Luna Condos (Concord CityPlace) - Real Estate -

[RedRaptor]

Did anyone else get a package from Concord regarding PDI for Luna?

 

[Mella]

Pdi

Hey everyone,

I am new condo owner so please be patient with me if I ask silly questions. I purchased a unit in the Luna Vista building and was wondering if anyone knows when the packages for the PDI will be mailed out. I am probably premature with this but I guess I am excited to know any type of information related to my building. If anyone knows ANYTHING, please let me know! My move in date is mid-April.

Thanks,

Mella

 

[RedRaptor]

Hey everyone,

I am new condo owner so please be patient with me if I ask silly questions. I purchased a unit in the Luna Vista building and was wondering if anyone knows when the packages for the PDI will be mailed out. I am probably premature with this but I guess I am excited to know any type of information related to my building. If anyone knows ANYTHING, please let me know! My move in date is mid-April.

Thanks,

Mella

Hi Mella,

Welcome! PDI packages were mailed out to some owners already. I've received my package which says someone from Concord will be contacting myself shortly to set up a PDI date. This was two weeks ago but I haven't received a call yet. With Concord, you learn what it means to be "mislead" and to take their letters with a grain of salt.

 

[Smileycelia]

Cityplace Luna be ready for occupancy?

Does anyone have any idea? How can I go about still getting a unit?

 

[AKS]

Probably through assignment. I think it's sold out. You can check at the presentation centre though. I read some people mention their PDI is in april.

 

[Yossi Kaplan MBA]

Luna Assignments

we have Luna units via assignment available, please contact me via email (not pm) thx

urbanrealtytoronto at gmail dot com

 

[majic]

Hi Mella,

Welcome! PDI packages were mailed out to some owners already. I've received my package which says someone from Concord will be contacting myself shortly to set up a PDI date. This was two weeks ago but I haven't received a call yet. With Concord, you learn what it means to be "mislead" and to take their letters with a grain of salt.

Rob,

You need to be a bit more positive man shittyplace called me and I have a PDI appointment first week of November..

woohooo...

 

[Mella]

Rob,

You need to be a bit more positive man shittyplace called me and I have a PDI appointment first week of November..

woohooo...

November? wow that is so soon.... I assume you are in the luna tower as opposed to the luna vista building. What month is your move in date?

 

[majic]

November? wow that is so soon.... I assume you are in the luna tower as opposed to the luna vista building. What month is your move in date?

i'm a little surprised myself.. my move in date is march 2010 and i'm in the podium.. when i asked the lady who called me if march was still on track she said yes... then again if it's not in writing it doesn't exist so it may be sooner or earlier - i guess i'll have to see what the average times between PDI and occupancy were for the other CP buildings..

 

[Mella]

i'm a little surprised myself.. my move in date is march 2010 and i'm in the podium.. when i asked the lady who called me if march was still on track she said yes... then again if it's not in writing it doesn't exist so it may be sooner or earlier - i guess i'll have to see what the average times between PDI and occupancy were for the other CP buildings..

Like you said, if its not in writing then it doesn't exist. I didn't realize how difficult it is to get information from cityplace until a few months ago. Its frustrating at times, I tried to get exact room dimensions from them and they claimed that they didnt have them. I then asked how are the construction workers building the condos and the rooms inside........ they said good point and transferred me........ talk about frustrating.,,

 

[majic]

so i spoke with the customer care rep again and i was told that the march interim occupancy (IO) is still on.. when asked what happens between PDI and IO, she explained that they are doing PDIs all throughout for all the units.. she also said that all the units are pretty much done now.. anyway, I did some quick math and:

Luna: ~ 40 x 5 ... 200
Luna Villas: ~ 10 x 7 ... 70
Luna Vista: ~ 10 x 30 .. 300
Luna LTD TH: ~15
Luna LTD PH: ~25

total over 600 units for the complex.. assuming 2 people doing PDI, say 10 appointments a day.. 60 days which is 3 months.. give a month of slack and we are in February .. makes sense - she also said that Neo/Montage were PDI'd 3-4 months prior to IO..

anyway.. i then asked to be transferred to sales because i had a question about the 'ghost rent'.. i was told that it is comprised of three things: property taxes, maintenance fees and the interest on the outstanding principal.

property taxes: this is not the tax on the unit itself but on the *land* since the condo is not registered and the units don't exist, hence this amount is rather small (approx $50/mth)
maintenance fees: $0.44 or $0.45 / sq ft.. don't forget a few bucks (i think around $10) for the locker and double that or so for the parking spot if you have one. (for a 1000 sq ft place you're looking at ~$450/mth)
interest on the outstanding principal: say you bought the place for 300K.. you have paid 10% up until now and on IO day you pay the remaining 15%.. at this point the outstanding principal is 300K * (100-25)% = 225K ..

you check the BoC 1-yr conventional mortgage rate (V122520) on the first of each month, which for october (based on the previous month) is 3.70% and the final equation is: 225K * 0.037/12 = $694

so the total ghost rent for the fictitious 1000 sq ft place you paid 300K for is: $50 + ($450 + $10 + $20) + $700 = $1230 / mth

oh.. i almost forgot.. if you have spare funds, you can decrease the outstanding principal, and as a result, the interest porion will be proportionally smaller..

eg. dump additional 100K into principal reducing it to 125K and your payment is now $50 + ($450 + $10 + $20) + $385 = $915 / mth... over 6 months, the average time to register the condo, you would save about $1800 but i am sure you can make a better ROI on 100K than 3.6%

 

[simuls]

property taxes: this is not the tax on the unit itself but on the *land* since the condo is not registered and the units don't exist, hence this amount is rather small (approx $50/mth)

While this is correct in that the only assessed portion thus far would be the land, as soon as occupancy occurs, it is fully taxable at the assessed rate and value. Since it is up to the developer to "estimate" the property taxes, I would factor in a much higher cash grab (even though they won't pay it to the city for more than a year after occupancy) - that will be in line with around 1% of your purchase price/12. So, in the very fictitious 300k, 1000 sq ft. condo, expect something closer to $250/month in property tax charged. This tax will be collected and paid by the developer and if they over estimated, they will pay you the difference plus interest about a year and a half later.

 

[TheProfessor]

Is it standard practice for a builder to perform PDI's for all suites prior to allowing the first occupancies? I've never heard of that before.

 

[AKS]

I don't think so. There were people moving in already when I did my PDI for WestOne

 

[majic]

While this is correct in that the only assessed portion thus far would be the land, as soon as occupancy occurs, it is fully taxable at the assessed rate and value. Since it is up to the developer to "estimate" the property taxes, I would factor in a much higher cash grab (even though they won't pay it to the city for more than a year after occupancy) - that will be in line with around 1% of your purchase price/12. So, in the very fictitious 300k, 1000 sq ft. condo, expect something closer to $250/month in property tax charged. This tax will be collected and paid by the developer and if they over estimated, they will pay you the difference plus interest about a year and a half later.

the relatively small ($50) amount of tax was what the cityplace customer care person said so i am going by that for now until i see the final papers..

Is it standard practice for a builder to perform PDI's for all suites prior to allowing the first occupancies? I've never heard of that before.

I don't think so. There were people moving in already when I did my PDI for WestOne

interesting... again, the customer care rep mentioned that PDI in November and IO in March were all on target.. i hope she knows what she's talking about..