Emerald City Condos (ELAD Canada) - Real Estate -

enigma0t2 said:
I didn't sign up for early occupancy. The builder kind of just assigned the occupancy date to me. I don't really have a choice in the matter.
Click to expand...

I think it depends on when you purchased, I bought in 2013 and did not have a choice, however I know someone who bought before ground was broken and their date is in December, they were given the option of taking it earlier but declined
 
Does anyone know where I can get a TDS meter that is under 50$? I found a few on amazon but prefer going to a store. Would like to keep one handy with all the posts about the water after power outages...
 
hi enigma

I think that was previously mentioned about the purchase date has a factor to do with your occupancy date because they are "ahead" of schedule on dream tower.
What floor your unit is on also determines occupancy date. What floor did you buy your unit on ?

I also bought in dream tower but all the way back in 2011 and my occupancy is for Jan 2015

I did not get any ammendments on my purchase sale agreement so Im also not sure what my closing costs will be but I guess thats what the lawyer is for and im at the mercy of the builder now .... any others who purchased dream tower who got PDI dates or occupancy date let us know.
 
Hi jonlai9,

I read a relevant blog on gross rent multiplier (GRM) on http://www.greaterfool.ca/2014/08/13/investment-grade/. Across the street from the new townhouse, there are almost identical rental townhouses available at $2700/month (http://www.homestead.ca/apartments/forest-suites).

Apply 10-20% premium for a brand new condo development, the asking price is still very rich as compared to possible cash flow. The only justification for buying will be future price appreciation. It will be anyone's guess if the price would rise much higher than the $700K asking price.


jonlai9 said:
Can anyone chime in on the town homes in this development?

One of my friend bought a unit back in January and to this day I'm told there's still a few units left, out of a total of only 11 units. I looked at the floorplans and they seem decent. Location is also decent. I'm in the market for a town house and is considering this development as well. However, I'm skeptical why there's only 11 units and for so long it's still not sold out yet. Anyone chime in on why they think this might be the case? It's $680K for 1900+ sq. ft. I believe. My friend also got a free tandem parking spot upgrade and free hardwood flooring in the second floor.
Click to expand...
 
dreamtowerbliss said:
hi enigma

I think that was previously mentioned about the purchase date has a factor to do with your occupancy date because they are "ahead" of schedule on dream tower.
What floor your unit is on also determines occupancy date. What floor did you buy your unit on ?

I also bought in dream tower but all the way back in 2011 and my occupancy is for Jan 2015

I did not get any ammendments on my purchase sale agreement so Im also not sure what my closing costs will be but I guess thats what the lawyer is for and im at the mercy of the builder now .... any others who purchased dream tower who got PDI dates or occupancy date let us know.
Click to expand...

Hi dreamtowerbliss,

I'll be on the 11th floor, and I made the purchase during the summer of 2013. I actually just got the cost summary from my lawyer.

On it, I notice a "pro-rata-occupancy amount". Not sure exactly what that is, but a quick google search tells me it's the fee I'm paying for the "privilege" of early occupancy (at least it is if my understanding of the legalese is correct). If that is indeed what it is, then it bugs the hell out of me that I have to pay a fee for something that I didn't even have a choice to opt out of.

For those interested, the portion of the occupancy payments that's based on the remaining balance of your purchase, that portion is based on a 3.14% of the remaining balance. The property tax portion is based on 1.25% of the sale price.
 
The occupancy amount or "phantom rent" as it's sometimes called, is standard in new condos -- it is paid until the building is registered. Hopefully, the building will register soon and you don't have to pay it for very long. Technically, you occupy, not possess, your unit before registration.
 
PinkLucy said:
The occupancy amount or "phantom rent" as it's sometimes called, is standard in new condos -- it is paid until the building is registered. Hopefully, the building will register soon and you don't have to pay it for very long. Technically, you occupy, not possess, your unit before registration.
Click to expand...

I called customer service, and they said they "think" registration will probably be around December/January
 
PinkLucy said:
The occupancy amount or "phantom rent" as it's sometimes called, is standard in new condos -- it is paid until the building is registered. Hopefully, the building will register soon and you don't have to pay it for very long. Technically, you occupy, not possess, your unit before registration.
Click to expand...

Hi Pink Lucy, can you help clarify something for me ? In order for the building to become registered, does there need to be a certain percentage of units occupied ? My concern is that there are is a wide range of occupancy dates. Some of those who bought very early have occupancy dates in early 2015, an have opted not to occupy early. Will those of us occupying in August have to wait until a certain number of units are occupied or can they start the process right away?
 
PinkLucy said:
No, there doesn't -- that seems to be an urban myth. :) The registration process begins when the building first starts to be occupied -- here's a good article about it: http://www.ottawasun.com/2011/05/27/understanding-condo-registration and here's the checklist the developer has to submit: https://d2khazk8e83rdv.cloudfront.net/submission_checklist_-_standard_condominiums.pdf
Click to expand...


Thank You... So it would seem that perhaps those who have occupancy dates in 2015 are the "lucky ones" in that they will pay very little if any occupancy fees. I guess its then theoretically possible for the building to become registered before some people occupancy dates ? how would the turnover be handled in that case ?
 
Yes, it's possible. Then it would just be a regular close. Hopefully it won,t take long. I have heard of buildings that take years to register.
 
PinkLucy said:
Yes, it's possible. Then it would just be a regular close. Hopefully it won,t take long. I have heard of buildings that take years to register.
Click to expand...

I think my question is more along the lines of what if the building registers before 51 percent of the units have been fully purchased? what happens if the builder holds 51% of the units at registration? Can the builder hold the majority of votes when electing a board ?
 
Good point. You don't have to be an owner to run for the board so people could out their names forward. None of the units will be fully purchased until registration happens, and it is unlikely that the builder would hold that many unsold units. If you have an agreement to purchase, you are going to have to close after registration. So unless only 49% of the building was sold! it would be hard for the builder to hold 51% of the votes. The first meeting is to turn the building over to the new owners and to elect the board. If you have a lot of investors, they might have their agents on hand to vote or just send in proxies or not bother at all. With a high investor population, you might not even get quorum at the turnover meeting.

In order to register the building however, the builder has to write up the declaration and initial by laws, and the new board and owners are stuck with it. It is hard to change a declaration so if there is something you really don't like, such as a restriction on the number or type of pet, or a restriction on the number of days you can rent out your unit, you are going to have to live with it.
 
You must log in or register to post here.

Back
Top