After my experience last week at a few new-condo launches, I immediately came back to my office and put on an impromptu real estate seminar for those of my colleagues who were (un)lucky enough to be present.
I ranted and raved, and they sat and listened.
And then one of them played devil’s advocate and raised a very interesting way of looking at things…
At the risk of being black-listed by developers in the real estate industry, I’m going to tell you what I think about the “special broker’s preview” that took place on Tuesday at Sync Condos.
It was a freaking joke, and I can’t believe I expected anything different…
Let’s try this again.
Remember when I wrote about my attempts to purchase a condo at 2 Gladstone in the Queen West area?
Well Streetcar Developments will be launching Sync Condos this week and I’m bringing my cheque book, my patience, and a lot of elbow grease…
I’ve written a lot about pre-construction condominiums in the past few months, and I do so under the assumption that it’s always for investment.
But the reality is - many buyers actually purchase pre-construction condominiums to live in as a primary residence!
I wouldn’t advise it, and here’s why…
First let me say that I really like this new project by Aspen Ridge Homes.
But there is one massive red flag with this development that might cause me to encourage my buyers to look elsewhere; at least in the interim.
I say “maybe” and “might” because I’m not sure what direction they’re going to move in…
One of the following statements is true:
a) Developers have no idea when a condominium will be completed.
b) They do, they just don’t care to tell the truth because there are no repercussions.
When was the last time a developer actually quoted a reasonable time period to plan, sell, and construct an entire building?
Contrary to popular belief, it can’t be done in one year…
The response to last Friday’s post about Fashion House Condominium was overwhelming. And it was ironic to see that one of my readers commented that she had actually purchased a unit I was looking at, and then rescinded her offer.
I’ve also decided to pass on the project, but it has less to do with the project and more to do with the area…
There’s been some awesome feedback and comments on my blog in the last couple days about the future of real estate in our city.
So let me add some more fuel to the fire.
Fashion House condos are selling in pre-construction for an average of $550 per square foot, and as high as $632.
But if the market is going up forever, then who cares….right? 
In August of 2008, one year since I had taken occupancy of my unit at Rezen and a mere four months since final closing, a unit sold across the hall for $265,000.
The unit was larger than mine, but it still got me asking myself, “I wonder what I could get for my unit…”
“Second week of February,” said the sales person from Rezen when I asked for the ninety-fourth day in a row when the building would be registered.
“If we’re not registered by then….cut my throat…..my word to God’s ears!”
That was the single strangest prayer I had ever heard…
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