OneC

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Hey Everyone!

Just was reading through the posts and I am so excited to be part of this community. I think it is going to be an amazing investment once it is done, and VHL does a great job at picking sites that are under-rated. The whole area will be transformed after this building is put in. I was noticing some great comments as well as some mis-information, so just wanted to clear some things up. I purchased in January 2014, and the sales team informed me that they are at about 60% completion. According to the condo declaration and building agreement, there needs to be 80% sales before the developer can get their financing and start construction. Also, the project is yet to be finally approved in terms of zoning.

-"The condos start at 159,900 with parking and a locker"- This is incorrect. This is for the studio model which is 477 SF, without parking or a locker. There is only ONE UNIT in the building!
-The maintenance fees are not "super cheap"- they are $0.51/SF and this does not include the fees for parking and locker ($39.99 and 12.99)- So about $300 a month on a 500SF unit.
-The BBQs on the Terrace are NOT propane, they are natural gas. It says it in the declaration and it is part of the buildings preliminary budget.
-Make sure to bring your offer to a real estate lawyer (who specializes in pre-construction condos) before your 10 days after the offer expires. Understand that there are MANY hidden costs charged that will increase upon closing, so you have to be informed of these.

Has anyone heard what kinds of retail will be going in on the lower floor?
Also, when were the first purchases made? How much have your prices gone up since you purchased?

-OneC
 

Kc03iv

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Has anyone heard what kinds of retail will be going in on the lower floor?
Also, when were the first purchases made? How much have your prices gone up since you purchased?

-OneC

They first went on sale Nov 3rd 2012. I bought then, My final installment downpayment payment is in 3 months. I bought a 2D1 plan on the west end. From what I know there are some 2D1's being sold for at least 30k more than what I paid so not bad. No clue what retail space will occupy the first floor.
 

investican

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I would like to see this get built as it will certainly help the area but they're still a good 50-60 units away before hitting their Construction Financing. They're only about a little more than 50% Sold currently.
 

OneC

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Wow you got a pretty great deal then, they priced them super low when they started! I am on the Kingston road side, you too?

Also- have you guys heard of the builder accepting amendments to the contract? I heard it is possible to negotiate the terms of the contract within your 10 days so you don't have to pay all those hidden fees.

OneC
 

OneC

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They're just over 60%! 4 units were sold just this past weekend. There is a new sales person in there so hopefully he is more motivated to clear it out.

OneC
 

Kc03iv

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Wow you got a pretty great deal then, they priced them super low when they started! I am on the Kingston road side, you too?

Also- have you guys heard of the builder accepting amendments to the contract? I heard it is possible to negotiate the terms of the contract within your 10 days so you don't have to pay all those hidden fees.

OneC

2D1 is a corner unit, so its a kingston road/west view. Yes their prices are pretty low.

Yes you can ask them for an ammendment letter to put a cap on the closing costs. They have a generic one they will give you, the cap is still pretty high. Best to seek out profeesional advice on negotiaing lower fees. I dont know much about it.

According to their website they sold 40% (100 units) in the first month, if they are at 60% now then they have sold 50 units in the last 14 months. Thats about 3/4 a month, I dont know if that is considered high or low. first time buying.
 

canazian

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Hey Everyone!

Just was reading through the posts and I am so excited to be part of this community. I think it is going to be an amazing investment once it is done, and VHL does a great job at picking sites that are under-rated. The whole area will be transformed after this building is put in. I was noticing some great comments as well as some mis-information, so just wanted to clear some things up. I purchased in January 2014, and the sales team informed me that they are at about 60% completion. According to the condo declaration and building agreement, there needs to be 80% sales before the developer can get their financing and start construction. Also, the project is yet to be finally approved in terms of zoning.

-"The condos start at 159,900 with parking and a locker"- This is incorrect. This is for the studio model which is 477 SF, without parking or a locker. There is only ONE UNIT in the building!
-The maintenance fees are not "super cheap"- they are $0.51/SF and this does not include the fees for parking and locker ($39.99 and 12.99)- So about $300 a month on a 500SF unit.
-The BBQs on the Terrace are NOT propane, they are natural gas. It says it in the declaration and it is part of the buildings preliminary budget.
-Make sure to bring your offer to a real estate lawyer (who specializes in pre-construction condos) before your 10 days after the offer expires. Understand that there are MANY hidden costs charged that will increase upon closing, so you have to be informed of these.

Has anyone heard what kinds of retail will be going in on the lower floor?
Also, when were the first purchases made? How much have your prices gone up since you purchased?

-OneC



I think that he zoning is fine. There are no development applications found on the City of Toronto website for this project. It is appropriately zoned by maybe they have some minor variances to deal with. I am concerned when they may reach 80% sold.
 

OneC

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Hi Canazian,

(If you actually purchased in this development) you will notice on your agreement of purchase and sale that zoning has not been approved.
The builder has to disclose this at time of sale. Whatever it is, the project isn't approved yet.

OneC

I think that he zoning is fine. There are no development applications found on the City of Toronto website for this project. It is appropriately zoned by maybe they have some minor variances to deal with. I am concerned when they may reach 80% sold.
 

junior43

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Hi Canazian,

(If you actually purchased in this development) you will notice on your agreement of purchase and sale that zoning has not been approved.
The builder has to disclose this at time of sale. Whatever it is, the project isn't approved yet.

OneC

All true. But this is exactly the kind of development the city wants for Kingston Rd. I would think the zoning change/approval is basically a rubber stamp with possibly minor changes only.

FYI - I haven't bought here, just live nearby. Hopefully this development spurs more of these strip malls (and the horrific hotels further east) being converted in the area. I already know of one potential one east of Brimley - but it's very early on in planning IIRC.
 

OneC

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Hey junior,

You are absolutely correct. The city of Toronto released a revitalization study/plan of cliff side and this building is exactly what they were going for. I am sure it is in the final stages of approval now. Challenge is just to sell up to the 80%.
I see new articles and advertising all the time for new condos going along Kingston road (like in the beaches too) so the development is coming this way!

OneC

In the official plan study that the city of Toronto released back in 2009, this exact type of design was

All true. But this is exactly the kind of development the city wants for Kingston Rd. I would think the zoning change/approval is basically a rubber stamp with possibly minor changes only.

FYI - I haven't bought here, just live nearby. Hopefully this development spurs more of these strip malls (and the horrific hotels further east) being converted in the area. I already know of one potential one east of Brimley - but it's very early on in planning IIRC.
 

Eug

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Yeah over 60% sold now but not quite 2/3rds yet.

It seems the last 20% until 80% is taking a while. Hopefully the spring thaw will give a jolt to sales, esp. with the ultra low advertised fixed rates now.

I would like to see shovels in the ground in 2015.
 

Eug

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I went into the sales centre and had a look around. They had a model suite of their 1B plan (557 square feet plus balcony).

1B_FLOOR_PLAN-700_zpsf5c87e02.jpg


The bedroom in that one is reasonably sized, at least for a 557 square foot place.

5C9C9FC8-3AE1-4287-ACE9-E0F6BB5A3820_zps2znhzuwe.jpg


As expected, the living/dining area is pretty small.

F220FF45-82A2-498A-BD0F-48AF27082A54_zpsz5hj1eo2.jpg


5F5213FE-52C8-42FF-95F3-73F75105CB40_zpswb6kf6l5.jpg


8A03500F-7F35-49F5-AE1C-E3F16B774352_zpsp9fio6nl.jpg


The fridge was different. Small but stylish and matches the kitchen well.

6E37B0B4-EA13-40AF-A230-D69D2B94D2E2_zpsjfywn42o.jpg


The finishes were mid-range. Not low end, but not uber premium either. However, they are significantly better than mine were for my townhouse downtown.

DE07958C-AC46-419B-BFDE-278398E79CCF_zpsiwjxgxmv.jpg
 

TheKingEast

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I don't like the fridge sticking out like that. Counter depth fridge would have been better. Looks kind of dated. Is that marble in the kitchen? Interesting.
 

Eug

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May I ask what price (just approximate) is it selling ?
The prices are on their website, here:

http://www.thebluffs.ca/index.php/prices-plans

That unit starts at $208900. The cheapest is a courtyard-facing studio (474 sf) at $159900. The most expensive is a lake view 3-bedroom, at $389900. However, that 3-bedroom is only 954 sf.

I don't like the fridge sticking out like that. Counter depth fridge would have been better. Looks kind of dated. Is that marble in the kitchen? Interesting.
If you look again at the picture, you'll see that it is counter depth. And my fridge in my house is deeper than counter depth, and I prefer it, because it's... well... deeper. However, mine doesn't stand out because it's a cabinet-front fridge, and since I don't live in a condo anymore, it's not as cramped and a deeper fridge is less noticeable.

The marble looks similar to the stuff you find at Home Depot for bathroom ledges and what not, but just thicker. I believe it's called Carrara, which can be pretty inexpensive, but it can also potentially stain if you're not careful. I'm not sure if they offer upgrades to higher end granite - didn't ask.
 
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