NXT & NXT2 Condos (Cresford Developments) - Real Estate -

[fmcristiano]

Not sure if anyone else is interested (or received the same letter from Cresford) but according to this note I got in the mail construction is moving ahead of schedule and they have moved the occupancy date from September 30th to September 1st 2010 for NXT...this is quite surprising - a builder working ahead of schedule? WOW!

That being said, I also had to privelage of being inside the building last week and toured a few units (inlcuding my own). For those of you below the 18th floor (facing East) that expect to have a view of the skyline/CN Tower - there are only 3 units that have this view (refer to www.nxtcondos.com for the floor plans - Rosso Bordeaux, Ochre, and Turchino).

Those three units mentioned above have a unobstructed view of High Park, Lake Ontario and Skyline/CN Tower (which is displayed between Winderemere by the Lake and the Park Lake Condos)...and let me tell you, the views are absolutely amazing!!

That being said, the building is incredible including the ammenities structure that is being built. This will be one of the nicest complexes in the city once completed. As well, the underground parking is completed, daycare is underway, there will be 4 elevator shafts...ummmm I'm sure there is more info I have that I can't think of off the top of my head, but if anyone has questions please feel free to fire away.

 

[fmcristiano]

Here is the view of the Skyline/CN Tower, Lake Ontario and High Park from the 10th floor unit Rosso Bordeaux...enjoy (again I apologize for the poor quality photo's that my blackberry produces). When I was there, it felt like the CN Tower was right on top of you! Fantastic!

 

[onfence]

Thanks for the updates, fmcristiano. Any recommendations on the 1 bedrooms (Rosa and Arancione)? They are both priced the same, but Arancione has a bit more sqft...however, its kitchen wall is not made of full concrete (according to the floorplan) and is next to the air shaft, so not sure if that'll make a difference, whereas for Rosa the kitchen wall is full concrete and just next to the common area hallway.

Since they seem to be firming up on the occupancy date, did they also give you an idea of when registration will occur? I'm trying to figure out what is the lowest floor possible to buy in order to minimize or avoid the phantom mortgage. Thx.

 

[Ric]

Since they seem to be firming up on the occupancy date, did they also give you an idea of when registration will occur? I'm trying to figure out what is the lowest floor possible to buy in order to minimize or avoid the phantom mortgage. Thx.

I think registration will be about 4-5 months after first occupancy (January 2011). To avoid "phantom rent" you may have to go up to the 25-27th floor. Is it worth it at $1000/floor?

 

[onfence]

I think registration will be about 4-5 months after first occupancy (January 2011). To avoid "phantom rent" you may have to go up to the 25-27th floor. Is it worth it at $1000/floor?

Thanks for the info. You've been very helpful! I'll need to calculate what's a good floor.

 

[Ric]

Thanks for the info. You've been very helpful! I'll need to calculate what's a good floor.

In my experience, once your above the 8th floor, the value of units do not generally increase (on the resale market) as you go higher. Floors in the teens go for similar prices as those on the 20-30 floors. Thus paying the builder a premium to be much higher is a waste. Unless of course ur at the PH level where price point is different. Stay in the teens and you will get the best bang for ur buck.

That was my "suggestion of the Day".

 

[Ric]

In my experience, once your above the 8th floor, the value of units do not generally increase (on the resale market) as you go higher. Floors in the teens go for similar prices as those on the 20-30 floors. Thus paying the builder a premium to be much higher is a waste. Unless of course ur at the PH level where price point is different. Stay in the teens and you will get the best bang for ur buck.

That was my "suggestion of the Day".

The above suggestion only works when your view is not obstructed. If it is obstructed at a lower floor, then by all means go with the minimum floor that will get you an unobstructed view.

 

[tbabu]

The above suggestion only works when your view is not obstructed. If it is obstructed at a lower floor, then by all means go with the minimum floor that will get you an unobstructed view.

Exactly, for the south units CN Tower view is blocked by Park Lake, only above 20st floor can you see above the building.

 

[fmcristiano]

Thanks for the updates, fmcristiano. Any recommendations on the 1 bedrooms (Rosa and Arancione)? They are both priced the same, but Arancione has a bit more sqft...however, its kitchen wall is not made of full concrete (according to the floorplan) and is next to the air shaft, so not sure if that'll make a difference, whereas for Rosa the kitchen wall is full concrete and just next to the common area hallway.

Since they seem to be firming up on the occupancy date, did they also give you an idea of when registration will occur? I'm trying to figure out what is the lowest floor possible to buy in order to minimize or avoid the phantom mortgage. Thx.

My personal opinion would be to go with the Rosa - although it is smaller (5 sq/ft) it is further away from the Gardiner/Train Tracks....when I purchased my unit, that was a big deal for me...I did not want to be sitting right ontop of the hwy/tracks. However, both seem to be the exact same layout and will be very liveable spaces for 1 person or 2 really neat people that get along

With regards to registration - Im not sure...can sometimes take up to a year whether your on the 3rd floor or the 28th. Being that you are facing west, I would agree with the post above and keep your money in your pocket - choose a floor anywhere from like 7-12 and thats good enough - the last thing you want is to be stuck in the basement

One big question I have regarding registration for everyone here is will NXT and NXT2 be working under seperate condo boards and more importantly will NXT only be registered once NXT2 is also complete? I am certain I asked this question of the sales office when I purchased last year but I cannot remember the response....but can you imagine if we have to wait for NXT2 to begin occupancy before NXT is registered? Could end up paying a phantom mortgage for a long long time...

Back to the views of the skyline/cn tower - if you are on the east side of the building the Ochre, Rosso Bordeuax and Turchino have unobstructed views of the skyline as per the pictures I posted.

 

[fmcristiano]

I think registration will be about 4-5 months after first occupancy (January 2011). To avoid "phantom rent" you may have to go up to the 25-27th floor. Is it worth it at $1000/floor?

January 2011? Do you know of any pending delays or is this just an approximation from past experiences....

I also find it hard to believe thay can begin occupying in September after touring the site last week - although I have visited new condos where more than half the building had been occupied even before the lobby, parking, etc. was completed....

 

[fmcristiano]

January 2011? Do you know of any pending delays or is this just an approximation from past experiences....

I also find it hard to believe thay can begin occupying in September after touring the site last week - although I have visited new condos where more than half the building had been occupied even before the lobby, parking, etc. was completed....

Woops, just realized that you meant registration would be in Jan 11 - sorry about that!

 

[Ric]

One big question I have regarding registration for everyone here is will NXT and NXT2 be working under seperate condo boards and more importantly will NXT only be registered once NXT2 is also complete? I am certain I asked this question of the sales office when I purchased last year but I cannot remember the response....but can you imagine if we have to wait for NXT2 to begin occupancy before NXT is registered? Could end up paying a phantom mortgage for a long long time...

Back to the views of the skyline/cn tower - if you are on the east side of the building the Ochre, Rosso Bordeuax and Turchino have unobstructed views of the skyline as per the pictures I posted.

Most likely that NXT and NXT2 will be registered seperately and have two condo boards. Information would be in the Condo Bible (declaration and description) you received when you purchased.

 

[JDB]

Wow!! Tons of action in this forum, very exciting. I just recieved my first "confirmed date" Oct 5th!!!! I don't expect that this date will stick but it sure is nice to have a starting point!!

 

[onfence]

Wow!! Tons of action in this forum, very exciting. I just recieved my first "confirmed date" Oct 5th!!!! I don't expect that this date will stick but it sure is nice to have a starting point!!

Can you share what floor is that? Thx.

 

[onfence]

Thanks for the updates, fmcristiano. Any recommendations on the 1 bedrooms (Rosa and Arancione)? They are both priced the same, but Arancione has a bit more sqft...however, its kitchen wall is not made of full concrete (according to the floorplan) and is next to the air shaft, so not sure if that'll make a difference, whereas for Rosa the kitchen wall is full concrete and just next to the common area hallway.

Just wondering if anyone has a specific answer to this...any engineers or architects or other experts who could chime in? Thx.

My personal opinion would be to go with the Rosa - although it is smaller (5 sq/ft) it is further away from the Gardiner/Train Tracks....when I purchased my unit, that was a big deal for me...I did not want to be sitting right ontop of the hwy/tracks. However, both seem to be the exact same layout and will be very liveable spaces for 1 person or 2 really neat people that get along

With regards to registration - Im not sure...can sometimes take up to a year whether your on the 3rd floor or the 28th. Being that you are facing west, I would agree with the post above and keep your money in your pocket - choose a floor anywhere from like 7-12 and thats good enough - the last thing you want is to be stuck in the basement

One big question I have regarding registration for everyone here is will NXT and NXT2 be working under seperate condo boards and more importantly will NXT only be registered once NXT2 is also complete? I am certain I asked this question of the sales office when I purchased last year but I cannot remember the response....but can you imagine if we have to wait for NXT2 to begin occupancy before NXT is registered? Could end up paying a phantom mortgage for a long long time...

Most likely that NXT and NXT2 will be registered seperately and have two condo boards. Information would be in the Condo Bible (declaration and description) you received when you purchased.

Thx for your comments on the Rosa/Arancione. Since they are next to each other, do you think that being slightly further away from the tracks is tangible enough?

That's a good ques re the registration date: not sure if you could confirm which is the actual case, if you could refer to your documentation. That'll be scary if you had to wait for NXT2.

Ric or others:
Are you aware of any cases where earlier buildings in an overall development had to wait until the last building before being registered? That would be insane! Thx.