Condominiums

Bored with the suburbs? Thinking of living the metropolitan lifestyle? Consider purchasing one of the following new condo buildings in downtown St. Petersburg, Florida. This area on the west coast of Florida is exciting, fun and fabulous destination to live.

Below are four new luxurious downtown St. Pete condo buildings.

One St. Petersburg

One St. Petersburg is a great destination where you can shop and dine as you please. Taking your life to the next level is what One St. Petersburg is all about. You will enjoy amazing views of downtown St. Petersburg right away, though this place is just under construction. With hundreds of hotel room and gorgeous apartments, One St. Petersburg is here to stay for a long time. One St. Petersburg has just re-defined what downtown luxury means today, and they are truly proud of this outstanding achievement.

Vela

Vela will allow you to take your luxury living to the next level. The price of the apartments here is fair because of the high level of luxury that they provide you with in no time. The combination of environmental features and gorgeous design make Vela an ideal place to live. These green features will give you a fresh breath of air and allow you to take your enjoyment to the next level. Living a luxurious life is possible when you bask in this type of apartment where you can be free from worry. Vela also has many unique elements that you need to see to believe, and they will allow you to live a better life. This is definitely one of the must see downtown St Pete condos.

Bliss

Bliss is truly an outstanding building full of life and amazing features. You will enjoy tons of restaurants, retail shops, and more when you live in this apartment complex. You will love spreading the word about Bliss because of the amazing things that you will find here. You will love watching how St. Petersburg grows when you buy one of these apartments. This is one incredible place that you need to visit today so you can get what you need. Exploring downtown has never been easier with Bliss.

The Salvador

The Salvador will allow you to find the luxury amenities that you have been seeking for all along. Since luxury features just come standard here, you will come to love them in no time. This innovative, artful setting will allow you to take your life to the next level. You will find high quality modern finishes in every bedroom, kitchen, and bathroom. The Salvador has the abundant ambiance that you have been waiting for, and this will be the godsend condo that you have been seeking for in a long time. Remember that The Salvador is the epitome of luxury living.

Owning a condo is seen as a hybrid kind of ownership as it is not a traditional structure in property ownership. There are some characteristics that can help in the definition of ownership of condominiums. An individually owned unit is the space that is within the boundaries that have been specified. This can include multiple rooms as well as interior wall that divides different rooms in that specific unit. It also includes storage areas and balconies. The unit is airspace without land, but is still considered real estate.

Common areas

Common areas are the other parts of such a property. This is the area that all unit owners share. This includes roof, lobbies, halls, foundation, floors, elevators, ceilings and basement and so on. Others are installations like water, gas, electricity and heating. There are other areas such as the parking lots, swimming pool and so on, which are also a part of the common areas that are shared by the unit owners.

Property interest

Property interest in the property is conveyed through deed. The owner can sell his interest if he wills to do so. Just like other kinds of property, an individual can hold ownership, or by two or more than two individuals, by a wife and a husband or business entity.

Taxes

Just as is the case with other kinds of properties, the condo unit owners have to part with property taxes as required by law. Every unit and the interest in common areas are usually deemed as a package and is taxed and assessed at an individual level. Common areas aren’t assessed and taxed separately. The owner is responsible for the taxes within their own parcel.

Associations

Usually, condominiums or unit owners associations are established when the condos are created so as to make sure that all the owners are able to maintain and manage the entire property as a team. Usually, a property manager from outside is assigned so as to deal with all the developments and property management. There are some developments that have homeowners association and condo association where they have responsibilities for different aspects relating to managing the developments as well as its maintenance.

There are governing documents that are created so as to offer guidance on how associations are supposed to operate. They also include some rules that all the tenants, owners and guests need to adhere to. These are the legal documents that can specify anything, including the kind of pets allowed and the consequences of breaking any of the set rules. Some of the consequences can include a lawsuit, forced compliance and even fines.

Monthly dues

The association receives dues on different times of the year and this is the responsibility of the unit owners. These dues cover the maintenance and the management expenses. Usually, the dues cover variable and fixed expenses like taxes, pool maintenance, landscaping, garbage removal, building insurance and also something to add to the reserve fund. If the money in a reserve fund isn’t enough, then special assessment can be charged to owners so as to handle the special improvements and projects like furnace and roof repairs and so on.

Purchasing a condo when it’s in the pre-construction period might seem a little too hasty. In that scenario, it would seem the unit is being purchased based on the architectural drawings from the developer’s sales site. The reality, however, is that buying a unit before construction is finished isn’t all that straightforward.

Developers tend to rework the designs of a unit’s layout as the job progresses. This is a necessity given the many changes that happen during construction. Purchase contracts are drafted to be advantageous. For instance, a late complex completion will force delays onto the purchaser. They may even be put into the position of occupying their unit while the proper permits are still being worked out, as well as certain aspects of the construction itself.

Buyers might also be victimized by developers that attempt selling off units that are in an early stage and still in possession of over 51 percent of the condominium project. As time passes, developers may find themselves unable to sell off the remaining units.

A condominium that can’t attract any new buyers will likely experience a major decline in the overall value of its units. After realizing there isn’t any major demand, developers will decide to rent out any unit that has gone unsold. The overall unit value then drops even lower.

It is advised that buyers consult with an experienced lawyer to insert conditions of their own into any purchasing contract. By determining a fixed completion date, the buyer can make sure they’ll get their deposits back if a developer happens to give an inaccurate estimate of time. These sort of arrangements can even help protect the existing value of previously sold units.

The timing of the completion needs to be in the buyer’s hands. It is highly suggested that the proceeds from the sale of a unit, as well as its deed, remain in escrow under the guidance of the developer’s lawyer. Only once the developer has sold as much as 51 percent of their units should this cease. Whoever purchases the unit will have to pay occupancy fees to the developer, equal to that of a combination of the monthly maintenance fees and the anticipated mortgage as long as their agreement is going as planned. Many developers will try to push these without sticking to the terms you’ve laid out, so be mindful of how your dealings with them proceed.

You must also keep the condo maintenance fees in mind. Only for the first year of operation after the unit owners take charge of the complex are they guaranteed. Developers tend to calculate an initial budget based on the lower end in order to make the condominiums appeal to more buyers overall.

As the years go on, a majority of the unit owners will assume control of a complex. It’s almost as if it’s a rule. Afterward, they are hit with a notably higher monthly maintenance fee that’s meant to take care of the developer’s overrun costs. From the first year on, buyers will take on and expect to see increased maintenance fees. Naturally, this comes after the completion of the condo.

Are you thinking about selling your condo? Now might be the right market-but does that mean it’s the right time for you to sell?

If you bought a condo in Toronto between four and five years ago, you may be thinking it’s a good time to sell. Toronto condo prices, according to the Condos.ca PSF Index, are on the rise: since February of 2017, the average 800-square-foot condo has appreciated by approximately $78,000, and condos that were purchased in 2012 have increased in value by close to $130,000. But does this increasing market mean condo owners should wait until prices climb even higher or sell now?

To Sell or Not to Sell…
As the PSF Index indicates, it’s a good time to sell. The increase in value of your condo means that, if you sell now, you can invest those higher profits into purchasing a new property, allowing you to continue to grow your equity. If that’s your plan, then selling now is smart because it will allow you to enjoy the climbing value of your new property as well. A lot of condo owners are hesitating to sell right now because those values do continue to rise-they could earn a higher resale value by waiting another year to sell-however, it’s important to remember that the rest of the condo market is appreciating in value, too. A year from now, you’ll be facing higher asking prices than you’d be facing today, and that may make your investment less profitable in the long run.

Then, of course, there are those looming price corrections. If the real estate market is experiencing tremendous growth now, is that simply leading to a drop? Price drops are difficult to predict; however, it is also important to remember that high growth leading up to a decrease softens the impact of the decrease (if you earn 15 per cent in market increases leading up to a 10 per cent decrease, you’re still up 5%), which means that, based on Toronto’s high rate of condo market growth (particularly in Toronto’s core), it isn’t very likely for prices to fall below what you initially pay.

The Pros and Cons of Choosing a New Condo
We’ve established that now is a good time to buy, but that doesn’t help you figure out what you should buy. New condo or resale condominium-which is the better investment for you? Here are a few pros and cons of each option.

Pros of Buying a New Condominium:
· Lower purchase price (depending upon market conditions).

· Better choice of locations within the building (if applicable).

· Broader range of options and/or upgrades.

· Less risk of having to undergo costly and intrusive repairs and renovations.

· New home warranty protection.

Cons of Buying a New Condominium:
· You may have to rely on artist sketches and floor plans to get an idea of the finished product before you buy. If this is the case, make sure the unit’s boundaries, location, finishes, materials, chattels, etc. are clearly specified in the purchase agreement.

· You pay your deposit before you move in, which means it may be tied up throughout the duration of construction.

· It may be harder to get a mortgage from a financial institution for an unregistered condominium.

· Construction delays could mean your unit doesn’t get finished on time, leaving you scrambling for short-term lodging.

· If your unit is finished first, you may move in while construction continues in other units, exposing you to noise and disruption.

Buy Before You Sell and Grow Your Investments
It’s important to remember that, just because it’s a good time to sell a condo right now, it doesn’t mean you have to or necessarily should sell. It’s a good opportunity if it’s something you’ve been thinking of doing already, but you also shouldn’t feel like you need to rush to sell your condo in Toronto. In fact, if you are thinking of selling, today’s market provides you with a good opportunity to grow your equity and investments by buying a new property before you sell your old one.

Why is it a good idea to buy before you sell right now? Because today’s market is a strong seller’s market: the low inventory and high demand combine to make selling times quick. For instance, for a condo valued at between $500,000 and $1 million, the average number of days it’ll sit on the market before it sells is 29-and most don’t last that long. All you need to do is use your current property equity to open a line of credit and secure the down payment and purchasing costs into a new mortgage. Once you secure your new purchase, you can easily sell your old condo.

If you buy before you sell, you can take advantage of the increasing condo values by buying your new condo at a lower price and selling your old condo at a higher price. The difference could make an impact on your ability to grow your equity.

What does it mean to grow your equity? It means investing in a higher-value property, so your investment can continue to grow. If you are currently in a one-bedroom condo, look for a larger unit or a two-bedroom for your next investment. You don’t want to move laterally through the condo market, even if the increase in condo value makes it look like a good investment, since the land transfer tax, REALTOR® fees, and legal fees may cut into those profits. Climb the condo market by investing in something with more value to make your investment work harder and more effectively for you.

Alternatively, you could grow your investment by keeping your old unit and renting it out: the current average rental price in most neighbourhoods in Toronto can actually cover the monthly costs of ownership, including your mortgage payment, maintenance fees, and property tax, often with a small margin of profit (which you want to keep to a minimum to minimize taxable income anyways).

Conclusion
In short, it’s a good time to own a condo right now, especially if you are looking to invest in financial growth, whether you are hoping to grow your equity by selling or by renting your current unit.

Condos in downtown Toronto are always in high demand and can be sold for top value with the help of an experienced condo specialist team. If you are interested in buying or selling a downtown Toronto condo, remember that these condos are particularly attractive to working professionals, executives and real estate investors.

The price for a prime resale condo in downtown Toronto ranges from $700 – $800 per square feet (resale condominiums). For a pre-construction, luxury condo in downtown Toronto, the price per square feet is between $850 to $1,000 per square foot, and is even higher for a super luxury building which includes projects such as the Four Seasons residences, One Bloor Street and The Trump Tower. Downtown Toronto condos near the University Line TTC Subway stations (Yonge-University Line) are very popular as well.

Toronto offers a safe haven to condominium buyers who seek to invest their money in a stable environment. There are lower interest rates, low unemployment rates, and strong economic growth in Toronto. However, before you buy a condo in downtown Toronto there is a lot that you should know.

Downtown Toronto Condos – Prices in 2018

Everywhere you look in downtown Toronto, there are construction cranes and constant development, but finding a condo to call home is becoming increasingly more difficult, and costly, for a legion of desperate renters.

Urbanation, a real estate firm, recently compiled data to show rental costs have spiked in tandem with a sudden supply shortage. According to Urbanation’s annual report, monthly condo rent in the Greater Toronto Area has risen 9 per cent in the fourth quarter to an average price of $2,166. The average monthly price was even steeper in downtown Toronto at $2,392. But it also appears that people are renting condos on a more long-term basis, and a large number of construction projects remain incomplete, leaving fewer units available to renters.

Urbanation’s Key Findings

Per-square-foot rent has increased by 5.8 per cent to $2.93, marking a slower rate of growth than previous quarters due to compositional changes from a shift in activity to the suburbs. The number of units leased in the fourth quarter fell 11 per cent annually as listings dropped 16 per cent. Supply has been weighed down by low condo completions and reduced rental turnover rates. The average length of time between lease transactions has increased to a high of 23 months. The share of units leased through companies as opposed to individuals was 10 per cent in the fourth quarter. Rents for available purpose-built units built since 2005 grew 10.8 per cent, with vacancy of 0.3 per cent, and rental development increased to a two-decade high of 7,184 units under construction. With an 11 per cent increase, the average cost for a studio condo is now $1,665. To rent a one-bedroom condo in Toronto would cost $1,847. Rent increases by $644 for a two-bedroom apartment and increases further for a three-bedroom apartment, which costs $3,663.

“Lease activity declined in 2017 to 8.3 per cent, the lowest level of condo rental turnover since 2013,” Urbanation said. “Lower condo rental supply in 2017 was the result of an increased share of units resold as investors took advantage of quickly rising condo prices, as well as a decline in new project completions to a four-year low.

“At the same time, high rent levels and new rent control regulations are leading tenants to move less often, further reducing available supply.”

But Urbanation believes these drastic supply issues will only push developers to continue building new developments at a faster pace.

“Persistently strong rent growth throughout 2017 was simply the result of demand fundamentals for renting far outweighing supply” said Shaun Hildebrand, Urbanation’s senior vice president.

“This has raised the confidence of developers to add more units to the pipeline, a trend that will need to continue in order to meet future housing needs for the GTA.”

How to Save on a Condo Rental in Downtown Toronto

It sounds obvious, but the number one way to save on a condo rental in downtown Toronto is to know where you want to live. Toronto offers a wide range of neighbourhoods, each with its own unique characteristics and drawbacks, especially when it comes to affordability. Knowing which Toronto neighbourhood you like and could afford to live in will save you time!
Given the competition caused by the high demand for condo space, calling ahead and having a quick chat with the listing agent ahead of time can create a helpful connection. Being flexible with your availability for viewing times is also beneficial to the overall search.
Be completely honest with your rental agent. Tell them the real reason for why you decided to leave your last place or the details of your income. When it comes to dealing with the listing agent or landlord, they are your representative, so the more they know the better they can present a clear picture of you as a tenant.
An ideal minimum credit score is 680. If your credit score or your employment status is likely to hurt your rental application, see if there is someone that can cosign for you, like a parent/guardian or a friend. If a cosigner is not an option, sometimes offering a few months’ rent in advance can help give the landlord confidence in your ability to carry the cost of rental.
As general rule, the ratio of monthly rent to monthly income should ideally not exceed 33 per cent.
Applicants with long-term employment at a company are given preference over newly employed people.
Landlords prefer single occupants for a one-bedroom condo, and no more than two occupants for two-bedroom condos as it is commonly believed that more tenants will cause more wear and tear.
Most landlords have a no pets rule for their units, and this could be a deal breaker if tenants choose to disclose their pets. Although the Residential Tenancies Act does void a “no pet” provision, a landlord can refuse an offer if a tenant mentions their pet.

Reel BlitzWild SpinWin ArenaWin WarpBonus SpinJackpot ArenaSpin GoldReel GoldBet MegaBonus Arena