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First Impressions: Residences of the Ritz Carlton

Today I had opportunity to perform the PDI (pre-delivery inspection) on behalf of an overseas client who purchased at The Residences of The Ritz Carlton. The building is the first of what I call the “Big-4″ to be undergoing occupancy in the downtown core. The Big-4 are the 4 condo/hotels backed by major international luxury brands: Ritz Carlton, Shangri-La, Trump, and the Four Seasons.

These projects are in a class all their own with all suites in the $1000+ per square foot range. When the Ritz Carlton first launched back in 2005, $1000 PSF was a sort of Manhattan-esque fantasy and most never thought we would get to this point so fast. The truth is, suites at the Ritz are now selling in the $1100+ PSF range, as nearby buildings without an internationally renowned luxury brand behind them are selling for as much as $900PSF.

Impressions on the building itself: from the exterior, the podium makes a striking statement on Wellington Street with its unique cantilevered design. Although still very much unfinished, the lobby areas of both the hotel and the residences area (separate entrances) make you instantly aware you are not in a ‘just another downtown condo’ or ‘just another downtown hotel’. The attention to detail and craftsmanship is evident on every surface. Not much else to say at this point as the work crews are still very much hard at work putting the finishing touches on the common areas of the building. The hotel is slated to open next month! The first 3 or 4 floors of the residences have started occupying, and the penthouse levels are scheduled to start occupying by April.

Impressions of the suite: best description I can come up with of the sprawling 1 bedroom suite is ‘grand Parisian apartment from the past, with all the modern conveniences of today’. Cheesy I know, but there is nothing really to compare it directly with in Toronto. The suite was in excellent condition overall and the list of deficiencies was rather short when we were finished the inspection. Some of the standout features that really make the suite a true ‘luxury’ property include:

• 10′ smooth ceilings with crown moldings
• Herringbone patterned walnut hardwood floors
• Top quality granite and marble throughout the bathrooms and kitchen
• Solid wood cabinetry (no MDF here!) in Kitchen and baths
• Sub-zero, Wolf, and Miele Integrated appliances (ever priced out a Sub-Zero or Wolf appliance?)
• Extra tall, solid-core doors with high-end hardware)
• High end fixtures (faucets, toilets, sinks, shower heads) in the Bath and Kitchen
• Large walk-in closet with built-in organizer system in master
• Gas Fireplace with concrete-cast surround

I won’t post any photos at this time as the building and suite are still in a state of construction/finishing so to do so would sell this property short. (This suite will likely be available for sale in the near future so we wouldn’t want to do that!) If you have any questions about the Residences of the Ritz Carlton, please contact me.

If you have purchased a condo in Toronto that is coming up for occupancy in 2011 but you are not located in Toronto and are wondering what your options are for performing the PDI and taking occupancy, please contact me.

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Deposit Structure and Mortgage Approval for Pre-Construction Condos

Not a very sexy post title I know, but just because you are buying a pre-construction condo in Toronto doesn’t mean that you can avoid the world of traditional mortgages.

Normally when you buy a pre-construction condo you have to put down a series of deposits to secure your suite with the developer. How much you pay and when you pay varies. Factors affecting the deposit structure include:

• The developer’s bank – what they require. Developers need to get mortgages too! The banks require them usually to get a 15% down payment as a minimum from purchasers.
• When you buy – when you purchase in the condo’s marketing life cycle. The earlier you buy, the less flexibility there generally is in the deposit structure. When a project has reached their benchmark amount of units sold to get their financing approvals and permits to begin construction, sometimes they ease up on the deposit structure and this is often a good time for purchasers to jump in again.
• The developer’s preferences and promotions. Some developers require more as a rule of thumb, some require less. Some offer promotions with flexible payment schemes, others do not.
• Who you are. Yes, developers have been known to practice deposit structure discrimination – that is, changing the deposit structure requirements based on who the purchaser is. Usually though this ‘discrimination’ is simply tied to whether or not the purchaser is a Canadian resident (often non-residents must pay significantly higher deposit amounts).

So deposit structure on new condos varies, but usually you can find something like 15% to be paid out in 3 or 4 installments over the course of 6-9 months after initially signing the agreement of purchase and sale. Then an additional 5-10% also is usually required at occupancy (not to be confused with condo registration date).

So you have manged to scrape together the money you need for your deposits and you are ready to go ahead with your purchase. Are you finished? By no means. The developer will gladly take your 15-25%, but they also require mortgage approval for the remaining amount. Here’s an example: say you buy a 1 bedroom and den condo for $300,000. You must pay out 20% in deposits over the next 3 years. 20% of $300,000 is $60,000. That leaves $240,000 in unaccounted for funds for which you need to get a mortgage pre-approval.

Sometimes buyers have the funds for the deposits, but for various reasons, getting a mortgage approval can be tricky. If you fit into this category, tune in the blog tomorrow for some tips on how to get around this dilemma.

If you have any questions about deposit structures and mortage approvals, feel free to drop me an email any time.

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300 Front by Tridel

300 Front St West coming soon by Tridel. For floor plans and pricing for the VIP sales event, please contact me.

Whenever Tridel launches a new project there is always great fanfare and 300 Front will be no exception. Why? Simply put, Tridel is the best developer in the city and possibly the country when it comes to condominiums. They have consistently put out a quality product at competitive prices and delivered it on time. The buzz has been building for 300 Front for a couple months now and VIP sales starting very soon . As always, my promise to my clients is that I will do everything I can to get you the unit(s) you want at the lowest price possible.

The condo tower that will be known as 300 Front St West will feature a 49 storey building with 672 suites. Occupancy date is roughly scheduled for Spring 2012.  Condos and lofts will start from 445 sq ft is size and go up to 2000 square feet (Signature suites). I have the price sheet in my possession and pricing is coming in around the $550-600 per square foot range.

Click here for 300 Front Street location
Click here for 300 Front Street site plan and amenities
Click here for 300 Front Street features (Gorgeous full colour renderings of 300 Front)

Click here for 300 Front Street floor plans

300 Front Street deposit structure:
- 5% upon signing
- 5% 90 days from signing
- 5% 180 days from signing
- 10% at occupancy

- Maintenance Fees at 300 Front St W is approx. $0.35 per square foot, plus hydro.  (parking and lockers will incur an additional maintenance fee)
- Parking at 300 Front St W is available at  $35,000
Parking available for only 1 bedroom + den and up

Contact me for Pricing for 300 Front.

I will get back to you immediately with the price sheet.

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