condoinvestor
New Member
I sent a similar email a while ago. I am still waiting to hear back. I sent an email to Citytv with the link to this thread.
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- Thread starter Mike in TO
- Start date
qtpieprnsz
New Member
Hi condoinvestor,
Do you mind me asking how long ago you sent the email to city tv? I was thinking of maybe trying to get a hold of Ann Romer as she has that property show and see if she can at least offer any advice. This is so bloody frustrating. At least if they were to have the balls to keep in touch with us, but absolutely nothing!!! This is very wrong. Makes me wonder where all the other purchasers are!!!!! I really wish I knew where we stood with this project. I feel as though my life is stuck and I don't know what direction to go in!!! Just terrible!!! Well one thing is certain, we have all been more than patient with these people... perhaps now is time for 'no more mister nice guy!!!".
GOOD LUCK TO US ALL!!!
Do you mind me asking how long ago you sent the email to city tv? I was thinking of maybe trying to get a hold of Ann Romer as she has that property show and see if she can at least offer any advice. This is so bloody frustrating. At least if they were to have the balls to keep in touch with us, but absolutely nothing!!! This is very wrong. Makes me wonder where all the other purchasers are!!!!! I really wish I knew where we stood with this project. I feel as though my life is stuck and I don't know what direction to go in!!! Just terrible!!! Well one thing is certain, we have all been more than patient with these people... perhaps now is time for 'no more mister nice guy!!!".
GOOD LUCK TO US ALL!!!
condoinvestor
New Member
Hi qtpieprnsz,
I sent the email to City tv yesterday. I haven't heard anything back yet. I am very frustrated at this point as well. Unfortunately I am away from Toronto until end of december, otherwise I would have just liked to walk into FRAM groups office and demand answer or just go directly to citytv or CTV and bring this issue to their attention. I feel like emails are not really doing anything and it frustrates. I was thinking about starting a petition and demand adequate interest rates on our deposits for the last 2 years that they are sitting on our money. But I am not really sure how to go about doing that. We all need to collaborate and come up with a plan of action against them.
I sent the email to City tv yesterday. I haven't heard anything back yet. I am very frustrated at this point as well. Unfortunately I am away from Toronto until end of december, otherwise I would have just liked to walk into FRAM groups office and demand answer or just go directly to citytv or CTV and bring this issue to their attention. I feel like emails are not really doing anything and it frustrates. I was thinking about starting a petition and demand adequate interest rates on our deposits for the last 2 years that they are sitting on our money. But I am not really sure how to go about doing that. We all need to collaborate and come up with a plan of action against them.
Schnoober
Active Member
The Toronto Star advised that we should be getting word from Fram sometime this week. Keep your fingers crossed that the project will get built....
condoinvestor
New Member
The Toronto Star advised that we should be getting word from Fram sometime this week. Keep your fingers crossed that the project will get built....
Let's see what happens. But if it gets built they will not meet the promised closing dates. What will that mean to us?
Also I was wondering how did you get that information from The Toronto Star?
Schnoober
Active Member
I tried to get more info from my contact from The Toronto Star.
My contact said that he/she couldn't give any details due to privacy reasons, but said that rest assured that the news coming from Fram will not be bad news.
My contact said that he/she couldn't give any details due to privacy reasons, but said that rest assured that the news coming from Fram will not be bad news.
Schnoober
Active Member
please click on the link below for the newsletter from Fram regarding Holiday Towers.
http://www.framhomes.com/holiday-towers-news.html
http://www.framhomes.com/holiday-towers-news.html
qtpieprnsz
New Member
Well I have finally heard from FRAM in a letter dated Nov 2/10. What is in the letter is a replica of the link noted above. Ok, so they put a date on the letter and finally made contact. But truth be told, I'm not too happy with the 'you will be contacted again in the near future' -- what does that mean? One week, one month? more? Look how long it took them to finally send something out.
Curious to know what you, my possible neighbours, have to say about this!! In the meantime, take care!!
Curious to know what you, my possible neighbours, have to say about this!! In the meantime, take care!!
KensingtonMarketBoy
New Member
Read the letter above as well and a few lines really jump out...
"Although the first phase of the project has been very successfully sold, the economic viability of the project may now be impaired due to the lack of continued financial support." Will there be a 2nd phase or just the 2 towers instead of 4?
"As project manager, we are seeking to find an alternative investor in order to start construction and deliver your residence. If this situation is not resolved in the very near future, the project will have to be cancelled..." With the change in the market, especially in the next 2 years when this project will be built, who is going to step up and take on this huge undertaking? Very near future? Looks like they have given themselves a short timeline to get outta this thing and wrap it all up.
The most frustrating thing is I did get a pretty good deal, some good incentives/upgrades. Now, that will all be lost as I have to go out into the market, 2 years later, start looking again and the prices have jumped by over 20%. Not to mention loosing out on those great incentives I originally got. Sux!
"Although the first phase of the project has been very successfully sold, the economic viability of the project may now be impaired due to the lack of continued financial support." Will there be a 2nd phase or just the 2 towers instead of 4?
"As project manager, we are seeking to find an alternative investor in order to start construction and deliver your residence. If this situation is not resolved in the very near future, the project will have to be cancelled..." With the change in the market, especially in the next 2 years when this project will be built, who is going to step up and take on this huge undertaking? Very near future? Looks like they have given themselves a short timeline to get outta this thing and wrap it all up.
The most frustrating thing is I did get a pretty good deal, some good incentives/upgrades. Now, that will all be lost as I have to go out into the market, 2 years later, start looking again and the prices have jumped by over 20%. Not to mention loosing out on those great incentives I originally got. Sux!
condoinvestor
New Member
Read the letter above as well and a few lines really jump out...
"Although the first phase of the project has been very successfully sold, the economic viability of the project may now be impaired due to the lack of continued financial support." Will there be a 2nd phase or just the 2 towers instead of 4?
"As project manager, we are seeking to find an alternative investor in order to start construction and deliver your residence. If this situation is not resolved in the very near future, the project will have to be cancelled..." With the change in the market, especially in the next 2 years when this project will be built, who is going to step up and take on this huge undertaking? Very near future? Looks like they have given themselves a short timeline to get outta this thing and wrap it all up.
The most frustrating thing is I did get a pretty good deal, some good incentives/upgrades. Now, that will all be lost as I have to go out into the market, 2 years later, start looking again and the prices have jumped by over 20%. Not to mention loosing out on those great incentives I originally got. Sux!
I totally agree with you here. I will not be happy at all if I merely get my money back or even if they pay a small interest. I could've invested that money elsewhere and received a much better return. I wonder if they are trying to cancel it now because they gave out too good deals and now can't afford it.
Has anyone heard back from Tarion? The last email I got was that they will investigate.
What should we do?
condoinvestor
New Member
Should we send an email to FRAM collectively with what we all want? They might feel pressured if they see we've all united and want answers.
qtpieprnsz
New Member
Should we send an email to FRAM collectively with what we all want? They might feel pressured if they see we've all united and want answers.
that may be a good idea!!!!! personally, i don't think i got a great deal for what was available 2 years ago. I think I probably could have gotten better with a different project!! What i do know is that for me to invest in something similar to what I got at holiday towers is going to cost me a lot more than just my deposit plus any interest!! And what is the interest rate at anyway??? I feel robbed!!!
Mike in TO
Senior Member
The development proponent has the right to retain the deposits (which are held in a third party trust and protected by Tarion) until the economic viability clauses kick-in. This leaves the various purchasers posting here limited options, but here they are:
a) a new financial partner is found to fund the project and as the project manager FRAM proceedes and while delivered late the condo is built;
b) Deposits are continued to be held until the EV date arrives and with no willing partners the deposits are released with interest paid - nobody is happy with this situation, purchasers had money tied up with no real gains (no losses either) for a couple years and the developer actually have incurred fairly significant losses on the project and also had resources tied up in a venture that never proceeeded;
c) Project is cancelled prior to EV date due to a variety of potential factors such as numbers just not working for the project to go forward, purchasers demanding to be let out of deals and the development proponent complying etc - same result as b - developer takes on losses and purchasers get their money back, plus interest - but end up being very frustrated by the process
d) Project is purchased by another developer - depending on the structure of the deal the other developer could choose to proceed with the project, proceed with a variation of the project and offer the opportunity for purchasers to either back out and recieve their deposits back plus interest or stay on with the new project, or the new developer could start a new project from scrath and all deposits would be returned with interest.
At this point I'm not sure what if any role Tarion has to play - it is certainly a frustration situation, but if the development proponent is within the EV dates in the purchase and sales agreements that each and every purchasers signed then its a signed contract and there is little that can be done and Tarion has no role (they project deposits, but I'd be surprised if there was an issue there since they are currently being held in a third party trust).
a) a new financial partner is found to fund the project and as the project manager FRAM proceedes and while delivered late the condo is built;
b) Deposits are continued to be held until the EV date arrives and with no willing partners the deposits are released with interest paid - nobody is happy with this situation, purchasers had money tied up with no real gains (no losses either) for a couple years and the developer actually have incurred fairly significant losses on the project and also had resources tied up in a venture that never proceeeded;
c) Project is cancelled prior to EV date due to a variety of potential factors such as numbers just not working for the project to go forward, purchasers demanding to be let out of deals and the development proponent complying etc - same result as b - developer takes on losses and purchasers get their money back, plus interest - but end up being very frustrated by the process
d) Project is purchased by another developer - depending on the structure of the deal the other developer could choose to proceed with the project, proceed with a variation of the project and offer the opportunity for purchasers to either back out and recieve their deposits back plus interest or stay on with the new project, or the new developer could start a new project from scrath and all deposits would be returned with interest.
At this point I'm not sure what if any role Tarion has to play - it is certainly a frustration situation, but if the development proponent is within the EV dates in the purchase and sales agreements that each and every purchasers signed then its a signed contract and there is little that can be done and Tarion has no role (they project deposits, but I'd be surprised if there was an issue there since they are currently being held in a third party trust).
Schnoober
Active Member
just heard from Fram that there are already some interested parties to become the second investor. Also said that a decision will be made in four to six weeks.
Lenny
New Member
This is a joke. They still have not sent me a letter. So disorganized