New North End Condo - Navy Lane Update

We are edging ever closer to the launch date for Navy Lane condo and we are excited to learn all about it while sharing the information with you.  Prior to then, we have a glimpse into what the rooftop “play space” has to offer.  There’s both an indoor and outdoor gym, a lounging area with firepits, pool, and an indoor private space for your fun get-togethers! 

With a view of the Halifax harbour, the developer has also made sure to give a nod to the historic ties to the Navy in the area.  You’ll be able to use the retro-style tower viewer (fancy binoculars other tall buildings make you pay for) to see all the goings on in the harbour!

Check out the image below:

While You’re here

Pros and Cons of buying a New Condo Building

Getting in early with a condo building can have significant financial advantages. Early in a project, the developer is looking to grow sales to help fund the build. With that in mind, early pricing is often significantly less than it is later in the project. As the project continues to sell, supply and demand takes over.  The fewer units that remain, the more likely it is for the developer to increase the prices.  The benefit of getting early means you’ll likely have significant equity before you even pick up the keys.

On the cons side, a building can often be delayed by a significant amount of time. Numerous things can slow a project down and it is not often the developer’s goal for a completion date is met.  Make sure you build in a contingency plan for upwards to 6 months to a year, just in case delays become lengthy. As well, consider your up-front costs.  A conventional condo that is already built will allow for as little as a 5% down payment.  New developments will often have deposits of 10-20% (sometimes paid in installments) as the builder uses the capital to secure funding for the build.  This unfortunately makes an “affordable” condo more difficult for some as they do not have the cash to cover the down payment cost.

The Verdict

We’re already on Gottingen and are seeing the street change at a very rapid rate.  It is going to be unrecognizable in another few years and it’s one of the most exciting places to be in our opinion. There’s a load of coffee shops and restaurants, from the completely delicious LF Bakery to the Halifax Renowned Edna Restaurant, Gottingen has you covered.  In addition, I often walk from my office to downtown Halifax and it only takes about 15 minutes. We are very excited for this building! 

If you’ve got the funds up front and the time to wait, buying a condo early on is a relatively sure way to build equity.  When you get in early, you’ve got the pick of the litter when it comes to floorplan, direction it faces, colour packages, you name it!  Send us a note below if you’d like to learn more about buying a new condo in Halifax and to stay up to date with this desirable project.

Written by,

Chris Perkins, Broker/Owner
902 210 1223
HaliPad Real Estate Inc.