libra
New Member
I feel so excited with that pic, I didnt know they are going so fast...but I dont like the idea of having to move in January, under snow...
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Star of Downtown Condos ((Willowfield, Norstar) - Real Estate -
- Thread starter Mot
- Start date
Mot
Active Member
Hi Libra
What floor and models did you choose? I am curious because they gave me a November move in date.
What floor and models did you choose? I am curious because they gave me a November move in date.
Urban Shocker
Doyenne
Won't they charge you rent until the building is finished, if you do?
Mot
Active Member
Yes
The contract stated they will charge rent, but it didn't list how much it will cost. I am curious if there is some formula for the amount owed in rent until the building is full enough for the mortgage to kick in.
We're going to probably have to sublet somewhere when our permanent residency is finalized. Hopefully in a couple months.
The contract stated they will charge rent, but it didn't list how much it will cost. I am curious if there is some formula for the amount owed in rent until the building is full enough for the mortgage to kick in.
We're going to probably have to sublet somewhere when our permanent residency is finalized. Hopefully in a couple months.
Jdot
Active Member
There is a formula for how much they charge you rent. It is as follows:
(maintance fee rate x square footage) + (standard mortgage interest rate X 75% of purchase price). So, basically you are paying the maintanace fees plus the interest portion of a 75% mortgage. Rent therefore, is just slightly less than what you would pay once you own the unit. No property taxes are charged. You likely wont get a property tax bill for another 2 years or so after you move in.
(maintance fee rate x square footage) + (standard mortgage interest rate X 75% of purchase price). So, basically you are paying the maintanace fees plus the interest portion of a 75% mortgage. Rent therefore, is just slightly less than what you would pay once you own the unit. No property taxes are charged. You likely wont get a property tax bill for another 2 years or so after you move in.
Urban Shocker
Doyenne
If the building isn't finished, why should anyone have to pay for the maintenance that isn't being done on it?
Because there is maintenance being done. You can live in the unit even though you don't own it yet. People were living in the first 10 floors of ROCP while the crane was still on the building working away. Those 10 floors were being maintained. Hence the monthly payments. You owned your unit once ROCP was fully finished and registered.
Mot
Active Member
This forum is great
That was very helpful Jdot. Thanks for the information. I am going to figure it out once I get home to look at the rate.
That was very helpful Jdot. Thanks for the information. I am going to figure it out once I get home to look at the rate.
Mot
Active Member
Progress
Can someome peak over at the project an let me know what floor they are on? Gracias!
Can someome peak over at the project an let me know what floor they are on? Gracias!
alafleur
New Member
Star of Downtown Sales Pitch
Hi all. I'm a realtor who works downtown and I just thought I'd pass this along.
Today a new listing was launched on the MLS for one of the Townsuites at the SODT. $285K for a 2 bedroom 2 bath with private terrace, includes parking and locker. I was surprised to see the prices are still so low. Certainly nothing in the area, perhaps the entire downtown, can compare to this on a price basis.
Anyway, just thought I'd pass this along. If anyone is interested in knowing more you can email me at alafleur AT gmail DOT com.
cheers!
Hi all. I'm a realtor who works downtown and I just thought I'd pass this along.
Today a new listing was launched on the MLS for one of the Townsuites at the SODT. $285K for a 2 bedroom 2 bath with private terrace, includes parking and locker. I was surprised to see the prices are still so low. Certainly nothing in the area, perhaps the entire downtown, can compare to this on a price basis.
Anyway, just thought I'd pass this along. If anyone is interested in knowing more you can email me at alafleur AT gmail DOT com.
cheers!