Park Lake Residences Condos (Pemberton Group) - Real Estate -

[rdroze]

Hi all,

New to the board. I've been looking for this kind of forum for a long time, but could never find it. I had to wade through page after page of Google search results, almost all entirely useless realtor web sites before I finally found this place today. Glad to have finally made it!

I've bought a "Superior" unit in the West tower. While poring through this thread, I was a bit dismayed to see that other buyers seem to have received a letter back in December notifying them of a delay. I don't think I've received anything at all from Park Lake since mid last year. (Will have to double-check that tonight, since with a two-year-old and a pregnant wife at home, my mind tends to be elsewhere these days.) I pass by the condo regularly so I knew it was not going to be ready for the supposed May occupancy, but I was expecting to receive some sort of notice in the near future. I guess that should have been back in December!

Anyway, for some of those that seem to be more in-the-know, is there any word on when the Superior units will be ready for occupancy? I realize that with the external elevator/hoist thingy, it'll be later than others, but if the first set of people are to occupy in June (?), then I guess it'll be a few more months for us.

 

[Nick]

Hi Rdroze,
Welcome to the forum. As you might know the possession of your unit depends on many factors: Floor, suite, tower (west-east),
So the best advice I can give you is to contact Pemberton Group with your name and suite #. I am definitely sure they will verbally tell you the occupancy date or they will write a letter and send it to your address. Either way it will not take more then 2-3 days for you to know when. Mine is on6 th floor,west and is June 16.
Take care

 

[JB1]

Hi Rdroze:

Welcome. I'm mostly new myself but was happy to see the forum when I found it. My unit is E - 14th floor and I have an Aug 26 date. Can't remember when I got the letter, but was not pleased with the delay and hope this is the last one. I'm DEFINITELY ready to move now. I also have a friend who is on 6th floor - W and has a June date like Nick. I'm going to be visiting these people from June to Aug. LOL.

 

[Nick]

Hi Rdroze:

Welcome. I'm mostly new myself but was happy to see the forum when I found it. My unit is E - 14th floor and I have an Aug 26 date. Can't remember when I got the letter, but was not pleased with the delay and hope this is the last one. I'm DEFINITELY ready to move now. I also have a friend who is on 6th floor - W and has a June date like Nick. I'm going to be visiting these people from June to Aug. LOL.

Hi all.
Yes JB1. You are welcomed to visit my suite. Give me a couple of weeks to paint it though. Also I need to buy the beers since you will bring the Pizza and the pastries. By the way did you have locked a nice mortgage rate. For now that is my biggest concern. As per the lawyer, there are tons over there and more or less same price. Rdroze did you get any info from Pemberton Headoffice?
Ok till then.

 

[flowerbridge]

Here's a question:
If you got to know your neighbours well enough, would you be willing to split a Wifi connection with them? A friend of mine is thinking of asking his next door neighbour to split a high speed internet via a wireless router.
Anyone think it's worth the potential headaches (and risk?) to halve your internet connection costs?

By the way, off to meet up with a mortgage broker to see what kind of rate is available now that a couple of the banks have upped their lending rates. Bad news for us, especially since we can't lock into a rate until..what was it? 120 days before closing? or was before the building registers?

 

[rdroze]

Just talked to the folks at Pemberton. Yes, the notification never arrived; perhaps lost in the mail. My move-in date is now early August, which is about what I guessed.

And to dredge up another topic half-discussed earlier in this thread: I'd definitely be interested in having car-sharing on-site (Zip Car or Autoshare). I currently live downtown and am a member of Autoshare, and it's really convenient. Whether or not it'll be so convenient when I move out of the downtown core, I'm not sure. But I have no doubt it would be heavily used if there was a car in our building.

 

[Nick]

Just talked to the folks at Pemberton. Yes, the notification never arrived; perhaps lost in the mail. My move-in date is now early August, which is about what I guessed.

And to dredge up another topic half-discussed earlier in this thread: I'd definitely be interested in having car-sharing on-site (Zip Car or Autoshare). I currently live downtown and am a member of Autoshare, and it's really convenient. Whether or not it'll be so convenient when I move out of the downtown core, I'm not sure. But I have no doubt it would be heavily used if there was a car in our building.

Hi Flowerbridge,
As per sharing the wifi I would not be so comfortable, not cause I do not mind paying less. I will find a bit difficult asking my neighbour every month for the internet or whatever we were going to share. But this is smth completely up to everybody discretion. As per the rates if you have chosen the TD the lender on the site they would have locked the rate for all the time the building was build up till the date you would have gotten possession. The rate they would have locked at posted minus 1%. Other then that no one will lock the rate with you more then 90-120 days.
Rdrose, Happy for you, getting an answer on your moving date. Zip car it is a good option or not. Time will tell.
Cheers All.

 

[JB1]

Nick:
I locked in with TD - bank on site since I couldn't go with anyone else yet. I also am ambitiously trying to lock in my painting in my first weekend!

Flowerbridge:
I think the sharing of services such as wifi is a good idea to cut costs, but I agree that it might be a pain trying to get costs paid up on time by individuals you may not know too well yet.

I am also interested in zipcar and would've explored that option further closer to the time. Now it's TTC all the way, and of course on Friday I'll be trying out my new bike.

I have a question for everyone though. Has anyone ever been into any of the other Pemberton buildings?

 

[Nick]

Nick:
I locked in with TD - bank on site since I couldn't go with anyone else yet. I also am ambitiously trying to lock in my painting in my first weekend!

Flowerbridge:
I think the sharing of services such as wifi is a good idea to cut costs, but I agree that it might be a pain trying to get costs paid up on time by individuals you may not know too well yet.

I am also interested in zipcar and would've explored that option further closer to the time. Now it's TTC all the way, and of course on Friday I'll be trying out my new bike.

I have a question for everyone though. Has anyone ever been into any of the other Pemberton buildings?

Hi JB1,
For me this is first time on any Pemberton projects. No idea of their buildings.
Take care

 

[Ric]

Wow, it's nice to finally see the Park Lake thread busy. East Tower, 16th Floor, move in September.

 

[flowerbridge]

mortgages

damn it.
so we're pretty much screwed. that 3.69% I mentioned in an earlier post? Forget it.
We're going to be (very) lucky if anyone's going to give us something hovering around 4%.

 

[Nick]

The lenders are mainly concerned that it is not your primary residence. Many loan programs aren't so much concerned with it being rented, just that it is not your primary residence.

Happy EASTER to all. Have a very nice long week-end. Enjoy the weather
Later

 

[Nick]

Mortgages

The lenders are mainly concerned that it is not your primary residence. Many loan programs aren't so much concerned with it being rented, just that it is not your primary residence.

Hi Flowerbridge,
I know man I feel bad too, and the thing is that this is just the beginning. Anticipated rate increase was expected somewhere in July, but it looks like the economy is improving faster then expected. So bottom line they might increase rates in early June'
Anyway, Enjoy EASTER for now.
Cheers!

 

[Nick]

Hi Flowerbridge,
I know man I feel bad too, and the thing is that this is just the beginning. Anticipated rate increase was expected somewhere in July, but it looks like the economy is improving faster then expected. So bottom line they might increase rates in early June'
Anyway, Enjoy EASTER for now.
Cheers!

Hi,
If you have a fixed-rate mortgage, you're immune to rate increases until renewal time. (Note that Royal Bank, Toronto-Dominion Bank and Laurentian Bank already increased their rates on five-year, closed, fixed-rate mortgages.) With a variable-rate mortgage, however, your rate is adjusted up or down with each movement in the prime lending rate. The prime is influenced by the Bank of Canada's overnight rate, which will be set eight times in 2010. The next rate announcement is scheduled for April 20, and the ones after that happen June 1, July 20 and Sept. 8.

If you have a variable-rate mortgage but you don't have a plan, you're going to live and die by these dates.

Let's assume that you don't intend to use the provision that allows a variable-rate mortgage to be converted into a fixed-rate loan without penalty. Variable-rate mortgages usually cost you less interest over the long term, so this decision is certainly defensible.
Later

 

[Nick]

Very good job Josef.
Like the PL forum. Seeeeeeeeeeeeeeee everybody there. Lot of new stuff to discuss
Cheers!