Posts Tagged ‘buyer’

No two snowflakes are the same… and either are pre construction condo contracts!

With the launch of several new projects this year, I’ve seen my fair share of contracts and with all of them; the same thing remains true “THE DEVIL IS IN THE DETAILS!” It’s for this reason buyers of pre construction condos have a 10 day cooling off period for their lawyer to review the contract. But of course “reading the fine print” is basic and something all should do regardless of the type of contract…the point of this post is for something a bit more obvious! DEPOSIT STRUCTURES.

It’s typical in Toronto for a developer to ask for deposits ranging anywhere from 20%-25% from a prospective buyer. The amount is not given up front, but rather in instalments over a period of time. To better illustrate my point, I’m going to use a purchase price of $300,000 and a 25% deposit structure as an example. By the time the condo is complete and the unit registered in your name, a total of $75,000 would have been given to the developer…but before we pop the champagne and move in, let’s take a look at what gets us there!

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500 St. Clair, the newest condo to be completed in Toronto has just registered! This means unit owners can now sell their suites on the open market (MLS).  I was lucky enough to accompany my client during their pre delivery inspection before the building was complete and was very impressed with how construction was coming along. The kitchens – spacious. The cieling heights – generous. The lobby – very elegant… but the BIGGEST eye opener was the views!!! Residents of 500 St. Clair have some of the most comprehensive City views I have ever seen!

Residents in this art-deco inspired condo are welcomed by the concierge.  From there they can relax with friends and neighbours at the “Forest Hill Club”.  The club feature some great amenities including: indoor pool, outdoor patio, fitness room, theatre, billiard room, library and a furnished guest suite!

Original purchasers of 500 St. Clair were not allowed to sell their units until the building had registered with the City.  Now that it has, some great layouts have come on the market!  If you’ve thought of selling or living at the newly built condo…give me a call or send me an email, I’d love to help!

Below is a look at the outside facade of 500 St. Clair:

On a recent visit to the River City Sales Centre, I noticed something different about the street… the old commercial buildings that once stood on the North side of Eastern Ave were gone!

The demolition of the buildings was to make way for Underpass Park, the most extensive park to ever be built under an overpass in Canada, and the first in Toronto.  The Park will cover approximatily 2.5 acres under and around the Eastern Avenue overpasses.  I had thought the park would be much smaller, but after seeing the work being done, it’s much more clear of how far the public space will stretch!

According to the Waterfront Toronto website:

“Designed by renowned landscape architects Phillips Farevaag Smallenberg in association with The Planning Partnership, Underpass Park embodies design excellence and is the epitome of innovative urban park design.  The design creates a socially-engaging park for community members of all ages and abilities by incorporating public art, recreational space, playful climbing structures and play areas, flexible community space, community gardens, and public gathering places.” 

Here are a few photos I took of the park under construction:

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Have you ever wondered what happens to all the fancy furniture in condo sales centres?

Sometimes it’s re-used, sometimes it’s tossed…and on some rare occasions it sold at a bargain price!  On Saturday July 10th, 2010 from 10-2 all the left over furniture from the Freed showrooms will be put on sale.  One of Brad Lamb’s projects in King East had a similar sale a few months back.  I stopped by for that one and saw a ton of great furniture for crazy low prices!

I’m guessing this should be the same…or possibly even better!  The Freed sales centres are some of the best out there, so if you’re thinking of attending, SHOW UP EARLY!!!

…and if you need the condo before the furniture give me a call or send me an email.  I’d love to help!

Pool season has officially begun! With the hot June summer weather rolling into town, 12 outdoor pools opened their doors early this year. On Saturday June 26, the City’s remaining 47 outdoor pools opened up along with more than 100 wading pools. Outdoor pools and wading pools will remain open for the season, until September 5. It’s expected to be a hot one this year, so check out the City of Toronto’s website for a full list of pools, locations and hours of operation!

Trinity Lofts is running a summer special, offering buyers either $10,000 in cash back or $15,000 in upgrades on units priced over $350,000!  The  location of the lofts offers downtown living next door to the Distillery District and West Don Lands Redevelopment.

The 8 story building will have just 81 lofts plus 2 townhouses.  The building will also have a dog room on the main level, resident “bike share” program and a on-site autoshare parking space.  Below is an example of a 2 bedroom plus den.  The unit is approx. 813 sq.ft  plus a 101 sq.ft balcony.  This floor plan starts at $446,900 and includes parking, storage locker and HST!

(prices and specifications subject to change without notice.)

Give me a call or send me an email to set up an appointment to preview full floor plans and price lists!

Do you have an extra 80 inches in length and 40 inches in width in that den of yours? If yes, then that’s just enough room for 2 beds! The clip above is from New-York-based Resource Furniture. Watch in awe (as I did) as they demonstrate how a little ingenuity can give a small space a lot of room!

I’ve never been a fan of the 300 sqf studio, be it for living or an investment but as the price of land in Toronto goes up; the spaces we call home are becoming smaller! It’s inevitable as developers try to facilitate as many units possible into their towers to maximize the profit on the project. Even traditional 2 bedroom units are being built with less square footage than their older counter parts.

If you look at a building like The Esplanade, it’s very common to see 1 bedroom units pushing 700 sqf. Compare that with many of the newer buildings going up and the same square footage is now housing 2 bedrooms! Space saving decor like the ones available from Resource Furniture are the key to using every square inch in your condo and making the most out of the limited space available!

…I wonder if there’s a foldable garden available?

Ready to find your own space in one of Toronto’s many condo towers? Give me a call or send me an email… I’d love to help!