Comment savoir si un condominium a une bonne situation financière?

Le bien être financier d’un syndicat de condominium est très important. Acheter un condo dans un condominium, dont le syndicat de copropriété n’a pas les fonds nécéssaires pour fonctionner et payer les frais courants, est un risque majeur.

Des frais de condo peu élevés peuvent rendre un achat plus attractif, mais ils peuvent aussi être signe que le syndicat de copropriété n’est pas prêt pour des travaux urgents ou d’éventuels travaux de rénovation. Donc une fois installé vous vous exposez à des augmentations des charges au fur et à mesure du vieillissement du bâtiment.

Heureusement il y a moyen de connaître les états financiers du syndicat de copropriété. Les syndicats sont obligés de conserver les budgets annuels qui sont alloués à l’entretien de l’immeuble ainsi que les états financiers. Le plus important est de savoir quel est le montant de la réserve du fonds de prévoyance. Continue >>

New addition: Open House Tour March 29-2009

I just got word from Leonard Rosen that this lovely condo will also have a visite libre tomorrow (Sunday Mar29,2009). So instead of re-writing the already published article, we’re making a new entry with more information. You can find the complete listing by click the details link.

Côte-des-Neiges 6111 Av. du Boisé, apt. 5L $475,000 02:00 pm to 04:00 pm Sutton  |  Details The scoop: Le Sanctuaire du Mont Royal, Phase IV. Superb condo with large balcony , interior access to Sporting Club( with a membership) and Mediclub, 24 hour security, semi-private elevator, 2 garage spaces and locker. 1,460 sqft!!

Weekend Open House Tour: March 29-2009

Our first post from the new section: Weekend Open House Tour, features the best presented properties available to visit in the selected areas of Montreal. We’ve decided to include only three at a time for each category- in this case; Condos and Single Family Homes. While we are not too picky about the price (as everything is negotiable in real estate), the properties are chosen based on presentation (first impressions): images, layout and interior design.
For further info, a link to the detailed listing is included; you can find the specs, more images, the exact location and the broker’s contact info.

Condos

Note: the two projects listed below have information spaces. In the case of M9 and Benny, they are also open during the week from 2pm to 7pm. So if you miss the weekend visit, you can always go back during the week. And..Square Benny has now a BEAUTIFUL condo-model, finished and furnished.

Old Montreal M9 Evolution (Project) 90 Rue Prince From $239,000 + Sat & Sun. 12:00 to 5:00 pm McGill immobilier | Details	NDG Square Benny (Project) 4100 Av. Benny From $138,900 + Sat & Sun. 12:00 to 5:00 pm McGill immobilier | Details	Le Sud Ouest 01223 Rue Charlevoix, apt. 104 $164,500 + GST/QST 01:00 pm to 04:00 pm Sutton | Details

Houses

Something we noticed at the last minute: all the houses listed below have 3 bedrooms. Interesting? I think so. The interior spaces (even the empty ones) are photographed beautifully. It’s good to see listing exhibited in a professional manner. Let’s see the homes >>

Undivided Co-ownership: Formalities involved

In previous articles we discussed what undivided co-ownership means, as well as the financing required for these types of properties. Today we will take a brief look at the formalities involved in creating a undivided co-ownership.

How is it formed?

To create an undivided co-ownership you, and the other co-owners, will need to draft a formal “Indivision agreement”, (with the help of a notary, of course) Then this document must be registered and published to be enforceable against third persons.

The agreement may cover the following: Continue Reading >>

Square Benny: Green Condo Development in NDG.

An Environmentally friendly construction.

Photo Source: McGill Immobilier

When we think about green, we imagine trees, open air and nature. The words green development will make us envision a home community surrounded by gardens and trees, but we also think about eco-friendly housing: energy efficiency, recovered (recycled} construction materials, and all this we thought to be the way that our future homes will be built.

The Square Benny Condo Community was created by a private developer named McGill Development, the same who created the 777 Gosford, Orleans and M9 in Old Montreal.

Located in NDG, the Square Benny consist on two small buildings; 3 to 4 floor high, surrounded with, you guessed it, a lot of green spaces. Something that not many new condo projects are doing now-days.

Unlike other mid-rise buildings, this project is made with a concrete structure, and with 8 inches of concrete slab in between each floor, the neighbours downstairs won’t hear you drop the spoon on the kitchen floor. Superb soundproofing.

Let’s talk about the heating and cooling system.

The first time I read the term “Hybrid Condos”, I thought: “What the heck? Another publicity stunt?”
Maybe some alien technology only available at this particular project. Then I heard: 55% of savings on your heating/cooling (energy) consumption. Now we’re talking…>>

Buying a New Condo: The Pros and Cons

You can buy a new condo from the developer before or during its construction and also before the condo corporation is formed. A developer may have some unsold units available after the condominium has been completed and registered.

In some markets, the developer may wait to sell a large percentage of the units before registering the condo corporation or even starting construction, in the latter case it’s what we refers as: Pre-sale phase.

Keep in mind that a deposit is required to secure or reserve a condo unit in a new development.

Buying a new condo. The Good Side:

• The purchase price could be lower than resale market (used) condos. Especially in pre-sale phase of the construction.
• Your property will gain value; from the time you purchase the pre-sale unit to the time that it’s delivered. This, of course, it’s subject to the current market conditions.
• New home warranty protection. (Up to five years)
• You have more choice of locations within the building; floor level, different views, etc.
• Customized design (in some cases); more options and upgrades to choose from, such as: material, color of the floors/ cupboards, etc.
• Newer buildings have less risk of having to undergo costly repairs and renovations.

Buying a new condo. The Bad Side:

• If the constructions have not started, you cannot physically see what you are buying and have to rely on floor plans and sketches that are subject to change.
• Your initial deposit will be locked up for the duration of construction
• The construction may not be completed by the expected date. The delivery date can be later than originally agreed.
• It’s possible that you may move into your unit while construction continues in others: it could be noisy.
• Taxes. New constructions have to pay GST and QST. (Not the same as the Welcome tax ) The good news for first time buyers: you might be eligible for a housing rebate.

Basically it comes down to this:

If you’re not in a rush to move in, then a new condo might be a good choice. New construction can be unpredictable when it comes to delivery dates, some do deliver in time, others can take a few months more than speculated. For buyers who don’t want to do renovations themselves; a new condo construction offers you a “key in hand”, no headaches type of solution. All you have to worry about is decorating to your own taste.
Apart from the above mentioned facts, there are also several government refunds for those who purchase in Eco-Friendly Projects.

So there you have it. The choice is yours.

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Montreal’s most expensive condo. Whoa!

As you already know, Montreal’s first quarter market reports were released last week, and the average price of a condo is now $205,000, a 2% increase from last year. Well, a price like that won’t get you much in Montreal’s hottest spots.

If the average price is 205k, what’s the most expensive apartment for sale at this moment? We searched online for properties over 3 million in the metropolitan area, and came up with 3 winners. But this one gets the cake:

It’s located in Old Montreal. The asking price is over 4 million, Read more

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