Toronto

X - The Condominium (Great Gulf Homes) - Real Estate -

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skouby

Guest
I know many of you are interested in this project so I would just like to pass on that their website is finally up and running. Features, floorplans, amenities, etc etc.

www.xcondos.com

Anybody planning on purchasing one??
 
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rbtaylor

Guest
Anybody planning on purchasing one??
I like the unit, location, and the price is fair however there is a bunch of funny stuff in the Agreement of Purchase and Sale. Amendments and clarifications are going along at a snails pace.

I've yet to make up my mind as to whether I'll go through with it or not.
 
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skouby

Guest
"there is a bunch of funny stuff in the Agreement of Purchase and Sale."

Really? Like what?
 
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rbtaylor

Guest
Really? Like what?
That is what your lawyer is for. I'm also unsure of the public disclosure rules so I will not say anything specific about wording or amendments requested.

I'm not an old hand at this and X-Condos will be my second purchase if I go through with it. Others here, like V of E, could probably give much more thorough advice.

General guides for a new condo purchase:

1) Watch how your funds are being managed in the trust account to ensure they can meet their obligations according to the Condo Act. If they go bankrupt and the deposits have been mismanaged, you may not necessarily receive all interest you are entitled to if they don't have it. The Vendor is almost always a shell company with no obligations or sources of funding beyond the one specific development.

Until you take ownership (sometimes long after you move in) these funds are yours with someone else managing them.

2) Double check the warranties to ensure they are reasonable. If you can, have your agent compare to other agreements they have. A real-estate agent which specializes in new condominiums (particularly if they have been on the sales staff) is very useful here.

If a builder has had significant problems in the past, their new buildings tend not have that component under warranty. This list can actually tell you quite a bit about their track record.

3) Watch for adjustments with no limits applied to them. Take the maximum of all adjustments and add it to the purchase price as that is likely what you can expect. If there is no limit, your condo may have an infinitely high purchase price (or far higher than what you thought you agreed to).

Ensure that if they do mention a limit in the contract that it is close to what the book mentions. If the book says they expect $2M in for the building in a given category (maintenance fees and the reserve fund being the most obvious), then ensure the contract adjustments for your unit are appropriate given the number of units and the size of your unit. If they don't add up, the vendor has either made a mistake in the calculations for the adjustment OR they anticipate the book value is incorrect and will increase significantly.


I'm not saying don't buy. Just be sure to take a hard look at it and ensure you are okay with it.

I would much rather pay extra on the initial purchase price and eliminate uncapped adjustments and additional fees (potential surprises) rather than be surprised at what the final bill will be.
 
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miketoronto

Guest
The building seems amazing when you look at the design. But let me say, the model suite was a total waste. I went through it the other day, and I was not impressed at all.

First of all, its the first condo I have been seen in Toronto that does not even leave room for a dining room table. You have to eat at the kitchen island.

Talk about match box design, X has it downpacked, and its not impressive. And for the prices they are charging, I would expect better.

Now the CASA down the block. Thats a condo I like. I think the X tried to copy the CASA on some designs. But they just did not get the design right like CASA.
 
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shmoopie nhi

Guest
It looks like some of those plans offer a "dining table optional upgrade". Was that explained at the sales centre?

I think the layouts are pretty space-conscious, which probably explains the compressed eating areas. However, I have a personal aversion to sliding interior doors, so that would be my showstopper / deal breaker.
 
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rbtaylor

Guest
However, I have a personal aversion to sliding interior doors, so that would be my showstopper / deal breaker.
Many of those bedrooms would be completely unusable without double doors. In some cases you only have about 6 inches between the foot of the bed and the wall (rooms tend to come out smaller than the plans indicate).

Sliding doors are necessary because, simply put, there is no room to put a swinging door.
 
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shmoopie nhi

Guest
Sliding doors are necessary because, simply put, there is no room to put a swinging door.
Understood. It's a reflection of shrinking bedroom sizes. It seems rare these days to find a layout with bedrooms much larger than 100 sq. ft.

But I still hate sliding doors. ;)
 
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Darkstar416

Guest
First of all, its the first condo I have been seen in Toronto that does not even leave room for a dining room table. You have to eat at the kitchen island.
I don't think it's the first, but certainly part of a trend. Personally I have no use for a dining room table, so I didn't really mind the lay-out. The model suite was designed for 1 or 2 people and if they live an urban lifestyle and eat-out quite a bit and cook for just themselves on other nights, I don't see the lack of a dining room being much of a problem. I've been living downtown for 10 years and have never had a dining room table.

But I still hate sliding doors.
I think they look nice, but probably not that practical as I doubt they keep sound out of the next room very well.
 
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miketoronto

Guest
Well I need a dining room table, because you need room for when you have people over. And also I like eating at home 90% of the time, and just eating out once in a while.

So I want a proper space that leave you enough room to breath.

I am a condo supporter. But the more I see some of the these designs, the more houses look better sometimes.
 
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andreapalladio

Guest
You can have people over and eat off the coffee table, or have plates on laps. One just needs to be creative, and less rigid.
 
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boiler2000

Guest
You can have people over and eat off the coffee table, or have plates on laps.
Yes, you can, but I think Mike's argument is that having to do this means there is less value in such a condo. I would have to agree. Eating off your lap and eating at a comfortable dining table is not the same thing.
 
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andreapalladio

Guest
No, it's not the same, it's different. Neither better nor worse. Unless his parents are rich rich rich, mikescarborough will have to learn to entertain in different ways.
 

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