Dont want my midtown T.O. condo assignment anymore, what to do? Helpful advice please
- Thread starter Daria Melody
- Start date
The property taxes are not determined until the units are assessed which can take some time after closing. The City will assess interim property taxes, if anything, but the final property taxes should be in the .8 to 1% range of whatever the property is assessed for. Your units market value assessment will be lower compared to other units that have a patking space and locker. In terms of maintenance fees, if the developer already has a management company in place, they should have an idea of what the monthly condo fees will be. Again, since you do not have a locker or parking space, your condo maintenance fees will be lower compared to units that have one or both. If your building has 24 hour concierge service and extra amenities, the fees will be higher. I would expect for your unit the condo fees will be in the $400/month range.
Ya I think the maintenance fees were estimated at something like $475. There is a pool, gym, lounges, partyroom, gameroom, garden, yoga room, 24hr concierge ect ect. The 7th seventh floor is a dedicated amenities floor. It is the closest condo to st. Clair west subway so far. Well from the west side anyway. Lol
get offers from agents to find you an assignee. offer meaning how much cash commission the agent will get from you after a deal is done (not on mls or through brokerage). stay on the qt about the actual building unit until you find an agent that you like, can trust and provides you with recent comps so you know the market value before they go looking for an assignee.
Theyve been building condos that way in Toronto for years now, the bedrooms are small, and the units have sliding doors to save space.
I'm guessing no king size bed then, huh Daria.
So where am I going to sleep then??
The est. For 2015 was aprox $435 a month and .75% tax per year. Because it'll be 2018, i expect it will be a little higher.
Heres a 2 bedroom that's 767 sq ft asking close to $1 million
https://condos.ca/toronto/nicholas-residences-75-st-nicholas-st/unit-2604-C3960877
Lots of 1 bedrooms with less than 600 sq ft listed for $500k - $750k downtown.
While the location of the OP's condo is good, Bathurst and St Clair is not Bay and Bloor especially if you look at units currently for sale across the street from the OP's unit.
I tried to unload one of my preconstruction units of mine earlier this year and was told that I could do so under the same terms that you were given. After a month and half of having two realtors of mine trying to sell it, I was offered the original asking price plus having to pay the commissions; I kept the unit as a result. Units like this don't sell quickly (especially as you don't have any storage or parking spot) and you will suffer a large loss as a result of wanting to pull out at this time. If you can afford to keep it, do so for as long as you can.
