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
Airdrie’s Urbanization: Embracing Pre-construction Condos for Better Housing
In the bustling landscape of Alberta, Airdrie Modernization has taken centre stage, making the city a beacon of progressive urban living. The significant impact of pre-construction condos on Airdrie’s housing market and urban development cannot be ignored. Airdrie’s rapid growth and urbanization have led to an increased interest in pre-construction condos, which offer affordable and sustainable living solutions. These developments provide modern amenities, energy-efficient features, and the opportunity for attractive investments. Developers, like 29Condos, play a crucial role in shaping Airdrie’s urbanization by creating sustainable and community-centric developments. The rise of pre-construction homes in Airdrie also offers buyers the chance to customize their living space, making it a popular choice for growing families. Embracing Airdrie’s urbanization and the surge in pre-construction condos and homes presents an exciting shift towards improved quality of living and investment opportunities. Are you ready to embrace it?
Grande Prairie’s Housing Evolution: The Popularity of Pre-construction Condos
Grande Prairie, a vibrant community in Alberta, has seen a significant shift in its housing market towards pre-construction condos. This evolution reflects a growing desire among residents for affordable, convenient, and livable properties. Pre-construction condos offer a range of benefits, from being a sound financial investment for investors to an opportunity for aspiring homeowners to lock in today’s price for their dream home. With a variety of options catered to different demographics and featuring modern amenities, these condos are becoming increasingly popular. Platforms like 29Condos provide valuable assistance in navigating this growing market and finding the perfect home.
Innovative Living in Medicine Hat: The Rise of Pre-construction Condos
Welcome to Medicine Hat, where innovative living is taking center stage with the rise of pre-construction condos. These unique living spaces offer buyers the chance to customize their future homes and make staggered payments, creating a convenient and financially manageable option. In addition to the practical advantages, this trend is reshaping the city by blending sustainability, affordability, and modern urban aesthetics. With a focus on steel construction and green building practices, these condos are not only stylish and convenient, but they are also contributing to the creation of a sustainable future. Join us in embracing this forward-thinking approach to urban living and be a part of shaping the future of Medicine Hat.
St. Albert’s Modern Era: Integrating Pre-construction Condos into Residential Areas
Welcome to the transformation of St. Albert! The integration of pre-construction condos into its residential areas is bringing a fresh wave of modern living to this charming city. Pre-construction condos offer enticing advantages such as direct pricing, customizable interiors, and brand new facilities, making them a promising investment opportunity. St. Albert is successfully embracing this modern era housing while preserving its historic charm, creating a unique architectural blend that appeals to home buyers and investors. If you’re looking to tap into the modern real estate market, 29Condos is the perfect ally to help navigate your property endeavors. Join the future of St. Albert and embrace this exciting chapter in its real estate scene.
Sustainable Living in Lethbridge: The Advantages of Pre-construction Condos
Are you looking to live sustainably in Lethbridge? Pre-construction condos might be the perfect choice for you. These condos are designed with green practices in mind, such as efficient use of resources, eco-friendly materials, and energy-efficient design principles. By choosing a pre-construction condo, you can significantly reduce your carbon footprint while enjoying the benefits of a sustainable lifestyle. Lethbridge offers a promising portfolio of sustainable condos and homes, making it an appealing choice for those committed to environmental friendliness. Plus, the financial incentives and savings associated with sustainable living in Lethbridge make it a win-win situation for both your wallet and the planet. So why wait? Embrace sustainability and make Lethbridge your home!
Red Deer’s Urban Revolution: The Role of Pre-construction Condos in City Development
Welcome to the emergence of Red Deer’s urban revolution through pre-construction condos. This bustling Alberta city is undergoing a remarkable transformation, driven by the practicality and modernity of these condos. With their instrumental role in city development, pre-construction condos have transformed the way we see urban landscapes and have played a crucial part in Red Deer’s journey from a quiet town to a dynamic urban cityscape. Explore the understanding of this urban revolution, unravel the phenomenon of pre-construction condos, and discover their pivotal role in Red Deer’s holistic development. Don’t miss out on being a part of this revolutionary transformation, check out 29Condos and dive into the world of pre-construction condos shaping Red Deer’s 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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