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
Winnipeg’s Housing Future: Pre-construction Condos as a Versatile Solution
Are you ready for Winnipeg’s housing future? With urbanization on the rise and housing demand increasing, the city is embracing pre-construction condos as a versatile solution. These condos not only offer affordability and customization options for buyers, but they also contribute to Winnipeg’s goal of encouraging urban living and reducing suburban sprawl. Leading the charge in this trend is 29Condos, a company championing affordable and sustainable housing. As Winnipeg evolves, the adoption of pre-construction condos marks a turning point in housing strategies, signaling a future that values flexibility, affordability, and sustainability. Get ready for an exciting transformation in Winnipeg’s housing landscape!
Manitoba’s Market Evolution: Introducing Pre-construction Condos
In recent times, Manitoba’s real estate landscape has been undergoing significant transformations, with the introduction of Manitoba Housing Makeover and the emergence of pre-construction condos. Pre-construction condos are residential projects that are sold to potential buyers before they are built, offering an affordable entry point to the property market and the opportunity for customization. These condos have gained popularity among homebuyers and investors, contributing to the Manitoba Market Evolution and shaping the future property market. As the demand for condominium living continues to rise, pre-construction condos are expected to play a dominant role in Manitoba’s housing market. If you’re considering buying a pre-construction condo, don’t delay as capturing this rising trend could lead you to a property investment goldmine.
Chilliwack’s Urban Change: How Pre-construction Condos are Influencing New Housing Trends
Chilliwack, a city known for its traditional homes and rustic architecture, is undergoing a major housing shift driven by pre-construction condos. This trend is not just a change in aesthetics, but a move towards more efficient and convenient designs. Pre-construction condos offer cost-effective advantages and the opportunity for customization, making them popular among both first-time buyers and investors. This trend is reshaping Chilliwack’s urban landscape, with soaring residential towers replacing suburban houses and promoting community living. As the Chilliwack Urban Change continues, pre-construction condos will play a crucial role in shaping the city’s future.
Abbotsford’s Architectural Transformation: The Emergence of Pre-construction Condo Homes
Discover Abbotsford’s architectural transformation with the emergence of pre-construction condo homes. This quaint city in British Columbia seamlessly blends its rural roots with a modern urban reality. The rise of pre-construction condos is driving this transformation, offering affordable and sophisticated living spaces that cater to the changing lifestyle preferences of Abbotsford’s population. The city’s architectural advancement can be seen in the form of innovative steel building homes, high-rise condos, lakefront houses, and sustainable designs. With a focus on sustainable living, Abbotsford’s upcoming projects include earth-friendly pre-construction residences. Choosing the right partner, such as trustworthy realtors like 29Condos, is vital in navigating the real estate market and making informed decisions. Experience a promising tomorrow in Abbotsford, where the past, present, and future seamlessly intertwine.
Victoria’s Urban Vision: Integrating Pre-construction Condos into the Housing Landscape
In Victoria, the integration of pre-construction condos into the housing landscape is part of a larger urban vision to create sustainable, modern living spaces without impacting the environment. This shift towards vertical expansion instead of urban sprawl is a global trend, and pre-construction condos offer unique benefits such as maintenance-free living, affordability, and convenient locations. Integrating these condos into the community goes beyond physical placement, emphasizing community and inclusivity. At 29Condos, we understand this vision and strive to provide luxurious, sustainable living spaces that align with modern buyers’ needs and preferences. Overall, Victoria’s urban vision for pre-construction condos represents a forward-thinking approach to urban design and architecture, fostering diverse and sustainable living spaces.
Nanaimo’s Housing Diversity: The Role of Pre-construction Condos in New Developments
Welcome to Nanaimo, the city that is revolutionizing the real estate market with its housing diversity. One key factor contributing to this trend is the rise of pre-construction condos in new developments. These condos are designed to cater to the needs of various residents, offering customization options and affordable prices. By incorporating pre-construction condos into new developments, Nanaimo’s housing landscape becomes more inclusive and vibrant. Moreover, platforms like 29Condos are making it easier for buyers to tap into this trend and find their dream homes. As Nanaimo embraces housing diversity, the future of its real estate market looks promising. So, why not hop on this exciting wave and explore the possibilities?
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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