Gore Park Lofts
About Gore Park Lofts
Authenticity is about being real and existing from a point of strength and certainty. Gore Park Lofts will transform a century old building at 121 King Street East into the pinnacle of trendy housing in Downtown Hamilton. The one and two bedroom lofts will range from 553 – 906 sq. ft. and will show-off the building’s real history with exposed utilities in the ceilings and reclaimed original brickwork.
Scholar Properties acquired 121 King in November 2016. With site plan approval underway, we are incredibly excited to bring a new, boutique, 43-unit condominium project to the heart of downtown Hamilton called Gore Park Lofts.
With a vision to deliver the most technologically advanced units to Hamilton’s rapidly evolving condominium market, we’ve designed the building with millennials in mind. Energy efficient design and wireless technology allow buyers to make an environmentally sound purchase with smart technology integrated to make their new condo ‘home’.
Gore Park Lofts Details
|Developer||Scholar Properties Ltd. and Effort Trust|
|Address||121 King Street East, Hamilton|
|Number of Storeys||6|
|Number of Units||40|
|Occupancy Date||June 2020|
|Maintenance Fees||$0.41 Per SqFt per Month|
|Priced From||$302,900 to over $483,400|
Gore Park Lofts Location
Gore Park Lofts will be located at 121 King Street East, just west of Catherine Street North in Hamiton, ON.
Gore Park Lofts will have direct access to the proposed LRT and be only steps from McMaster downtown campus, City Hall, Art Gallery of Hamilton (AGH) and Go Transit.
Gore Park Lofts is the ideal place for graduate students and young professionals alike to call home.
About the Developer
Scholar Properties acquires, develops and manages multi-unit residential real estate assets in emerging markets across Ontario, Canada.
Scholar Properties sources risk-managed acquisitions that have capacity to deliver outsized returns. With a focus on properties under $5m, we find opportunities with incredible performance potential but lacking scale to pique institutional interest. This approach limits our competition to smaller operators.
The Effort Trust Company specializes in Financial Services, Real Estate and Asset Management. Established in 1978, Effort Trust is entrepreneurially driven and continuously strives for excellence and quality service for all of our clients.
Gore Park Lofts Frequently Asked Questions
How do I reserve a unit in this project?
After you review the floor plans and prices, if you know what suites you are interested in, you may reserve a suite online using our online reservation worksheet form at https://truecondos.com/worksheet.
Does filling out the worksheet form mean I’m committing to buy a suite?
No it is not a formal commitment, it is an expression of interest and the first step you must take if you are thinking about getting a unit in this project.
What does it mean that Andrew la Fleur is a “Platinum Agent”?
Platinum agents are the top selling agents who get preferred status with developers and first access to new projects before regular agents and the public.
Andrew la Fleur has been a top-selling pre-construction agent since 2007, and during this time he has achieved platinum status with many of the top builders and sales companies in the Greater Toronto Area.
For more information on about Platinum agents see this article: https://truecondos.com/5-things-to-know-about-buying-a-condo-with-a-platinum-vip-realtor-real-estate-agent/
How does it benefit me as a buyer to work with Andrew la Fleur as my Platinum Agent?
Working with me as your Platinum agent gives you several benefits
- You get the highest level of access in the building
- You pay the lowest possible price for the unit (prices are typically increased significantly after the Platinum sales event)
- The best possible incentives
- I do not represent the builder. I represent you. You benefit from my expertise of being a top selling pre-construction agent and investor myself since 2007.
- Access to my personal network of mortgage brokers, lawyers, property management, HST rebate services, handymen and much more.
- My services to you as a buyer are free
Do I get a cooling off period? What is it for?
Yes, after you sign the contract to purchase a suite you will have a standard 10-day cooling off period. It’s 10 calendar days, not business days from the time you sign.
The 10 days are primarily for 2 things: 1) to have a lawyer review your contract with you if you wish and 2) to get a mortgage pre-approval letter
Do I need to have a lawyer?
You don’t need to have a lawyer at the moment that you sign the agreement, however I always recommend that you have a qualified lawyer review your agreement of purchase and sale after you sign and during your 10-day cooling off period.
Not sure who to talk to? Don’t worry – getting a lawyer is something I can help you with. Contact me for more details.
Do I need to have a mortgage pre-approval to buy?
95% of all builders will require you to provide them with proof of financing capability in order to purchase. This is not required before you sign a contract, but it is usually required within 60 days of signing.
Not sure where to begin? Don’t worry – getting a mortgage pre-approval is something that I can help you with. Contact me for more details.
Do the prices include HST?
If you are purchasing for yourself and plan to move in, then yes, prices include the HST and there is nothing you will have to pay at final closing.
If you are purchasing as an investment rental property, then you will have to pay approximately 7.8% of the purchase price as HST on final closing.
This money is remitted to the CRA and as an investor renting out your property you can apply to the CRA immediately to get this money back. It usually takes about 1 month to get your rebate back.
For more information on the HST, see here:
Contact me for more details.
What are my closing costs on a pre-construction condo?
Closing costs on a pre-construction condo will vary greatly depending on the actual purchase price of the unit you are buying, but it also depends on the builder, the city that you are buying in, and the type of unit that you are buying.
Roughly speaking in Toronto you can expect to pay approximately 3-5% of the purchase price in closing costs when purchasing a brand new condo.
Check out this article for more info on closing costs:
Contact me for more details
Are there any ‘hidden’ costs when buying a pre-construction condo?
No, there are no hidden fees when buying pre-construction condos because all fees must be disclosed in the agreement of purchase and sale. All purchasers have 10 days to review the agreement and have a lawyer advise them on the exact closing cost amounts. If you need a lawyer to help you we can suggest to you to several expert law firms that will review your agreement in detail.
Is it possible to assign my condo? How much is the assignment fee?
Most condo builders do allow you to sell your unit before the building is complete. This projcess is called selling by “assignment”.
There is usually an assignment fee and a legal fee associated with selling. Costs can range from $1000-7000. Contact me for more details.