Cannon Point North

Nope.

The board in this build was described to me as "crazy," in a number of ways. You also will need to have at least 150% of the purchase price in cash: You can finance no more than 50%, and you must have the purchase price in post-purchase liquidity.

One of the listing agents showing an apartment right now (in July 2015) seems reluctant to share this information. Which is bizarre, and only wastes everyone's time. (Including mine!)

Hi KrankyPants, curious to know where you are getting your info from regarding the Board financial requirements?

I don't know if this is a board thing and its a nice building to live in but if you want to do renovations it takes a long time to get approvals. We are working in 2 apartments in the building now and it took both almost a year to get approvals. Both a full gut renovations so it might be different if its a smaller project. Part of it is the building is considered to be in a flood zone. I would stronger consider using an architect who has worked in the building so they know what is needed

abc71, sorry for the lateness of my reply -- I hope it is still useful. I found out about the board's requirement from my RE agent, after I made a verbal offer on an apartment there. We planned to put down 50%. It was only after we made the offer that we were informed we would also need to show 100% of the purchase price in post-purchase liquidity. (We didn't have near that, but we would have had 4 years worth of payments left in cash, plus retirement savings and other assets, as well as excellent credit scores.)

It was especially annoying to me, because we specifically enquired about these sorts of requirements before even agreeing to go look.... our agent had warned us that some Sutton area boards are snooty elitists, who only want other blue bloods as their neighbors. So we were basically lied to by the listing agent at the start, because she wanted everyone to come, look, fall in love, and work out the financial details later on.

It was a gorgeous apartment, and bigger than everything else we had seen in our price range. These sorts of policies drive down re-sale values, because they severely limit the number of people who can actually qualify. So I guess that is why. Bullet dodged, IMO, because as a non-blue blood, I need the subway to get to work. And the 6 train is half a mile away.

Usually the broker will have this info available