Redroom Studios
Senior Member
it is on the east side of Yonge... it runs under the Xerox building as I believe was stated (which is the building immediately east of the 1 Bloor site)
Last edited:
|
|
|
- Status
caltrane74
Senior Member
Xerox building must have cost a shitload to build.....???
41stfloor
Active Member
Oh, that's hilarious! Kudos to scarberiankhatru for the oblique reference and to Prometheus for the clip.
casaguy
Senior Member
Exactly.
Vultur09 just proved to me there is pretty much zero intelligence going on with him after his last comment.
casaguy
Senior Member
Perfect.
Mike in TO
Senior Member
This certainly wouldn't be typical for Conservatory Group...
But a couple of thoughts - if it is a local developer there are very few if any that have the equity required to participate in such a deal - The Libfeld's are an exception - they've been hording cash during the last boom cycle and have the kind of equity that they can make a big splash and pick up the carcasses left behind by the recession...
(note that I don't have any specific inside info as to who the buyer is - so rather then a factual post this one is speculative on the potential buyer - my thoughts are based on the reserves that the family currently has and the way that they operate... they've been in the market to buy up other sites across south-central Ontario - so they are one of the few buyers out there, while there are many other developers desperate for cash that are looking to sell...)
edit: One of the few others with the capital available (and potential interest... there are a couple players with the money, but they wouldn't touch the site) is Great Gulf.
But a couple of thoughts - if it is a local developer there are very few if any that have the equity required to participate in such a deal - The Libfeld's are an exception - they've been hording cash during the last boom cycle and have the kind of equity that they can make a big splash and pick up the carcasses left behind by the recession...
(note that I don't have any specific inside info as to who the buyer is - so rather then a factual post this one is speculative on the potential buyer - my thoughts are based on the reserves that the family currently has and the way that they operate... they've been in the market to buy up other sites across south-central Ontario - so they are one of the few buyers out there, while there are many other developers desperate for cash that are looking to sell...)
edit: One of the few others with the capital available (and potential interest... there are a couple players with the money, but they wouldn't touch the site) is Great Gulf.
Last edited:
purchaser-claimant
New Member
Deposit refund and damages
URGENTLY IMPORTANT
All Purchasers of 1 Bloor condos,
Attached is the Consent Order (Original signed by Wilton-Siegel J. on July 20, 2009) that our Vendor, One Bloor East Ltd. has to comply with for the sale of the land property where the original development project 1 Bloor was planned to build on.
On August 18, 2009 the condition in para. 5 and thereafter para. 8 were fulfilled and the agreement for sale of the land property to the unknown (possibly Great Gulf Group) third party is now binding leading to the cancellation of the hearing originally adjourned to take place on August 18, 2009.
The implication is that the Agreements of Purchase and Sale of the 1 Bloor condos are virtually determined. All purchasers are entitled to refund of the deposits paid and damages in breach of the said agreement must be claimed from the vendor AND timely heard by the Court NO later than September 16, 2009.
Joint retainer by all or most of the purchasers for a lawyer for recovery of the deposits paid and claim of damages is considered the best course of action in order to save time, money and resources.
If any purchaser(s) who is/are also lawyer(s), you would be greatly desirable for coordinating the claim for all participating purchasers.
Last but not least the vendor’s holding company Bazis International has been found in default of payment of the rent (for only $15,000 +) of the sales center as referred to in the posting #4335 pg. 289 of this blog, which indicates that there is absolute urgency in commencing our proceeding SOONEST.
Time is of essence as we must act fast to make sure the monies are still here for us to claim. So your volunteering is being solicited MOST URGENTLY. Reasonable fee/charge would/could be considered and discussed by all participating purchasers for Coordination services so provided if so desired.
Purchaser-Claimant
URGENTLY IMPORTANT
All Purchasers of 1 Bloor condos,
Attached is the Consent Order (Original signed by Wilton-Siegel J. on July 20, 2009) that our Vendor, One Bloor East Ltd. has to comply with for the sale of the land property where the original development project 1 Bloor was planned to build on.
On August 18, 2009 the condition in para. 5 and thereafter para. 8 were fulfilled and the agreement for sale of the land property to the unknown (possibly Great Gulf Group) third party is now binding leading to the cancellation of the hearing originally adjourned to take place on August 18, 2009.
The implication is that the Agreements of Purchase and Sale of the 1 Bloor condos are virtually determined. All purchasers are entitled to refund of the deposits paid and damages in breach of the said agreement must be claimed from the vendor AND timely heard by the Court NO later than September 16, 2009.
Joint retainer by all or most of the purchasers for a lawyer for recovery of the deposits paid and claim of damages is considered the best course of action in order to save time, money and resources.
If any purchaser(s) who is/are also lawyer(s), you would be greatly desirable for coordinating the claim for all participating purchasers.
Last but not least the vendor’s holding company Bazis International has been found in default of payment of the rent (for only $15,000 +) of the sales center as referred to in the posting #4335 pg. 289 of this blog, which indicates that there is absolute urgency in commencing our proceeding SOONEST.
Time is of essence as we must act fast to make sure the monies are still here for us to claim. So your volunteering is being solicited MOST URGENTLY. Reasonable fee/charge would/could be considered and discussed by all participating purchasers for Coordination services so provided if so desired.
Purchaser-Claimant
Attachments
Last edited:
androiduk
Senior Member
Aren't the deposits held in a trust account that Bazis wouldn't have access to?
purchaser-claimant
New Member
Deposit refund and damages
The deposits are held in trust but the release of which must be agreed by all parties including the vendor and the purchasers. Therefore, until a Court Order could be granted, the lawyer in trust would not release the deposits unilaterally which would give the vendor the bargaining power.
Every vendor in the same or similar position would do the same and it would be a tactic for the vendor to control (hold up) the refund to bargain for a release of any claim to be signed by purchasers before refund being made.
At the same time the vendor would have time to wait for the closing and thereafter withdraw the balance of the sale price of the land property after settlement of the claims as delineated in the Consent Order.
We are therefore unable to recover any damages for the breach of the Agreements of Purchase and Sale.
Purchaser-Claimant
The deposits are held in trust but the release of which must be agreed by all parties including the vendor and the purchasers. Therefore, until a Court Order could be granted, the lawyer in trust would not release the deposits unilaterally which would give the vendor the bargaining power.
Every vendor in the same or similar position would do the same and it would be a tactic for the vendor to control (hold up) the refund to bargain for a release of any claim to be signed by purchasers before refund being made.
At the same time the vendor would have time to wait for the closing and thereafter withdraw the balance of the sale price of the land property after settlement of the claims as delineated in the Consent Order.
We are therefore unable to recover any damages for the breach of the Agreements of Purchase and Sale.
Purchaser-Claimant
urbandreamer
recession proof
Bazis really comes across as a typical pink sheet scam...so obvious to me (and a few others) from day one.
toskier
New Member
purchaser is GG....
vultur09
Banned
Clearly they overlooked or underestimated the ability to obtain construction financing for the project in their rush to presell it at sky-high prices several notches above comparable product. Who's to say they did real due diligence on the engineering?
This debacle go down as the biggest black mark in Toronto's condo development history. I think you are giving this group far too much credit.
Last edited:
urbandreamer
recession proof
I really wish someone on this board would go here and take a photograph, just for laughs:
http://bit.ly/ZQEHl
http://bit.ly/ZQEHl
cdr108
Senior Member
This sounds more like an ambulance chaser taking advantage of the situation.
What kind of damages for "breach of Agreements of Purchase and Sale" are you looking at?
I thought the PSA, Condo Act, and Tarion outline that deposits are held in trust and will be fully refunded with interest. What more should these buyers be entitled to???
I'm sure you're going to file a claim for lost hypothetical capital gains.
Mike in TO
Senior Member
^ The purchasers aren't entitled to anything beyond a refund of their deposit that was held in a third party trust with a bit of interest - there are no damages - they signed a contract and the vendor was unable to deliver - they get their money back - end of story.
The word I'm hearing is Great Gulf - but nothing official yet....
The word I'm hearing is Great Gulf - but nothing official yet....
- Status