King West Life in Liberty Village (Plazacorp) - Real Estate -

I was told that occupancy for 75 runs from January till July and that it would be roughly the same schedule for 85 since the construction of the two towers is pretty much even. 75 is a little bit ahead but not too much. My contract says June 2013 and they said that I would most likely NOT be getting in any sooner than that being on a higher floor in 85.
 
dc01231 said:
I was told that occupancy for 75 runs from January till July and that it would be roughly the same schedule for 85 since the construction of the two towers is pretty much even. 75 is a little bit ahead but not too much. My contract says June 2013 and they said that I would most likely NOT be getting in any sooner than that being on a higher floor in 85.
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Does that mean one would be paying occupancy fees until June 2013 and maybe after that? I was told that it would be only for a few months and that I could move in November. I guess i was misinformed. I was thinking of purchasing an assignment but really don't want to spend that much on occupancy fees. Actually i don't really understand how occupancy fees work? Is it a standard price per month?
 
I'm not sure if they are able to get closing done tower by tower. If they are, then the people in 65 may not have to wait too long to get closing. But I would assume that they are doing the closing on the entire project at once. If that's the case then people will be paying occupancy in 65 for up to a year it looks like.

I think a lot of people are misinformed about occupancy. It's actually not all that big of a deal. What they do is they take an estimate of what your monthly taxes and maintenance fees are, add in the interest you owe on the loan, and that's what you pay. So let's say you buy a condo for 300 grand, put 50 grand down. You have to pay interest on 250 grand. The only difference between occupancy and being closed on the condo is the principle you would pay down on the mortgage. If you have occupancy for a year, you are only losing out on the $1200-2000 for the first year's principle. That's because the first few years of a mortgage are almost all interest payments. I don't know why it scares people so much to have to pay it. Besides, you aren't banking on the money you pay down on a loan, you are banking on long term capital appreciation. In 5 years of owning, you might have only paid off 10 grand of your mortgage, but the capital appreciation (in a decent market) would be 5-10 times that.
 
thank you so much for explaining that to me dc01231. That puts things into perspective. I had heard a lot of negative things about occupancy but never really realized that most of what one pays on a mortgage is interest at first anyways. This makes me feel a lot better and now I am able to see its not really about losing money ultimately.
 
this morning
 

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You aren't losing money per say. You are just losing time on the mortgage. But if you took he principle you were going to be paying over that time, put that money aside, and made a lump sum payment when you do your closing, you will be at exactly the same place if you had no occupancy at all. And of course if it's still an issue, you can always rent your place out until closing and have someone else pay your occupancy :)
 
So we're thinking about buying in 75. Closing date would be May 30th.

We were told that they would register in April, but how long does it normally take for all of the registration process to be completed?

I really want to avoid as much occupancy fees as possible.
 
shlammed said:
So we're thinking about buying in 75. Closing date would be May 30th.

We were told that they would register in April, but how long does it normally take for all of the registration process to be completed?

I really want to avoid as much occupancy fees as possible.
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I was told for 85 it would be Sept. I was lead to believe that registration for all buildings will be from June to Sept 2013 at KWL.
 
Our building (not in LV, but with Plazacorp) registered in mid-June; we had our final closing the first week of July -- they staggered them so as not to have an entire building closing at once -- so we started paying maintenance fees (rather than occupancy fees) just a couple of weeks after the official date of registration.
 
PinkLucy said:
Our building (not in LV, but with Plazacorp) registered in mid-June; we had our final closing the first week of July -- they staggered them so as not to have an entire building closing at once -- so we started paying maintenance fees (rather than occupancy fees) just a couple of weeks after the official date of registration.
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sorry, to clarify, you're saying that from them registering to your final closing was under 2 months?

If so, sounds like an encouraging track record but what scares me is that everyone seems to have different information about when exactly they'd be registering.
 
under a month actually

Registration depends on some approvals from the City which can hold things up. Rather than go on what this person or that person said, I called the developer directly for information.
 
PinkLucy said:
under a month actually

Registration depends on some approvals from the City which can hold things up. Rather than go on what this person or that person said, I called the developer directly for information.
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ya sorry

totally read that wrong

so in my case if April 2013 holds true, maybe by the may 30th closing it will all be said and done.
 
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