Luna Condos (Concord CityPlace) - Real Estate -

RedRaptor said:
Until you actually buy one of them and realize that it will be a long four years before you move in. Bought in Spring 2006 and the letter says Occupancy March 2010.
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I feel your 'pain', I purchased a condo in April 2007 that is just barely at the ground floor right now, and initial occupancy was set for October of this year :rolleyes:.

It just comes with the territory when buying pre-construction.

Having said that, I still can't get over how quickly each of the Cityplace buildings went up once they were started.
 
TheProfessor said:
I feel your 'pain', I purchased a condo in April 2007 that is just barely at the ground floor right now, and initial occupancy was set for October of this year :rolleyes:.
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well the pain intensifies once you're married and still living at home.. :mad: especially when we bought (march 8, 2006) the occupancy date was nov '08.. then sept '09 and now march 8, 2010.. now i understand a slight delay but waiting 4 years from the day we bought; just plain sucks..

I guess the only upside is saving ca$h and paying the builder in $20s on occupancy :D

TheProfessor said:
It just comes with the territory when buying pre-construction.

Having said that, I still can't get over how quickly each of the Cityplace buildings went up once they were started.
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they sure look to go up super fast.. Luna's been 'done' since last march and i hear it's pretty bare on the inside... wtf? couldn't they have started interior work once glass was installed on the particular floor? anyway.. let's hope that march 8th is *it*

oh.. you know what the 'twist' after the stab was? they sent a letter saying 'hey, your parking spot may or may not be in this condo; it could be under montage, do you want to upgrade?' (btw, we knew this as we were buying since our agent was pretty good at disclosing all the details) .. anyway, we did, for < 1% of purchase price we're guaranteed locker and parking spot next to one another in a prime (whatever that means) location..

2-3 weeks later "FYI.. occupancy is now march 2010 not nov 2009; thanks for your money" :cool:

/rant

ps. we are excited to move in.. thought aout renting but *i* didnt want to move our sh!t twice b/c i know wife wouldn't have the time.. or buy things that wouldn't fit in the new place.. so we're biting our lips and living at each other's parent's houses but saving $ on rent.. is that a good move? you betcha.. is it the *right* one.. probably not but considering the circumstances it's doable..
 
Congrats on the marriage maciej!

At least you're getting close and your building is up. I'm sure you'll feel it was all worth it once you move in (whenever that is).
 
Maj, I wonder if we'll move in at the same time? Everyone will see the two red and blue Mazda3 hatches jammed packed!
 
majic said:
well the pain intensifies once you're married and still living at home.. :mad: especially when we bought (march 8, 2006) the occupancy date was nov '08.. then sept '09 and now march 8, 2010.. now i understand a slight delay but waiting 4 years from the day we bought; just plain sucks..

I guess the only upside is saving ca$h and paying the builder in $20s on occupancy :D



they sure look to go up super fast.. Luna's been 'done' since last march and i hear it's pretty bare on the inside... wtf? couldn't they have started interior work once glass was installed on the particular floor? anyway.. let's hope that march 8th is *it*

oh.. you know what the 'twist' after the stab was? they sent a letter saying 'hey, your parking spot may or may not be in this condo; it could be under montage, do you want to upgrade?' (btw, we knew this as we were buying since our agent was pretty good at disclosing all the details) .. anyway, we did, for < 1% of purchase price we're guaranteed locker and parking spot next to one another in a prime (whatever that means) location..

2-3 weeks later "FYI.. occupancy is now march 2010 not nov 2009; thanks for your money" :cool:

/rant

ps. we are excited to move in.. thought aout renting but *i* didnt want to move our sh!t twice b/c i know wife wouldn't have the time.. or buy things that wouldn't fit in the new place.. so we're biting our lips and living at each other's parent's houses but saving $ on rent.. is that a good move? you betcha.. is it the *right* one.. probably not but considering the circumstances it's doable..
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I understand the saving money part. However, why would paying $20k occupancy fees to the builder is an upside? It's the same thing as paying a rent.

So I guess the builder has to pay you late fees right? I think it's calculated every day?
 
TheProfessor said:
Congrats on the marriage maciej!

At least you're getting close and your building is up. I'm sure you'll feel it was all worth it once you move in (whenever that is).
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Thanks Karim!!! It's been a while!

and i *know* it will be worth it in the end - 15-20min walk to work will sure beat a 0h50-1h15min drive each way..

RedRaptor said:
Maj, I wonder if we'll move in at the same time? Everyone will see the two red and blue Mazda3 hatches jammed packed!
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no clue.. I think it would be quite challenging for all occupants to move on the same day.. my letter says March 8, 2010 and PDI is scheduled 1-2 weeks before from what I understand..

newbuyer said:
I understand the saving money part. However, why would paying $20k occupancy fees to the builder is an upside? It's the same thing as paying a rent.

So I guess the builder has to pay you late fees right? I think it's calculated every day?
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first of all I said $20s (as in 20 dollar bills, cash in hand, etc).. always wanted to do that - bust out an aluminum briefcase with stacks of crispy bills.. lol.. i watch too many movies..

but since you touched on an interesting issue here I'll go into this a bit. I paid 5% on signing and 5% 3 or 6 months later - it's been so long i forget now. I am also required to put a remainder of 25% on occupancy.

condos in Toronto can take from three months to over a year to get registered. During that time (from the moment I get the keys to when it's registered) the unit is not my property as there was no transfer of title. Building/unit registration is required to transfer title and effectively obtain a mortgage. While I live in the condo 'mortgage free', I am required to pay ghost rent, which is composed of property taxes (sure someone has to pay for this), maintenance fees (uh.. not all of the amenities will be ready but garbage will be picked up and security should be on patrol - again, someone has to foot the bill) and an interest on the outstanding balance (75%)

it looks to me that the only variable I have control over that is the interest portion (rent) I forget the exact amount but I recall it was in the vicinity of prime +/- 1.. now if i can put down an additional 25% on occupancy, the principal the interest is calculated on is substantially decreased so that's the goal. Of course this is my preliminary investigation of this and i will have to consult my lawyer and see the numbers from CP closer to move in date but if you have the money, it seems like a smart move since *I* plan to stay there for a while and come mortgage time i will be putting down as much as i can anyway..

as for late fees from the builder - LOL - they are sooooo protected in the P&S agreement.. it stated that they could delay or cancel the project within the first 24 months. Cancelling was unlikely since luna phase I sold out the same day. Even though I had my agent there camping out the day prior, I actually missed out on the unit we wanted in phase I and had to buy phase II. In retrospect it worked for the better as we gained 200sq ft with that move. Delays, on the other hand, as you see are a reality... c'est la vie..
 
For all those who think no work is happening in the Luna buildings...

My wife and I live in Montage, facing the tallest Luna tower and we saw what we thought was a strange sight the other night.

We were sitting outside just before 11:00 PM and saw a lone person working in the penthouse unit on the SE corner laying hardwood floor. Go figure.

This was the second time we noticed someone working in that unit late at night.

Just an FYI
 
majic said:
Thanks Karim!!! It's been a while!

and i *know* it will be worth it in the end - 15-20min walk to work will sure beat a 0h50-1h15min drive each way..



no clue.. I think it would be quite challenging for all occupants to move on the same day.. my letter says March 8, 2010 and PDI is scheduled 1-2 weeks before from what I understand..



first of all I said $20s (as in 20 dollar bills, cash in hand, etc).. always wanted to do that - bust out an aluminum briefcase with stacks of crispy bills.. lol.. i watch too many movies..

but since you touched on an interesting issue here I'll go into this a bit. I paid 5% on signing and 5% 3 or 6 months later - it's been so long i forget now. I am also required to put a remainder of 25% on occupancy.

condos in Toronto can take from three months to over a year to get registered. During that time (from the moment I get the keys to when it's registered) the unit is not my property as there was no transfer of title. Building/unit registration is required to transfer title and effectively obtain a mortgage. While I live in the condo 'mortgage free', I am required to pay ghost rent, which is composed of property taxes (sure someone has to pay for this), maintenance fees (uh.. not all of the amenities will be ready but garbage will be picked up and security should be on patrol - again, someone has to foot the bill) and an interest on the outstanding balance (75%)

it looks to me that the only variable I have control over that is the interest portion (rent) I forget the exact amount but I recall it was in the vicinity of prime +/- 1.. now if i can put down an additional 25% on occupancy, the principal the interest is calculated on is substantially decreased so that's the goal. Of course this is my preliminary investigation of this and i will have to consult my lawyer and see the numbers from CP closer to move in date but if you have the money, it seems like a smart move since *I* plan to stay there for a while and come mortgage time i will be putting down as much as i can anyway..

as for late fees from the builder - LOL - they are sooooo protected in the P&S agreement.. it stated that they could delay or cancel the project within the first 24 months. Cancelling was unlikely since luna phase I sold out the same day. Even though I had my agent there camping out the day prior, I actually missed out on the unit we wanted in phase I and had to buy phase II. In retrospect it worked for the better as we gained 200sq ft with that move. Delays, on the other hand, as you see are a reality... c'est la vie..
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I see. I understand now. It makes sense.

You had to put 25% down payment? Wow that is a lot. And, you only covered for 20K by Tarion. Most developer usually only ask for 20% down.
 
newbuyer said:
I see. I understand now. It makes sense.

You had to put 25% down payment? Wow that is a lot. And, you only covered for 20K by Tarion. Most developer usually only ask for 20% down.
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please note that back in 2006, anything less than 25% down would be considered more risky and thus a high ratio mortgage so builders wanted to ensure they get their 25%... these days the golden number is 20%

as for tarion, it's true, tarion will cover 20K but in the condo business the entire sum of our downpayment to-date is in a trust, a third party, that will pay the monies back should the builder cancel the project.
 
majic said:
please note that back in 2006, anything less than 25% down would be considered more risky and thus a high ratio mortgage so builders wanted to ensure they get their 25%... these days the golden number is 20%

as for tarion, it's true, tarion will cover 20K but in the condo business the entire sum of our downpayment to-date is in a trust, a third party, that will pay the monies back should the builder cancel the project.
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I was trying to find the reference of the regulation that protect downpayment over $20,000, but I couldn't find anything. Could you or anyone possibly know the link to the regulation?
 
from what i hear, Luna should occupy sometime in March-April 2010 (prior to HST legislation taking effect in July) and the occupancy should be short (1-2 months) before final registration.
 
gmeo said:
from what i hear, Luna should occupy sometime in March-April 2010 (prior to HST legislation taking effect in July) and the occupancy should be short (1-2 months) before final registration.
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where did you hear this? how reliable are your sources? 1-2 months would be amazing but i am betting 6-8 months

from what i understand (and there is no clear cut line to me after scouring the websites of CRA, and ministry of finance and ministry revenue) the HST legislation has no impact here for two reasons:
1) based on my purchase price and the size of the unit, majority of Luna owners will fall well below the $400K threshold. Full HST would be applied on homes of $500K+; partial HST (through rebates) on ones $400K-500K
2) considering Luna sold out almost immediately after it was released, most purchasers entered the P&S Agreement before even a notion of HST was born and those 'old' agreements will most likely be grandfathered
 
majic said:
Dear Loser(s):

I know you bought this unit back in March 2006 so we are delighted to inform you of your "confirmed interim closing date" 4 years later, March 8, 2010.

blah blah blah Customer Care Dept... balh blah blah.. smooth transition blah..

PDI 4 weeks before closing.. blah blah blah..

-Kellee Burt
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Actually, 4 years isn't too bad. I bought mine in March 2003. My occupancy was Dec 2007. It took forever to close too.

Other worse closings is boutique. Sales started in 2003 I think. It's still under construction. L Tower sales started in June 2007. Construction hasn't even started yet.
 
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