Berczy Condos, The (Concert Properties) - Real Estate -

The unit I am referring to selling is my current residence in the Element at front and blue jays way.
I am moving into the Berczy and looking forward to it! I love the St. Lawrence neighborhood.
Sorry for any confusion.
 
golfer727272 said:
STRIKE ONE....just got a note referencing Elevator workers strike..expecting 7 week delay!!!
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I think this is GREAT news. This will give Concert time to finish more units and the common spaces. With this point hopefully they can move people in quickly to decrease our occupancy fee period and register the condo quickly.
 
WeirdFishes said:
I think this is GREAT news. This will give Concert time to finish more units and the common spaces. With this point hopefully they can move people in quickly to decrease our occupancy fee period and register the condo quickly.
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I would never consider a delay as "great news".
 
I think he means that it's great news in terms of minimizing the length of the "Occupancy Period" in which owners have to pay rent to Concert until the building is registered. This amount is usually the interest payment on 80% of the unit cost at the current market rate.

In my view this is actually a money making scam. Occupancy should not occur until the building is fully completed and registered.
 
nylon said:
I think he means that it's great news in terms of minimizing the length of the "Occupancy Period" in which owners have to pay rent to Concert until the building is registered. This amount is usually the interest payment on 80% of the unit cost at the current market rate.

In my view this is actually a money making scam. Occupancy should not occur until the building is fully completed and registered.
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The occupancy fee is not rent or money making spam. If your unit is ready to occupy and you take possession it's completely normal that you have to pay to the builder some interests for the money you still owe to them. And it is not only interests, you also pay common fees (security, energy, water, gas, etc, etc) and property taxes. After building registration and closing, you still continue paying the same fees, condo fees, property taxes and the same interests with the only difference that now you pay the interest to the bank instead of the builder. the rate is the same, the current interest rate for occupancy is 3%, which is the same that you pay to the bank. where is the money making scam???
 
nylon said:
I think he means that it's great news in terms of minimizing the length of the "Occupancy Period" in which owners have to pay rent to Concert until the building is registered. This amount is usually the interest payment on 80% of the unit cost at the current market rate.

In my view this is actually a money making scam. Occupancy should not occur until the building is fully completed and registered.
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I have no issue with occupying when a building is fully completed and registerd, but registration can take a very long time. Not all purchasers would be happy looking at a 98% completed building that they couldn't move into because it was waiting for registration.

As for the scam, if you live somewhere, you should pay rent.
 
carturo15 said:
The occupancy fee is not rent or money making spam. If your unit is ready to occupy and you take possession it's completely normal that you have to pay to the builder some interests for the money you still owe to them. And it is not only interests, you also pay common fees (security, energy, water, gas, etc, etc) and property taxes. After building registration and closing, you still continue paying the same fees, condo fees, property taxes and the same interests with the only difference that now you pay the interest to the bank instead of the builder. the rate is the same, the current interest rate for occupancy is 3%, which is the same that you pay to the bank. where is the money making scam???
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Why should anybody be forced to occupy before a building is completely finished and registered? You are purchasing a product like any other.

You would never purchase a car before it was painted and leather/fabric was on the seats. And pay for the privilege of using it (+ petrol) by paying interest to the automaker. And then pay the automaker the full balance of the outstanding amount. After all the vehicle is completely functional without those finishing touches. Maybe my analogy isn't a 100% correct, but you get the picture.

Even based on the current "norms" of paying occupancy fees, why aren't these occupancy fees deducted from the final outstanding value of the unit. Based on the current "norms" one is forced to pay for the privilege of living in an incomplete product.

The process should be as simple as purchasing any other product on the market. The building/units should be completely finished. The purchaser of the unit pays the balance owing from the downpayment and keys are handed over.
 
TheKingEast said:
I have no issue with occupying when a building is fully completed and registerd, but registration can take a very long time. Not all purchasers would be happy looking at a 98% completed building that they couldn't move into because it was waiting for registration.

As for the scam, if you live somewhere, you should pay rent.
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If most purchasers were aware of the costs associated with Occupancy fees upfront I am sure they would choose waiting for the building to be completely registered. It always boils down to money and most people would like to minimize their costs as much as possible. As for my "scam" comment, I mean that any additional (and avoidable) costs imposed on the purchaser above and beyond the purchase price of the unit are dishonest.
 
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