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Things to worry about: general street noise, not pleasant if you are near the garbage removal area, or loading area of the building, car pollution if near busy street, usually views are not great, etc.

Sometimes there's good things too. Some buildings (like mine) have "ground floor" penthouses with semi-private large backyards shared between two units only. Maybe also real patios instead of balconies. Elevators (if they break down, or they are busy) don't become an issue since you won't be spending much time in them, if you need them at all.
 
Also, vandalism, break ins (I'm not sure whether insurance will be higher as a result) and other undesirables in your "yard". For these reasons and others posted above you might not want to open your windows or curtains.
 
Definitely noise; if you're on a busy street it can be quite loud, particularly if you're near streetcar tracks. And yes, watch out for the garbage removal area; we're up 10 floors but on garbage days, those trucks are LOUD.
 
As you can see, it really depends on the neighbourhood and the building.

I currently live in a ground floor apartment. I'd rather have a balcony since there's really no privacy in front. But as mentioned above, there are some nice condos with amazing patios at street level that are somewhat private and more spacious than any balcony. I walk by some buildings and get the idea that many who have their separate entrance and nice patio have got it made over those on the 30th floor. Of course, different strokes for different folks. I do love the fact that when I forget something and have to turn back I don't have to wait for the elevator... of course, perhaps I just shouldn't be so forgetful. :)

If you're on the second or third level, I think the main concern is fully dependent on whether you're on a busy street or not.

Usually, the lower the level, the lower the price... so there's that to take into consideration as well.
 
What if it's not on the G/F, but their lowest floor is the podium, so to speak? I guess things to watch out for are noise, worse views? Nothing else? I suppose theft would be less of a concern?
 
Make sure you know where the physical plant pipes/etc are. I know someone who lives on the ground floor at the Quad Lofts, and there are water pumps or something directly below his unit. Every time it pumps water up (every 5-10 min), there is a godawful racket directly below his concrete floor.
 
Think about resale too. When I was buying a condo, I refused to look at any unit on very low floors. It might be a bit harder to sell a low floor unit.
 
I'm personally on a high floor and prefer them, but I see no reason why it would be harder to sell a ground-level unit. I know of people who specifically look for these - people afraid of heights, people who hate elevators, and people with limited mobility who are concerned with being stuck if there's something like a fire that shuts down the elevators. In fact I've heard of several older couples who will only buy units on very low floors after what happened during the big blackout several years back - they were completely stranded in their condo.

Compounding that is the fact that there is only one ground level in a building, vs many "high floors"... so supply is limited.
 
I would tend to not go over the height of where fire truck aerial ladders can reach. That is usually no higher than 7 stories, depending of floor height of course. In addition, I prefer to take the stairs down or up, and 7 seems to be the comfortable limit for me.
 
If the building's occupancy is phased, you might be charged beaucoup de phantom rent on the lower floors, as well as be forced to put up with months of construction above and around you. This is obviously only an issue in new developments, though.

Lower unit dwellers might also want to stay more informed about future developments in the area since even short towers nearby can really alter views and the amount of sunlight that pours in...not that someone on a lower floor should expect great views or great sunlight to begin with.
 
Check where the entrance is to the parking structure. If you are over it, you MAY have cold floors (depending on the construction of the building)... Also, often amenities are on the lower floors, so be sure to check your proximity, as I wouldn't want to be next to a multi-purpose room, gym, or any other well-traveled amenity.
 

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