Posts Tagged ‘condo’

Contrary to what HST stands for…there seems to be nothing harmonious about the tax! Kerry Gold, a writer for MSN money and stationed in BC recently ran a story on how the effects of the tax vary from Province to Province.  I was asked for my experience on how things are handled in Toronto (with regards to pre-construction)! Look for a further post this week elaborating on how taxes are handled in Ontario!

By Kerry Gold, September 28, 2010

It’s not like a couple of years ago, when it was a sellers’ market and the very idea of incentives was like a quaint notion from another era.

With the introduction of the HST in B.C. and Ontario on July 1, developers have had to get savvy when it comes to marketing their product. In Ontario, they started adjusting prices to absorb the new tax a year before it was introduced, which meant buyers hardly felt the pinch. Also in Ontario, developers have made it standard policy to include the new tax in their selling price. In B.C., the HST is just starting to become included in the cost of new homes, rather than passing it along to the buyer. It’s just one of the ways that developers are sucking up the cost of doing business in a tougher market. In some cases, it means a new house is priced cheaper than a resale house.

Looking for a loft? In a boutique style building? In a transitioning area…I may have just the right thing for you – 707 Lofts by Enrox is looking like the next “soft loft” to launch in Toronto!

The development has been in the works for a few years now, but had yet to finalize due to approvals from the city. Initially the lofts were going to be 8 stories tall. After several meetings with area residents, the project was scaled back to 5.

I was lucky enough get some “insider info” on the areas developments thanks to my grandparents living half a block away. On a recent visit to their house, I discovered that the construction wall has gone up over the existing properties.  Check out the photos below.  Click on the thumbnails for a larger image!

Not much is known above and beyond these pictures.  The developers website is up but doesn’t have any info on finishes or prices.  I do like the initial rendering and how it fits with the area with the red brick and glass.  Units fronting on Dovercourt should get a lot of natural light through the over-sized windows.

The site is located half a block south of Bloor on the West side, next to The Church Lofts.  Send me an email or give me a call if you’d like to be notified when 707 Lofts launch!

One King West on the corner of King and Yonge sits the tallest evenidence of Harry Stinsons passion, vision, and non stop ambition!  At 51 stories, One King slices through the sky line as one of the thinnest condos in North America!

Earlier in the week, I recieved my brokers invite to the launch of Riverside Towns!  The invite shared more info about the project including:

• All brick and stone exteriors
• clean, modern interiors
• 9ft high smooth ceilings
• engineered hardwood floors
• European inspired kitchens with stone counters
• garden patios, balconies and rooftop terraces
• stainless steel appliances
• all gas cooking
• designer styled modern baths

The launch is happening this Monday, November 1st!  I’ll be attending the event and if you’d like to join…feel free to call or email…I’d love to help!  You can check out more pics of the project at my previous post!

“Downtown Condos” may not be the most creative name for a new project…but building a condo with the ability for owners to combine or divide suites definitely changes it up!

The proposed 11 storey building by Parallax Investments will have only 89 suites including Penthouse and Town homes.  Located at 508 Wellington West in the King West part of town, the project will be built directly next to Bar Wellington and diagonally across from Victoria Memorial Park.  Downtown Condos will have the usual amenities of a lobby with concierge, second floor party room and a theatre room to name a few BUT the truly unique feature is in the units…

Parallax and &Co Architects will be implementing a state of the art idea not seen yet in Toronto, they’re calling it the FlexNatür planning system.  According to their sales literature:

We finally got our first glimpse of what Tableau will look like!  On Thursday, brokers were invited to hear David Wex (of Urban Capital) speak on the unique characteristics that Tableau has planned for future residents!

The play on words of “Tableau”, (French for table) is apparent throughout the marketing of the project!   The features of the condo are broken down in 3 different parts of the Tableau…below, on and above! To add to my previous post of what the condo will offer:

BELOW THE TABLE –  will feature a combination of design powerhouses.  Starting with my favourite part of the project is Shayne Darks “Nova” piece (seen above) that will  shoot through the table and add a dynamic display to the condo.  Below the table will be Claude Cormiers mosaic tiled plaza that will give a “ying and yang” contrast with the green space his firm is also working on across the street from Tableau.  To whisk you to and from your unit will be 4 high speed elevators. The lobby will house a 18′ high marble clad wall on one side with a floor to ceiling windows over looking the public plaza. Residential and commercial lobbies will be designed by Cecconi Simone. The current site of Embassy Night club will be worked into the building…sort of.  The tower and table will sit on top of the existing building with the facade being worked into the design instead of demolished!  Below are a few photos of what the corner currently looks like:

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DID YOU KNOW… the location of your condo may determine who pays for the status certificate!

Wait…do you even know what a “status certificate” is? And why you should be asking for one when purchasing a condo?

In the simplest terms, a Status Certificate is set of documents prepared by a condo board to illustrate the financial health of the building! A typical certificate will show a variety of facts including: how many units are being leased in the building, any shortages in payments of maintenance fees (for the particular unit) and the amount levels of the reserve fund.  They take 10 days to prepare (though most boards I’ve dealt with produce them sooner) and can be obtained by the unit owner.  They’re typically requested when a buyer submits an offer to purchase.  The purpose of the documents is better educate the potential buyer on the financial status of the condo and point out any pitfalls that may lay ahead if the decide to go through with the purchase.  A Real Estate lawyer is often best to review the Status and relay it’s info to the purchaser!

Now that we know what it is and why it’s needed, it’s time to answer the almighty dollar question “Who pays for it?”

Up until a few weeks ago, it was to my understanding that in Canada the seller is the one who pays for it…but after talking with Matt Richling, a colleague selling real estate in Ottawa I learnt different!  In Ottawa it’s common practice for the buyer to be the one who pays the fee. Which would make sense since it’s the buyer who’d be most interested in it’s findings. Fortunately for buyers in Toronto that’s not the case, and the seller typically pays for the status.  Your Realtor should always have the “Cost Talk” with you to better inform you of all the expenses that tend to pop up above and beyond the sticker price!

I ALWAYS recommend putting in a clause requesting a copy of the status and having a Real Estate lawyer review it.  Regardless of who pays for it…it only costs $100 and could save you a million headaches in the future!  If you’re looking at buying place of your own downtown…feel free to call or email…I’d love to help!