NEXT at Elgin East (Sequoia Grove Homes) - Real Estate

[Joy L]

I think you and all home owners / soon to be homeowners feeling the same. We all share the same sentiment!!! LOL

 

[Sammy_]

Did any of you get that email from the builder about providing lawyers information?

I called them to just double check if they had my lawyers info, and while speaking, they mentioned that some people will be starting occupancy for the town's starting September/October

 

[Joy L]

Hi Sammy,
yup, got the same email. Building A level 1 buyer here.

 

[Joy L]

Hi Sammy,
yup, got the same email. Building A level 1 buyer here.

Did you get a firm occupancy date as well? If so, do you mind sharing when?

 

[Sammy_]

Did you get a firm occupancy date as well? If so, do you mind sharing when?

I haven't yet... just the tentative occupancy for March 2024 from last year.

 

[Rainwrap]

We also got a firm occupancy for Building A - early November.

I'm wondering if anyone knows what the occupancy fees will be? And how long we'll have to pay it until final closing?

 

[Joy L]

We also got a firm occupancy for Building A - early November.

I'm wondering if anyone knows what the occupancy fees will be? And how long we'll have to pay it until final closing?

Hello there,
I guess we will know once we move in. Do you mind me asking what level you are?

 

[Sammy_]

I'm wondering if anyone knows what the occupancy fees will be? And how long we'll have to pay it until final closing?

It's hard to really calculate as we don't know what the interest rate the builder is paying for their loans for your unit.... With the way interest rates are, I'm really hoping the builder doesn't have a variable rate loan, and have rates locked in from when they started building/broke ground.....If it is a variable rate loan, I would guess the rate would be in the low to mid 10's...

If I recall correctly, It should be made up of the following
1- Monthly interest the builder is paying on outstanding balance of your unit (purchase price LESS deposits)
2- approximate monthly equivalent of property tax prepaid by builder
3- monthly strata condo fees

As for how long, from what I've seen and heard. The lower the level your unit it, the longer you will pay, as you will be most likely be getting occupancy before higher units.

 

[Rainwrap]

I have a unit in Building A and have a question on post-occupancy fees. Will we have to pay occupancy fees up until the occupancy of all units/levels in Building A? Or is my unit's final closing dependent upon the completion of Building B as well?

 

[Joy L]

I have a unit in Building A and have a question on post-occupancy fees. Will we have to pay occupancy fees up until the occupancy of all units/levels in Building A? Or is my unit's final closing dependent upon the completion of Building B as well?

Good question, I’m not sure too. Maybe it’s best to ask the reps.

 

[Sammy_]

I have a unit in Building A and have a question on post-occupancy fees. Will we have to pay occupancy fees up until the occupancy of all units/levels in Building A? Or is my unit's final closing dependent upon the completion of Building B as well?

I could be wrong, but I think I remember reading something in the disclosure packages that building A and building B are seperate entities (and assume this would mean are both seperate condo corps) so I am assuming your occupancy period won't include having to wait for both buildings to be fully completed to be able to register the land.

 

[Joy L]

I saw that too…. So people are doing inspections?

 

[Joy L]

Did anyone get any more updates recently?

 

[Joy L]

We also got a firm occupancy for Building A - early November.

I'm wondering if anyone knows what the occupancy fees will be? And how long we'll have to pay it until final closing?

Did you get any updatse?

 

[Rainwrap]

Did you get any updatse?

No updates on occupancy fees. But our occupancy date was moved to December.