How to Successfully Buy Preconstruction Condos in Toronto
Developers are known to play a little game when setting up for their initial launching of the pre-construction condo project and one very important piece of information is… the developer does the launch in generally five different stages
Developers Dilemma
Did you know that developers cannot move forward with obtaining their OWN financing for construction until they sell at least 75% of the units? This is just one of many bits of vital information that you should know how to successfully buy pre-construction condos in Toronto!
This is a key point as to why the price tag on a pre-construction unit is lower than at the time that the condo is completely built, and units go up for sale. This is also why a buyer only needs a good down payment to secure a unit in a preconstruction condo without having to flip the mortgage loan too…that can wait until the condo is completed.
Developers are known to play a little game when setting up for their initial launching of the condo project and one very important piece of information is…the developer does the launch in generally five different stages. As you may have already guessed, the best and most desired units are the top picks for buyers and the method for early sales usually runs as so:
- Preference buyers (developers tend to let family & friends have first pick of units)
- A ‘Platinum’ Launch (a select group of top agents are invited to work with the developer for the best prices)
- The Launch for VIP’s (a few hundred real estate agents are invited to help sell remaining units)
- All Agents In (any agents can now help sell the remaining units)
- Opening for the public (anyone can make an offer on the remaining units)
- Bend It to Your Favor
First Buyers Are Getting The Best Prices For Condos
Now that you know that the first buyers in usually gets the best prices and at the public opening, units are priced higher and are less desirable then, say, the top floor(s) units. If you can at least get in with your realtor at the Platinum launch or the VIP launch, you have a much better chance of saving some substantial money (timing could be everything and could cost you a difference of $100,000)!
Location sometimes has to do with essential timing and pricing on pre-construction condos; in other words, the location could dictate the starting pricing (which could be set higher) and then lower, staying consistent for the remaining launch stages. This basically means you could pay a much higher price then someone that came in a little later for the exact same unit size & style.
Sugar Wharf Condos
London’s Urban Vision: The Future of Urban Living with Pre-construction Condos
London’s urban living vision is embracing change through the reimagining of the London Housing Landscape, one skyscraper at a time. Steel buildings are becoming the preferred material for urban living spaces, offering versatility, cost-effectiveness, and sustainability. Pre-construction condos in London, built with steel and innovation, are reflective of the evolving landscape and offer numerous benefits including quicker construction times, improved durability, and customization options. These pre-construction condos and homes not only represent the future of urban living but also offer a wise investment opportunity. With experts like 29Condos, navigating this changing landscape becomes a seamless process, promising a future of modern, efficient, and personalized living in London.
Hamilton’s Urban Shift: The Appeal of Pre-construction Condos in Modern Housing
Are you ready to embrace the Hamilton Urban Shift? The rising appeal of pre-construction condos is transforming the housing market in Hamilton. With modern aesthetics, affordability, and convenient locations, these condos are attracting young professionals, first-time buyers, and empty nesters. At 29Condos, we understand this trend and offer a range of pre-construction condos and homes tailored to meet the needs of urban dwellers. Join the Hamilton Urban Shift and invest in a modern, luxurious home today.
Brampton’s Urban Strategy: Advancing Urban Development with Pre-construction Condos
Looking to uncover Brampton’s urban strategy and the role of pre-construction condos? The Brampton Urban Strategy is a comprehensive approach to urban evolution that prioritizes sustainable growth and offers diverse living options. Pre-construction condos play a crucial role in this transformation by boosting the economy, facilitating urban densification, providing housing alternatives, and embracing sustainability. Investing in Brampton’s pre-construction condos offers remarkable potential for those keen on being part of the city’s brighter, bolder future. So, are you ready to join Brampton’s urban evolution today?
Mississauga’s New Era: Transitioning to Pre-construction Condos for Urban Living
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Ottawa’s Housing Transformation: Revolutionizing Urban Living with Pre-construction Condos
The urban landscape of Ottawa is undergoing an exciting transformation with the rise of pre-construction condos. This revolution, known as the Ottawa Housing Overhaul, is not only changing the city’s physical appearance but also transforming the future of urban living. As the demand for sustainable and affordable housing options grows, pre-construction condos offer a solution tailored for urban dwellers. These condos are sold before their construction is complete, allowing buyers to be part of the project from the ground up. With flexible payment plans and the opportunity to customize their future homes, it’s no wonder pre-construction condos are becoming increasingly popular. In Ottawa, these condos are reshaping the housing market, breathing new life into neglected neighborhoods and offering a blend of comfort, modernity, and luxury. This transformation represents a shift towards sustainable and modern living, with a commitment to building sustainable communities. From luxury amenities to sustainable designs, pre-construction condos deliver on several fronts and present a prudent investment opportunity. Ottawa’s housing transformation is a testament to the city’s commitment to progress and innovation, creating urban spaces that are as resilient as they are inviting. So why not step into the future and own a piece of Ottawa’s evolving skyline? Experience luxury meets affordability and make sustainability a lifestyle choice with pre-construction condos.
Toronto’s Urban Revolution: Pre-construction Condos as the New Housing Standard
Welcome to Toronto’s Urban Revolution, where pre-construction condos are the new housing standard. As the city expands and the population grows, the demand for housing alternatives becomes more pressing. Pre-construction condos are the perfect solution, offering convenience, affordability, and the promise of future profitability. These steel giants not only reshape the city’s landscape but also serve as monuments to Toronto’s architectural advancements. With amenities, security, and modern design, pre-construction condos are leading the change in Toronto’s housing trendsetting. Join the revolution with 29Condos, the industry leader in pre-construction condos, and experience the fusion of luxury and affordability. Are you ready to be a part of this urban revolution?
The Realtor & Developer Relationship
Knowing how to successfully buy pre-construction condos in Toronto is to know upfront that developers and realty agents & brokers have a unique relationship that benefits them both. During a Platinum launch, the developer basically opens their roll-a-dex and plucks out their top realty contenders for the Platinum launch, which benefits the ‘Platinum’ realtor and the developer for a quicker/secure unit sale.
The Platinum realtors have an excellent track record of working directly with developers, sell many units for them and expect the developers to call them up when a new development is approved for construction to further pre-sell units. This relationship does save the developer money…but how?
Developers could spend a small fortune if they skipped the second, third and fourth stages of the launch and went straight to the public after the first stage and it is this that lends to the attraction of directly using real estate agents and realtors to push the preconstruction suites & units. Sure, developers must worry about realtors & agents/brokers commissions, but it is less work and less money for the developer to create relationships with realtors.
It is the real estate agents, brokers and realtors that shoulder the major costs involved when promoting a preconstruction condo. The developers respect this expense, and THEREFORE the developer protects the realtors and gives them the earliest chance to sell units.
Time Equals Money in Pre-construction
Not every investor ‘gets it right’ because they either jumped too quickly on a preconstruction condo or they waited too long to make their move. You have already learned some highly valuable information that can be a big help when deciding on an investment in condominiums on the verge of construction commencing.
Realtors, real estate agents and brokers get the inside scoop on preconstruction condos in Toronto long before the public is made aware of them…so tip # 1 is to secure a Platinum realtor if possible, and if not, a reputable realtor to work on your behalf.
Guess what? If a developer does not hit their 75% sold margin to obtain financing for their construction loans, then they have to ‘sweeten the deal’ by offering better terms & prices on units, which of course is not advertised and only ‘whispered’ to a select few realtors!
Buying low provides the ideal option to sell high and isn’t that the point of being an investor? Many people will buy a condominium unit and at some point, down the road, sell it for whatever reason (so wouldn’t it be nice if there was a healthy profit)?
Platinum Agents Leg-Up
Let’s face it, Platinum agents are the go-to realtors when it comes to successfully buying preconstruction condos in Toronto for a wide swath of reasons:
- They are the first realtors that developers turn to because of their abilities to sell large volumes of condos
- These agents are a powerful force within social media outlets and are marketing wizards
- They have sizable budgets for marketing & selling
- They can get in on a preconstruction condo on behalf of their clients and get the best pricing/unit for their clients
- These agents gain priority & sometimes unit incentives over all other agents in the real estate industry
- Platinum agents can secure desirable suites & units faster for their clients
When the developer and sales team favor Platinum agents over all other real estate agents & brokers, it does make a huge difference when a condo buyer wants to get into a pre-construction condo strategically and save money along the way!
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