Buying a move-in-ready condo from the developer – when you think of buying pre-construction condos in Toronto, you typically think of the traditional process that many in Real Estate are familiar with. Buying years in advance, structured deposits and of course, the waiting that can sometimes seem like forever.
Pre-construction buying can have clients waiting many years for their condo to be complete. Three years is pretty typical in Toronto, but we’ve seen some developers drag builds out for nearly seven years. That’s a long time to wait to get into your condo.
There are many advantages to buying pre-construction and the biggest one is the potential for your investment to increase in value while it is being built.
But the biggest disadvantage is of course the long wait that many buyers don’t want. So, what’s the middle ground? Can you get into a brand-new condo that’s move-in ready without the years-long wait?
Did you know there is sometimes, a very rare opportunity to purchase a move-in-ready condo from the developer that’s already built?
Buying a Move-In Ready Condo from a Developer
The first question that usually comes up is why does the developer still have suites available if the project sold several years ago?
There could be several reasons why a move-in-ready condo is available:
- Sometimes, the developer is granted permission to add on extra floors to the building. This has happened to a couple of developers that we know of, and they’ve been able to add in two extra floors of suites.
These are usually great suites with some of the best floor plans that sold well during the pre-construction phase.
- During the development phase of the build, sometimes clients who purchased during the pre-construction selling period can no longer close on the suite. Financial situations change, living arrangements change and suites “come back” to the developer.
The developer will then have these suites to sell once they are completed.
- There are times, more frequently than not, that the developer will intentionally hold back suites to sell in this format. It gives the developer the opportunity to participate in the resale market with a product that doesn’t come around very often and that buyers are specifically looking for.
Advantages of Buying a Move-In Ready Condo from a Developer
No Long Wait for Your Brand-New Condo
- This unique opportunity allows you to purchase a brand-new condo that’s built and ready for you to move in without the years-long wait.
No Traditional Deposit Structure
- Typically, when buying a move-in-ready condo from the developer, the suite is ready to occupy and therefore follows a resale model of deposit structure rather than a pre-construction model.
For pre-construction purchases, the deposit is usually 20% of the purchase price spread out over the development time, which is a couple of years.
With this type of purchase, 5% is usually given with the offer as with usual resale offers, and the remaining funds given on closing.
This is a major advantage if you want a new build, but don’t have the cash to pay for the large deposits on pre-construction.
High-Value Incentives Offered from The Developer
- Because the developer is motivated to complete the project and finalize all sales, they many times will offer incredible incentives for these resale purchases.
- Some of these types of incentives include:
- Development charges waived
- Parking included
- Locker included
- Fully upgraded suites
- These floor plans, when held back by the developer are usually the best floor plans, with the best views, and the best finishes.
Move-In-Ready Condos at Panda Condos
TRB is partnering with Lifetime Developments to bring move-in-ready condos at Panda Condos to the market. This is a very rare opportunity to own a brand-new condo without the wait of traditional pre-construction buying.
If you’ve dreamed about living the downtown life in Toronto, high above the entire city, with everything you need at your doorstep, this Lower Penthouse suite is just for you.
3-Bedrooms + Den
2.5 Bathrooms
1,658 Square Feet
Brand New, Never Lived In
Parking Included
Locker Included
Steps from U of T & Ryerson Campus
Upgraded Suite Finishes
122 Square Foot Outdoor Terrace
This brand new, never-lived-in suite is now available through TRB on behalf of Lifetime Developments and the benefits of purchasing are incredible:
- Purchase directly from the developer with no wait times typical of pre-construction projects
- Development charges and levies are capped at $0
- Purchaser receives a brand new Tarion Warranty
- Full PDI prior to closing
- Premium underground parking spot included
- Premium located locker
- Upgraded appliance package
- Upgraded flooring package
- Custom lighting included
Penthouse 4 at Panda Condos
We also have beautiful Penthouse 4 that sits atop the newly completed Panda condos.
With 1,178 square feet of interior living space, this dream home in the sky delivers everything you could want in a home in downtown Toronto.
Built for a downtown-loving family, students, or young professionals, the suite promises the “wow factor” that not many can provide.
Floor-to-ceiling windows frame your view of the skyline perfectly, and the top-floor penthouse location gives the utmost privacy.
The 140-square-foot terrace doubles your living space and is the ideal spot for entertaining – use your gas hook-up for summertime BBQs, and furnish your space to make the most of morning coffees from 29 floors above the city.
3-Bedrooms
3 Full Bathrooms
1,178 Square Feet
Brand New, Never Lived In
Parking Included
Locker Included
Steps from U of T & Ryerson Campus
Upgraded Suite Finishes
140 Square Foot Outdoor Terrace
This suite also comes with many benefits of purchasing from TRB directly from the developer:
- Purchase directly from the developer with no wait times typical of pre-construction projects
- Development charges and levies are capped at $0
- Purchaser receives a brand new Tarion Warranty
- Full PDI prior to closing
- Premium underground parking spot included
- Premium located locker
- Upgraded appliance package
- Upgraded flooring package
- Custom lighting included
If you’re interested in learning more about these unique opportunities, simply fill out our form, or email us directly at info@torontorealtyboutique.com.
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