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

Qlee

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so i stopped by the third floor today... they have the wall papers up and the elevator foyer is covered with glass panels.. it actually looks not bad...
 
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kalvinone

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...I want to know how much "phantom rent" do we pay to the builder? If we have some funds accumulated, can we put down more to reduce this "phantom rent"?
You will get something from the builder usually when you get the interim closing/occupancy and may hear from your lawyer about the balances, rent, etc... not sure what that value is -yet-.
This is monthly and usually they want post dated cheques of the same amount - so no, you can't reduce the amount.

Can the unit be rented after occupancy or only after final closing?
This will depend on what your documents say... in some buildings, they don't want you to rent out and can do it only after final closing... but not sure how well this is often enforced.
 

AKS

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I own a unit in Backstage. But, I want to know how much "phantom rent" do we pay to the builder? If we have some funds accumulated, can we put down more to reduce this "phantom rent"? Can the unit be rented after occupancy or only after final closing?

usually, after occupancy how long does it take for final closing?

Will appreciate your reply.
It depends if your lawyer is willing to contact the other lawyer to increase your down payment (before occupancy) and it will also depend if the agreement allows you increase your down payment. Some lawyers for some reason or other won't do it and provide excuses not to. If the builder goes bankrupt, you are only protected for the allotted down payment and not the increased amount. The phantom rent is calculated based on maintenance fee and interest on the balance owing to the builder which is 75%. The interest rate is prime + , so it's probably around 3.5-4%. However you won't be getting any interest on your deposits because interest rate is too low.

Renting out during occupancy depends what the documents say. However, it seems people are renting out L tower even before registration.

Occupancy to final closing varies depending on builders (how much construction is completed) and how fast the paper work gets done. It could be 2 months to a year. I've heard infinity closing was over a year. Someone mentioned Pier 27 is at 6 months and counting. Parade building at city place closed within a few months but it was near completion and not a construction zone when residents moved in. I read that L tower is like a construction zone, so I don't think they're closing any time soon. So depending how your situation will be like at backstage, final closing is unknown.
 

TheKingEast

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that happens everywhere. even in buildings that are occupied during interim occupancy - people, contractors, you name it, take things that shouldn't be theirs. That's why there's a security guard, but they can only do so much.
Yes. All of these things are normal. Pier 27 especially is a large project. Condos take a long time to register. Seems like some people are always surprised by this. Bigger buildings take a while. I'm sure LTower will take some time.
 

riley

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Has anybody else had difficulty plugging three prong plugs into outlets in the kitchen? It's the weirdest thing. We can plug a two prong plug in, but the plugs seem to have a guard in then that completely prevents a three prong plug from being inserted.
 

Qlee

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Riley - Try to angle it and put the round prong in first. I haven't had any problems with the kitchen plug.

Spoke with a rep last week, he quoted occupancy is around 45%.

In the L Tower purchasing agreement, it forbids owners from renting out during occupancy period unless they have consent from the builder.

The builder is allowing owners to rent out their units during occupancy period if you sign a waiver, waiving your right to any compensation claims due to delays on their part (Believe this is capped at $5000 per Tarion, based on when the first purchasing agreement was signed)
 

wolf

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Riley - Try to angle it and put the round prong in first. I haven't had any problems with the kitchen plug.

Spoke with a rep last week, he quoted occupancy is around 45%.

In the L Tower purchasing agreement, it forbids owners from renting out during occupancy period unless they have consent from the builder.

The builder is allowing owners to rent out their units during occupancy period if you sign a waiver, waiving your right to any compensation claims due to delays on their part (Believe this is capped at $5000 per Tarion, based on when the first purchasing agreement was signed)
QLee ... did the rep give you any feedback on the rate the new move in's are proceeding. Just a ballpark ... like is this couple of units a day ... or couple of units a week ... just curious.
 

Qlee

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QLee ... did the rep give you any feedback on the rate the new move in's are proceeding. Just a ballpark ... like is this couple of units a day ... or couple of units a week ... just curious.
No, no specifics. And this is strictly the rate they are giving out the keys. Actual occupancy is unknown.

45% in 4 months, winter I'm guessing will be slower. But optimistically speaking, we may be able to get registered just before the need to rewrite another 12 months of occupancy cheques.... Fingers crossed!
 

wolf

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No, no specifics. And this is strictly the rate they are giving out the keys. Actual occupancy is unknown.

45% in 4 months, winter I'm guessing will be slower. But optimistically speaking, we may be able to get registered just before the need to rewrite another 12 months of occupancy cheques.... Fingers crossed!
Look like another delay is in the works for people who are not yet in the building. I heard there is a series 7-8 week of delay letters that have been prepared and will be sent out shortly (if they haven’t been sent out already). I heard they are going to blame this on the snow/cold, but again, this is so “convenientâ€. They had the whole summer where they could have caught up. Getting so difficult to organize accommodations without any assurances.
 

trini2dbone

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you are absolutely on the ball on this one, just got another extension...May 15th now.
Ahhhhhhhhhhhhh
By the time I get this keys I will be applying for pension the same time....lol
Anyone got extensions?
 

wolf

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you are absolutely on the ball on this one, just got another extension...May 15th now.
Ahhhhhhhhhhhhh
By the time I get this keys I will be applying for pension the same time....lol
Anyone got extensions?
Migos: Your guess is as good as mine. Maybe because they are still waiting for the window cleaning unit (BMU) and they can't install until the weather gets better (One row of windows is still open on top). Only speculating. Still .. no excuse.

trini2dbone: I think I'll be joining you in the pension line ... lol

Good question: Has anyone else got delay letters ?
 

Xenosblitz

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Migos: Your guess is as good as mine. Maybe because they are still waiting for the window cleaning unit (BMU) and they can't install until the weather gets better (One row of windows is still open on top). Only speculating. Still .. no excuse.

trini2dbone: I think I'll be joining you in the pension line ... lol

Good question: Has anyone else got delay letters ?
No, I didn't get one. I was already pushed to May (last letter received in Dec). With the builder's track record, if I am delayed more, I wont know until 4 weeks before my May date!

I have a lot more white hair since I bought the unit. Hopefully I won't be all grey before I move in...
 

trini2dbone

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Hi guys,
I met a guy whose on the 50th floor, he said things are moving along...more plp are moving in...it's looking a little bit cleaner inside so i guess those are good signs.
I noticed the crane still dangling from the east side...lol
Hope they remove that soon.
I am hoping my May date doesn't get pushed out again but who knows anymore.
When we get a letter from the solicitor, my wife and I place bets on how far out they are going to push the date...lol...it's become a game now.
Hey got to keep yourself entertained.
If anyone has any news pls post.
 

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