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L-Tower 
2 The Esplanade, Toronto
Developer: Cityzen Development Group, Fernbrook Homes, Castlepoint Numa

L Tower Condos (Cityzen, Castlepoint Realty, Fernbrook Homes) - Real Estate -

Discussion in 'Real Estate - Individual Project Threads' started by Jaguar4u, Nov 25, 2009.

  1. Jaguar4u

    Jaguar4u Active Member

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    I admit the "boot" grew on me, and the shock of loosing it was a bit sudden, however, the new design is far superior. It does not intrude on the Sony Centre. The new design separates the L-Tower from the Sony Centre. Way better than the "Boot" design.

    Daniel Libeskind all the way!
     
    Last edited: May 1, 2011
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  2. Solaris

    Solaris Senior Member

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    really? I went through the 'new' floorplans of the redesigned first ~12 floors (which was available a couple months ago when they chopped off the boot) and they were not any better than the small dinky units typical in the original L Tower above
     
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  3. urbandreamer

    urbandreamer recession proof

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    ^No need to pump it. You're a bit late to the thread. It's under construction, and your commission is safe.;)
     
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  4. JayBee

    JayBee Senior Member

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    50th floor...wow @ that view.
     
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  5. firsttimer

    firsttimer New Member

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    L Tower

    Wondering if any purchasers on the board can provide some advice -- I was on holidays and returned to find the Amendment of Purchase and Sale document, requiring my autograph to amend the unit number as well as the Occupancy Date. Did everyone receive this? Did you sign? This is my first condo purchase, and I was wondering if we have any rights to interest on our deposit or other kind of compensation for the delay? Wasnt sure if I should be signing this, and if that would give up my right to such compensation.

    Sorry if this inquiry has already been addressed!
     
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  6. riley

    riley Active Member

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    That's interesting. I received a letter informing me of the new unit number and the new occupancy date, but I haven't received an actual amendment to the agreement of purchase and sale yet. Did you get an information letter prior to the amendment? I believe the law ensures that we are entitled to get interest on our deposit but I don't think we get any "extra" interest for delays. What was the occupancy date you received?
     
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  7. BBP

    BBP New Member

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    I have not received either notice (as yet). Perhaps it depends on the floor on which your unit is located. I would absolutely consult your lawyer before signing.
     
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  8. Bob

    Bob New Member

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    Got one also, I called my lawyer and he said I do not have to sigh anything and should ask for some kind of compensation. It means they will not be able to deliver the unit on time and you can walk away.
     
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  9. riley

    riley Active Member

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    Your lawyer says that if we don't sign we are able to rescind and walk away? We just get our deposit back? I have been trying to do this for a while and I keep getting told I couldn't, so this is good news.
     
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  10. firsttimer

    firsttimer New Member

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    Amendment to Purchase and Sale

    It says proposed occupancy date has been revised to Nov 29, 2012 (from Nov 30, 2010).Thats interesting that not everyone has received this... I have also noticed that recent articles have been stating the tower will be ready in late 2011/early 2012... so much conflicting info about this project out there!

    Anyone know why our units have been moved up 3 floors? I was surprised to not receive any letter about that either... did this affect all of the units?
     
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  11. Granny

    Granny Active Member

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    You guys have got me scratching my head.
    Why on earth are you so anxious to get of your deals??
    I just wish I could turn back the the clock to the very beginning of this beautiful project.
    Interest on your deposits?.. Oh for goodness sakes! That's chump change, and besides the builder doesn't have your deposits. That's sitting in trust and it is most definitly earning interest FOR YOU.
    If you want out, possibly an assignment sale is what you want to do?
    Better still. PM me and give me a shot at it. Perhaps I can turn back the clock a little after all. Who knows. You will make more than simple interest and I will expect to get a good deal.
     
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  12. riley

    riley Active Member

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    Granny I do agree that if we (my fiance and i) wait and take possession of the unit we will gain a lot more equity than if we just bail now and take interest on the deposit. However, it's the opportunity cost that i'm considering. My money has already been tied up for two years, and it looks like it will be another two years at least. If I get the money out now, I can put it towards another investment which may give me a faster turnaround. Or, throwing out the timeliness issue, I was thinking maybe I want to invest in the new 1 Bloor instead. I really don't know. I don't even know for sure if I can get out of the deal now, my lawyer is looking into it. I do know that I've been annoyed at how long this project has taken and how rude and difficult some of the sales staff has been when I would ask for updates on this project.
     
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  13. w.ll.am

    w.ll.am Active Member

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    I would look at PSF that you paid then and the PSF that you are going to pay for any other place that has the same cache that the L tower has.

    Without even looking up the numbers I can pretty much guarantee your return on investment will be higher on the L tower than any investment you can make now. Builders are trying to charge premium prices for sq footage and you can pretty much tell that you won't make much if any money on a new build.

    So take the PSF that you bought at. Find the PSF that you would buy a new place at. Just minus the old PSF from the new PSF and add that result to the new PSF and that's the number you need to reach to make the same ROI. Never mind that during that time if the new PSF increases in value so does the L Tower.

    There is no investment right now that will give you a better return than keeping it in the L tower.
     
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  14. Kraylin

    Kraylin Active Member

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    That's a very bold statement for not even bothering to look up the numbers. I'm not saying I agree or disagree I just don't think its much of a sales pitch without numbers to back it up. Historically these towers are built largely on speculators that believe by the time years pass and the tower is completed it will be worth more then what they paid during construction.
     
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  15. Redroom Studios

    Redroom Studios Senior Member

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    I dont know the numbers either, but I think he is right based on 2 things:

    1) the length of time that has passed since this building was originally marketed. If you bought back in 05 or whenever this was first offered youve locked in to the lower prices that existed at that time.

    2) as this latest condo boom has continued to heat up, the PSF premium for developments such as this has shot up to an almost irrational level... so that anyone who bought near the beginning of the cycle will benefit from it if they sell and anyone who buys now will have to bear that premium if they want in. Also there has been some talk that developers have raised prices so that they will be in line with forecast material and labour costs for when the building is actually completed rather than what prices are when the building is first marketed.

    it remains unknown, though perhaps unlikely that the market can continue to drive this ever increasing psf at the same pace of the last 5 years and so buying now and expecting the same rate of return is far from a sure thing.
     
    Last edited: Jan 14, 2010
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