep their reputation intact and not let the Karens of the world run wild because they are on the board. (Now I just have to come up with the funds to get into the four seasons, lol. The new building in Minneapolis looks amazing).

[@MATechie]

Would like to know how do the monthly fees compare to regular downtown condos.

[@TomStorey]

On average about 20% higher in these buildings.

[@DummMoney-rr1fi]

Hey Ton wasn't there just a rate hike a couple of hours before you posted about living in hotels? Ironic, when spending is outta control

[@TomStorey]

Yes there was!

[@Precondo]

you seem very alarmed in the thumbnail

[@TomStorey]

That’s just my face, unfortunately.

[@jchong416]

Rolex is twice as good as omega. They hold value and you take a bath on omega.