The Downtown Condo Thread

[max_boost]

Originally posted by flipstah


Only time will tell. Sasso nearby is selling 2-bedrooms for $250-275k... CHEAP!

At least I think so...

Gotta check your facts bro. Around $100K off.

Guardian 2br/2bth for $313K is CHEAP! lol

[sputnik]

Originally posted by flipstah
This is what I mean... I buy The Guardian 1 on the assumption that it's going to be the tallest then TG2 comes up, blocking my view.

FUUU-

Unless you plan on shelling out for a penthouse unit, you will probably always be at risk of a blocked view. Even if the second building is shorter.

[flipstah]

Originally posted by max_boost


Gotta check your facts bro. Around $100K off.

Guardian 2br/2bth for $313K is CHEAP! lol

LOL yes! That is true! The moment I saw prices, I was floored. But that's probably low floors.

If I want to be in "The Tallest Tower in Calgary", I'm going for high floors. Otherwise, I'll go elsewhere for cheaper deals.

Originally posted by sputnik


Unless you plan on shelling out for a penthouse unit, you will probably always be at risk of a blocked view. Even if the second building is shorter.

Unless I pick the 'Dome view! Ew.

[Disoblige]

I'm interested in The Guardian too. It says expected to be done in Mid-2014.

I have a newb question though.

So let's say you are going to buy a suite in The Guardian, 2 bedroom, whatever.

I understand that obviously you need to fork the down payment, but how does all of that work when you can't move in until Mid-2014? Don't you start your mortgage payments once you move in? If so, could you put down 55k, then before you move in, put down another 15k to avoid making LMI payments?

I'd be talking to a mortgage specialist obviously before I do anything but I couldn't really find anything about this just searching on my own.

[Sugarphreak]

...

[BananaFob]

Originally posted by Disoblige
I'm interested in The Guardian too. It says expected to be done in Mid-2014.

I have a newb question though.

So let's say you are going to buy a suite in The Guardian, 2 bedroom, whatever.

I understand that obviously you need to fork the down payment, but how does all of that work when you can't move in until Mid-2014? Don't you start your mortgage payments once you move in? If so, could you put down 55k, then before you move in, put down another 15k to avoid making LMI payments?

I'd be talking to a mortgage specialist obviously before I do anything but I couldn't really find anything about this just searching on my own.

Yes, your money is basically locked in to a trust account with their lawyer until you move in. The risk with buying a pre-construction condo is having your money tied up with the "reward" being supposedly cheaper pricing.

[l/l/rX]

flipstah, you should look into Drake on 17th. According to the sales rep, he & she said that those buildings in front of Drake (melrose etc) cannot ever be higher than 2 stories.

edit: my take on the guardian is that it's marketed just like university city which i did not like, also do not like the floor plans. The friends and family pre sale at arriva were ALL ASIANS. Taking a pass, waiting on this new condo development that is currently in the works, better location (for me), current estimated price point is great as well

[Disoblige]

Originally posted by Sugarphreak


Aside from your initial down payment (5% or 10%, or whatever they are asking), you pay nothing until you move in. Although sometimes they offer very attractive options for a good price as the project moves along you may want to spring for. You don't really want to give them any additional money up front.

Also you need to get a per-qualified mortgage with a locked in interest rate that is good until the project is done. Nothing special about it, just talk to your bank or broker. It is pretty standard.

Best thing to do is save up as much as possible... when you move in, everything including your initial down payment is considered... so you are correct in assuming if you have a certain percentage you will not need the expensive and useless CMHC insurance.

But if I need to get a per-qualified mortgage with a locked rate, how does it include the extra $$ I saved while the place was still in construction?

Or do you mean when you get pre-qualified, that you tell the bank you will have that 20% down by 2014? My only concern is to avoid LMI, nothing else. That extra year or so will definitely help me save up.

Originally posted by l/l/rX

edit: my take on the guardian is that it's marketed just like university city which i did not like, also do not like the floor plans. The friends and family pre sale at arriva were ALL ASIANS.

Good to know lol.

[BananaFob]

Pre-qualifying for a mortgage does not necessarily mean you are locked in to that lender. You still need to re-qualify for that same mortgage when you assume the property. That's when you can put down more $ for your down payment or you can go with another lender altogether, close entirely in cash etc.

[Disoblige]

Originally posted by BananaFob
Pre-qualifying for a mortgage does not necessarily mean you are locked in to that lender. You still need to re-qualify for that same mortgage when you assume the property. That's when you can put down more $ for your down payment or you can go with another lender altogether, close entirely in cash etc.

I see.

So what you're really saying is that the pre-qualifying is just to make sure you're not some bum, and really doesn't mean much. Then when it's close to move-in time, you re-qualify and can add to your down payment to make it 20% and that's the mortgage you're locked into.

Correct?

[BananaFob]

Originally posted by Disoblige

I see.

So what you're really saying is that the pre-qualifying is just to make sure you're not some bum, and really doesn't mean much. Then when it's close to move-in time, you re-qualify and can add to your down payment to make it 20% and that's the mortgage you're locked into.

Correct?

Yep.

[Disoblige]

I'll keep that in mind, thanks!

[Jerms]

What are the price points for Drake?

[l/l/rX]

Originally posted by Jerms
What are the price points for Drake?

250-350k

[Mr_John]

For anyone interested: today is the last day of pre-sale for the First and Fuse project. I think they'll be in the same area as Arriva and Guardian as well.

First starts at $260k and Fuse starts at $360k for one-beds.

There's also Alura that is being built besude Nuera, thoughts on that one?

[l/l/rX]

Originally posted by Mr_John
For anyone interested: today is the last day of pre-sale for the First and Fuse project. I think they'll be in the same area as Arriva and Guardian as well.

First starts at $260k and Fuse starts at $360k for one-beds.

There's also Alura that is being built besude Nuera, thoughts on that one?

Fuse... a little over 600 sq ft for $360k, 1 bed. ouch.

First looks interesting, thanks for posting this info!!!

[Manhattan]

Checked out the pre-sale for First on the weekend. Price point is too high for the developing East Village area IMO. Also layouts and sq footage weren't that impressive for the price. There's better value in better established areas. Alura, Calla, and Pixel for example.

[Eleanor]

What were the one bedrooms going for at First? I'm looking at that one pretty seriously.

One beds in Pixel were in the mid to high 300s

[Manhattan]

Wasn't too serious about First so I don't remember the prices exactly but depending on the floor you're looking at the high 200's.

[flipstah]

Originally posted by BananaFob
Pre-qualifying for a mortgage does not necessarily mean you are locked in to that lender. You still need to re-qualify for that same mortgage when you assume the property. That's when you can put down more $ for your down payment or you can go with another lender altogether, close entirely in cash etc.

Really? Interesting.

If I got pre-approved for $X amount and I can get a bigger downpayment, can I get the pre-approved mortgage adjusted so that it's $Y, with X<Y?

Such Monday maths for all of you!

Drake is a good spot and priced well, but fuck me. I totally forgot the limitations a condo has in terms of what you can do with your property.

A house is starting to look mighty tempting...