The initial buyers for South Beach Condo Phase 2 are starting to take initial occupancy in December 2012. It has been a long wait for many of them, having originally purchased their units through the sales office back in 2008 and 2009. The first South Beach condo tower, 88 Park Lawn, began occupancy about a year ago and was registered as a condo in July of 2012.
Although the suites at 90 Park Lawn are now finished and ready to move-in to, the actual ownership of the suite will not take place for several more months, perhaps by late Spring 2013, or even early Summer 2013. Ownership is transferred from the developer to the initial buyers when the entire building has been completed and the building declaration is registered with the Provincial Land Registry Office, to make South Beach Phase 2 officially a condominium.
So far, the initial buyers have paid roughly 15% of the total purchase price in installments. As they are given the keys to their suites, a further deposit of 5% is made, bringing the total investment up to the 20% mark. The balance of the purchase price, along with Land Transfer Fees, Development Charges, and any additional adjustments will be paid at registration.
For some buyers, their lives have changed since the time they first signed-up to buy a suite.
Choices for Initial Buyers
This is a time for those initial buyers in 90 Park Lawn (South Beach Phase 2) to decide what they plan to do with their suites. The common choices are:
- Move-in and live in the suite
- Rent the suite, as an investment
- Sell the suite, prior to registration as an Assignment
- Sell the suite, after assignment
Ralph Evans can help with all but the first of these choices! I am familiar with each of these and can help determine the path that best fits your situation.
South Beach Condo Assignment Sales
Ralph Evans is currently representing a couple of owners in the sale of their suites, prior to registration. Known as Assignment Sales, you are reselling your paperwork with the Developer, to purchase a suite. Click for more details about Ralph’s Toronto Condo Assignments.
Buying at South Beach
Ralph is working with a number of people looking to buy suites at the South Beach Condo in both Phase 1 (88 Park Lawn) and Phase 2 (90 Park Lawn). If you are interested in obtaining a list of the properties currently listed for sale or listed for rent, please request it below. He can also provide the list of suites for rent. There will be an active market for suites for the next several months. If the right suite is not currently for sale, ask to be kept up-to-date on suites as they get offered for sale.
Call Ralph today at cell 416 577-5486, or through the RE/MAX office switchboard at 416 236-1241 or complete this form below: