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Buying an unbuilt condo? Think twice, agent says

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Ephraim Vecina | 03 Apr 2017, 08:31 AM Agree 0
Toronto-based real estate agent offers insights for would-be condo buyers
  • Todor Yordanov | 03 Apr 2017, 11:44 AM Agree 0
    Seriously!!!! Did anyone at the magazine read what you just published?
    An agent who never transacted on pre-construction offers an advice on how to do it. And compares a real estate purchase to buying jeans.
    Are you trying to become irrelevant with such stories?
  • NewHomeExpert | 03 Apr 2017, 12:04 PM Agree 0
    This agent is clearly biased against new condos and the article neglects to mention the many benefits of buying new a few of which I will list here:

    1. Buying a new condo is generally less expensive and increases in value faster than a resale condo.
    2. Buying new means you get your choice of floors and views (if you get in early enough!)
    3. New condos come with a warranty against defects.
    4. New condos are fresh and clean with no hidden secrets.

    To use the agents' analogy: If I am going to buy a pair of jeans, I would rather have a brand new pair that I at least know are not worn, smelly and with a hole in the knee:)

    • Omer Quenneville | 03 Apr 2017, 12:20 PM Agree 0
      Its hard to give credibility to your comments when you don't disclose your name.
      1.Many condo's don't sell on the resale market for more than they were purchased for from the developer.
      2. Limited Choice: They don't make everything available to you, things are released in stages and the prime units will be held back and not available in your choice.
      3. Defects from a building that may have tried to cut corners and lets not forget this warranty loses a lot of its teeth within the first year.
      4. No hidden secrets like a hallway vent right outside you door that you have to duck under or have your hair blown? Or a furnace in what you thought was a closet?
      I do agree in part with what you say.
  • Omer Quenneville | 03 Apr 2017, 12:13 PM Agree 0
    Given the market there are some great opportunities with pre-construction but some smart rules applies. Never walk into a pre-constructions site without your own agent and don't sign or register without your agent. Most people don't realize that these sales people are sales people and not agents and work exclusively for the developer. It is buyer beware. A realtor should be with you while signing and walk you cautiously through the cooling off period and making sure that with the help of a lawyer, all i's are dotted and t's crossed. Agents should consider with their client any restrictions that may be part of the assignment clause. Many developers are now putting a lot of restrictions on the assignment clause making the privilege to assign almost impossible. Your situation can change between the time you buy and the time many years later when you take possession. You need to know if you need to bail what the restrictions are and no one will tell you unless you ask.

    Occupancy is another issue that can vary greatly from each developer. Keeping in mind that your situation can change, you may have bought a studio and now you have a spouse and kids, the occupancy clause may not allow you to lease out our unit during the occupancy period at all or a possible fee my be requires.

    I can go on... like levies and caps that are not really capping much.

    Recently I dealt with an agent that specialized in new-built and I felt like I walked my client into a shark tank and everyone is going to take a piece. I don't have a problem with this if everything is fully disclosed but that wasn't the case. I felt they want you to drop the ball and will do anything to get past the 10 day cooling off period. There exact words to my client sign and think later and now lets get past the cooling off period and let the client can learn as he gets closer to the possession date.

    I don't have a problem with all the hoops that one must be prepared for, I have a problem with them not being properly disclosed.

  • chris condo | 03 Apr 2017, 01:04 PM Agree 0
    david fleming is a tard I have friends that worked with him and they confirm his brain is fried like an egg
  • John | 14 Oct 2017, 03:08 PM Agree 0
    We can help you buy and sell <a href="https://www.mynestsweetnest.com/">Condo Assignments Toronto</a> which are fully sold by the builder but are still under construction. A few things you need to know before buy or sell your pre construction unit.
    1) The posting on this website is FREE.
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    4) Your posting will reside in our database and will be available to the network of investors and real estate agents who work with us. It will also be available to qualified buyers and real estate agents who represent the buyer or seller.
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