As highlighted by the above article from The Real Deal, new construction in New York City is experiencing endless issues with water leaks, shoddy construction, and mechanical failures.
I have been saying it for years now. When it comes to condos, newer IS NOT better. Buying a condo that has been built recently is a risk. It is a risk because it was most likely rushed to completion, and it is a risk because the condo has just been handed over to the owners from the builder, so the financial stability and maintenance fees are a big question mark.
Then, when your Corporation elects its first Board of Directors, you pretty much have a group of owners who have never served on a condo board before led by a brand new manager still trying to figure out the mess left behind by the builder, which, in a nutshell, leads to bad decision-making and increased maintenance fees.
Then, your suite, as so many other buildings have experienced, could be flooded on a regular basis because the plumbing was not set up right. Watch how fast you become uninsured and your carefree condo dream becomes a nightmare.
This is why I strongly recommend that clients buy an older condo, because it is established and secure.
In older condominium construction, the walls and floor plates are thicker, and the suites are spaced out farther apart, so you are not hearing and “living” with your neighbours.
This all brings me to the reason why Palace Place is the ONLY place to be.
Completed in 1993, at a record $200-million, Palace Place was built by Bramalea Limited, Canada’s largest builder at the time.
From its caisson foundation that garnered headlines from around the world to its unique curtain wall enclosure, the construction of Palace Place bears no equal.
Add to this, the financial health of Palace Place makes it one of the strongest condominium corporations in the city.
When new, inferior construction is charging significantly higher per square foot, buyers are learning of the incomparable advantages that only Palace Place can offer. Why buy the K-car when you can own the Mercedes-Benz?
Buyers want space, and, most importantly, buyers want quality. New construction fails to deliver these two key requirements. Palace Place offers unrivalled construction, spacious floor plans, 5-star amenities and services, and million dollar forever views that you cannot find in new buildings today!
Come see for yourself!
Call or text today for a private tour of Toronto’s most luxurious waterfront condominium residence.
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Luke Dalinda, Realtor. Royal LePage Real Estate Services Ltd., Brokerage.