|
|
|
Toronto CityPlace: Montage + Neo (Concord Adex, 47 + 16s, KPMB)
ephilk
New Member
Just got my move in letter in the mail yesterday. November move in date. "It is our pleasure to give you a construction update" What a joke.
avatarreb
Active Member
illusion
New Member
I was told last week by an independent real estate agent that a 2 bedroom apartment at Neo Cityplace will cost around $400,000 at the end of the construction.
Is this realistic ?
Is this realistic ?
BritTrump
New Member
I'm new here. Hi all.
I have a unit in NEO. But i havent heard anything yet about the nov'08 date.
Also, how come there are no listings for units for re-sale like with other buildings? Is everyone holding onto their units?
I wonder what they are worth now?
I have a 1bed+den plus 180sq.ft Terrace/patio.
I have a unit in NEO. But i havent heard anything yet about the nov'08 date.
Also, how come there are no listings for units for re-sale like with other buildings? Is everyone holding onto their units?
I wonder what they are worth now?
I have a 1bed+den plus 180sq.ft Terrace/patio.
Jayomatic
Active Member
Why, are you looking to sell like 70% of the rest of investors or agents who buy up all the smaller units inflating the prices for any first time buyer? Thanks! I really mean it. I'm sure its only a matter of time before the masses come to market.
syn
Senior Member
The west side should be nice, though it doesn't seem that way now. I'll reserve judgement once it's done (along with the park).
yyzer
Senior Member
Here in Ontario, nobody can sell until after they have legally taken possession, i.e., you can't sell what you don't yet own...
Before the condo is completed, you cannot sell it...
But even after the building is substantially complete, you still cannot right away...
There is a 2-part process here...first step is called "interim occupancy", where you close, you pay the balance, and you get the keys, and can live in the unit... but you still don't legally own it ("title") - and therefore cannot sell something you don't yet own. This "interim occupancy" can last for several weeks, or for several months.
the 2nd step is when the condo building is "registered" - at that point, you become the bonafide legal owner of the unit, afterwhich you can sell it (now that you actually own it)...
This multi-step process was brought in around 1990, I think, to prevent purchasers from flipping their sale, before the condo was actually complete...it's actually probably a good thing to temper the Toronto market, although there are ways around it...
Once any building is finally "registered", there is usually a flurry of listings.
lxmoss
Active Member
That is not 100% accurate. Some developers will allow you to sell your property before the city registers the building as a corporation.
VoiceofReality
Active Member
I believe if you negotiate it, some developers will allow you (for a fee) to assign or transfer the agreement of purchase and sale. If the building is not registered you cannot transfer title...
yyzer
Senior Member
Correctamundo....like I said, there are ways around it, but this requires the blessing of the builder. They may or may not give their blessing.
Sometimes you will see a recent condo advertised as "built and registered"...what this means is that, should you purchase, you won't have to deal with the hassles of interim occupancy.
ephilk
New Member
I'm on the 16th floor... So I'm guessing I'll be one of the latter ones in the building.
P
pancsi
Guest
To Investor:
I've been asked to delete my post. Apparently THE SKY IS FALLING!
I've been asked to delete my post. Apparently THE SKY IS FALLING!
grey
Senior Member
pancsi, on behalf of everyone in this thread, please delete that post.
edit: thanks, you've helped us avoid another five pages of boring real estate market arguments.
edit: thanks, you've helped us avoid another five pages of boring real estate market arguments.
PIX
Active Member
My unit is on the (actual) 15th floor in the Neo development. Spoke to Nicole (416-813-1035) at Concord today. I asked her about the Nov occupancy date to gage my move-in date. With 333 units I calculated about half a year for all owners to populate the building. Nicole insisted that it won't take that long due to "investors". Huhh??? Are a large percentage of owners at Neo investors? If so how does Concord know which purchaser is an investor? Does that mean construction will be prioritized based on who's a non-investor? Nicole hinted at less than 3 months to complete occupancy of the building. That would mean (Nicole's logic) 4 moves per day at 2 hours per unit. At least I won't be one of the poor souls moving in during the middle of Winter