 18NEW HOMES & CONDOSCondo ownership made easyInnovative financing program puts The East Yorker in reach of home buyers on a tight budgetLISA FATTORI Special to QMI AgencySandraGuerra is thrilled to be buying her first home. The Toronto resident has purchased a one-bedroom plus den suite at East Yorker - a new condominium by Neighbourhood Concepts Non-Profit Corporation that offers an affordable home ownership program. Guerra, and others like her, have the opportunity to own in the trendy Donalds Ave. and Cosburn Ave. neighbourhood, in a quality constructed building that is very affordable. "As a single person, I haven't been able to afford to buy in the city," says Guerra. "The finance structure for this condo gave me the opportunity to come up with a down payment. I live and work in the area and wanted to stay here, so the location of East Yorker is ideal for me." Neighbourhood Concepts is a condominium developer that uses the Options for Homes model in helping homeowners to finance the purchase of their homes. Financed by Home Ownership Alternatives (HOA), also a non-profit corporation, East Yorker suites haven't the mark-up of traditional condo projects, and minimal amenities keep maintenance fees low. An Alternatives Mortgage option is a payment-free second mortgage that enables purchasers to pay approximately 15% less for their homes. Homebuyers pay an initial deposit of 5% and must quality for a mortgage, as with any home purchase. Homebuyers pay no interest or principle on the second mortgage until they sell their condos. "This is a great model that helps people live in a quality home in a wonderful neighbourhood," says Nancy Hawley, president and CEO of Neighbourhood Concepts Non- Profit Corporation. "For a lot of people, it's very difficult to come up with a down payment. In most cases, people start to pay off their second mortgage once they move into the homes." Under the HOA Alternative Mortgages program, a one bedroom condo, for example, qualifies for a loan that brings the purchase price of $199,124 down to $173,151. With maintenance fees at 52 cents per sq. ft., the suite carries for $1,470 per month. Homebuyers have a great selection of standard features and finishes, and can also opt for upgrades. The costs for East Yorker are the same as any condominium development, and the quality of construction is not in any way compromised, the developer says. The 12-storey building features aFIRST TIME HOME BUYERSpre-cast concrete exterior, and large bright windows. Suites have Juliet or step-out balconies, as well as terraces for some units. Common areas include a 12thfloor multi-purpose room that opens to a sky garden terrace with barbeque facilities. There is a library lounge on the second floor and two other terraces on the second and tenth floors. Several green features have been incorporated in the building. Solar panels, and energy-efficient fixtures and mechanical systems help to keep operating costs low for tenants. "East Yorker is a well built building," says Harry Christakis, principal of HCA Architecture. "The only difference with this building is that it's missing the expensive bells and whistles. A typical condo sells you a lifestyle; this one sells you a home." The vibrant urban setting of East Yorker puts homeowners at the centre of a host of amenities, such as fitness facilities, shops, restaurants and services. On-site amenities aren't necessary, when there is plenty available, all within walking distance. Residents are close to the Bloor/Danforth subway line and a car-share program makes it easy for homeowners to live vehicle-free. Suite prices are also kept low because of an inexpensive marketing campaign that includes free information sessions. Interested purchasers are invited to learn more about the project, its financing options and the choice of floor plans and finishes. Once a person buys, he or she can attend regular meetings, when they are updated about the condo's progress and have the opportunity The Toronto Sun n March 25 & 27, 2011 photos by Jordan Brewer Nancy Hawley, CEO, Neighbour Concepts talks about home ownership at an information session for purchasers. Purchasers check out a 'no-frills' replica model of the East Yorker building.
You need to upgrade your Flash Player
You need to upgrade the version of your Flash Player to version 9 minimum. Click here Adobe Flash Player Download Center |