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5/5/5: 5 Units Under $500K Available for Purchase with only 5% Deposit

December 7th update: After posting this last first last Thursday, nearly every single unit has been sold. One great unit still remains, contact me for details.

Recently I have been encouraging my clients to see past the hype of the latest flavour-of-the-month condo projects and consider buying at existing new developments that may be as much as 80-90% sold out. Some of these are offering excellent value compared to their newly launched competitors.

Common wisdom says that the best time to buy a new condo is always at the VIP stage – the earliest possible point where prices will always be lowest.  This is usually true, but when a developer sees a lineup outside his sales centre that is 2 blocks long before he opens his doors, rest assured he is going to tell his sales department to raise the prices because they are obviously not charging enough! The end result is many buyers who buy at these VIP events are shocked when they compare the price they paid with the price they thought they were going to pay based on pre-VIP sale advertised price points.

Here are 5 units that are currently available for purchase with only 5% total deposit at two great developments at King and Spadina – M5V and Victory, and one in Liberty Village – Liberty Market Lofts. This is a true 5% down, with nothing further due at occupancy.*

1. M5V Condominiums – “M17″ unit, 721 Sq Ft, 1+den, 29th floor, $442K
2. M5V Condominiums – “M30″ unit, 852 Sq Ft, 2 bed, 26th floor, $502K
3. M5V Condominiums – “M23A” unit, 763 Sq Ft, 2 bed, 30th floor, $471K
4. Victory Condominiums – “Darling A” unit, 765 Sq Ft, 2 bed, 11th floor, $405K
5. Liberty Market Lofts – 885 Sq Ft, 1+den, 5th floor, $385K

*Disclaimer: Limited time offer. Prices and conditions subject to change at any time. Information is deemed to be accurate but TrueCondos.com and Andrew la Fleur do not guarantee accuracy. Some conditions apply. Contact me for details.

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Prepare to be Disappointed

I would love to paint a picture for my readers and clients that buying a new, pre-construction condo at a VIP sales event is a simple and straight-forward process where if you have money and are ready to spend it, you get exactly what you want when you want it. Unfortunately this is not always the case.

This past weekend I attended yet another one of these VIP broker-type sales events at one of the highest-profile condo projects downtown in the King and Spadina neighbourhood. Condos at this project are selling in the $800-1000 per square foot range. These are not low end condos.

My client wanted to buy a 1 bedroom unit for something around $500K. We lined up early, we knew exactly what we wanted, we even had our deposit cheque ready to be handed over. When the doors finally opened, we were told that there were no 1 bedrooms available (even though it was advertised that there would be). In fact, there were no units available unless we wanted to spend at least $750K.

Of course, I knew this would likely be the case beforehand and had prepared my client for this reality. But most people attending these “VIP sales events” have no clue what they are walking into.

My best advice to buyers is “prepare to be disappointed”. Even though you may know exactly what you want to buy and have the financial means to do so, you may go home empty handed. It’s the nature of these sales events. They are built around hype and anticipation. Once you are through the doors they know that given the chance, most people will buy just about anything

Questions or comments? Feel free to contact me or leave a comment below.

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Glas Condominiums – Now Registered!

Glas Condominiums (25 Oxley Street) is now registered. Congrats to all unit owners and investors who bought in the building several years ago and now you officially own your units.

I’ve spent a lot of time in the building lately as I have a couple of clients who are keen on the building. The suites are impressive and already Glas is commanding one of the highest price-per-square foot values in the area (King and Spadina). I expect resales to be in the mid $500s for most suites in the weeks ahead.

Today there are already about a half-dozen suites that have hit the MLS system as standard resale properties (building is registered, owners can sell and advertise at will).

This building is the first completed project under Brad Lamb’s development company.  Features like 9′ exposed concrete ceilings, extra large balconies (on some units) with gas lines, stainless steel appliances including gas cooking, granite counters, sliding barn-style doors, laminate floors throughout, floor to ceiling glass-wall construction, and ultra-modern design details – these are all features buyers of Brad Lamb’s projects have become accustomed to.

If you are a unit owner at Glas and are thinking about selling, or if you are a buyer interested in the building, contact me here.

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Coming Soon: Victory Condos Penthouse Suites

I had lunch this week with a few developers at an exclusive VIP broker’s reception in Liberty Village. These ’schmooze-fests’ are generally just for mutual ego stroking, but they are also a great way to find out what is happening in the downtown condo scene. These are people who are ‘running things’ in Toronto.

In chatting with some of the folks behind Victory Condos I was informed that the penthouse suites at Victory will soon be released for the first time. The suites sound like they will be amazing. They will take the already great standard finishes and features of Victory up a notch. For example, 10′ ceilings instead of 9′ and full size appliances instead of ‘condo size’.

Each unit will have it’s own private rooftop terrace above each suite including a glassed in ’skybox’ which will let natural light down into the unit. This feature will really set these penthouses apart from others downtown and will make the units feel like modern townhomes in the sky. If you are looking for an upscale residence in the King and Spadina neighbourhood, consider the penthouses at Victory.

Victory Condos at King and Spadina by BLVD Developments is over 80% sold. Construction is underway. There are only about 25 units still available. Contact me for more information.

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glas

Description coming soon.

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Charlie Condos: Floor Plans and Pricing for VIP Event Available NOW!

Charlie Condos at King and Spadina by Great Gulf Homes. 32 Storeys of elegance and style. Floor plans and pricing for upcoming VIP sales event are available now. Contact me to get your hands on these fantastic floor plans right away.

Project details:

Location: King and Spadina, On the North Side of King St, just east of Spadina.

Suite Features: Approximately 9′ ceilings, engineered hardwood floors in principal rooms, Kitchen cabinetry by Cecconi Simone, Granite or solid surface countertops, stainless steel appliances.

Building Features: 24 hour concierge, 7th floor fitness centre complete with weight room, aerobic/yoga studio, co-ed steam room, change rooms, media lounge, catering kitchen with dining room, billiard room/lounge, library and poolside lounge. Landscaped rooftop garden with outdoor pool and seating area.

Deposit structure: $5000 with offer, Balance of 5% in 30 days, 5% in 60 days, 2.5% in 180 days, 2.5% in 270 days, 5% at occupancy.

Occupancy: Fall 2011

Maintenance fees estimated at 45 cents per square foot + hydro

Parking: Available on 2 bedroom suites and select 1+den suites for $37,500

Lockers: Available for $3,500

Contact me now for more information and to receive floor plans and pricing.

Click here to view a full colour Brochure for Charlie.

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Charlie Condos VIP Event Going LIVE This Week!

This is the week-the wait for Charlie is almost over! Get ready for some Charlie love!

On Wednesday of this week the developer behind Charlie (Great Gulf Homes) is releasing their pricing and floor plans to the VIP broker community.

Contact me now to be the first to receive this information and for your chance to reserve your suite at Charlie.

Charlie condos is Great Gulf Homes latest project at King and Spadina. Just steps away from their award winning building – The Hudson.

Prices for Charlie will start in the low 200s. Contact me now for more information.

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Charlie Condos by Great Gulf Homes at King and Spadina: VIP Sales Event

The wait is almost over for Charlie. Contact me now to register for the upcoming VIP sales event and your chance to buy before the public.

Charlie condos represent the latest project from the award winning developer Great Gulf Homes. Many will know Great Gulf from their other project in the area: The Hudson at 438 King Street West – King and Spadina. The Hudson has received accolades for its quality of construction and how the building itself interacts with and compliments the surrounding neighbourhood.

Many are expecting big things from Great Gulf on Charlie. Register now to reserve your spot at the front of the line for Charlie Condos VIP sales event happening shortly!

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Coming Soon: Great Gulf Homes Presents Charlie Condos at King and Charlotte in the Fashion District

Coming soon to the Fashion District at King and Charlotte: Charlie Condos by Great Gulf Homes.

Contact me now for VIP sales and your chance to buy before the public.

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Victory Condos: Buy Before The Public

Victory Condos at King and Spadina. Studios, 1 Bedrooms, 1 Bedroom plus Den, and 2 Bedrooms. With prices starting from just $179,900, this project will sell out fast. One of the best locations in downtown Toronto for an unbelieveable price per square foot! Contact me for more details. Save thousands by buying before the public and watch your investment grow overnight!

If you are interested in Victory Condos please contact me as soon as possible as this particular offer is a time sensitive one.

Victory Condos Information Package (PDF)

Victory Condos Floor Plans (PDF) 

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