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Hi there condoinvestor, I'm wondering if you could resend your message. I don't recall receiving it and was just checking me emails and do not see. Sorry to trouble you, but thank-you!!!
 
qtpieprnsz said:
Hi there condoinvestor, I'm wondering if you could resend your message. I don't recall receiving it and was just checking me emails and do not see. Sorry to trouble you, but thank-you!!!
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I spoke with a lawyer and after looking at the purchase agreement and the letter of mutual release. He suggested I should find out why the interest is at 0%. According to the purchase agreement, in case of project cancellation the deposits must be returned according to Section 82.7 of Condominium Act. According to section 82.7 of condominium act, the deposits must be returned at the prescribed rate by Bank of Canada. I checked the prescribed rates from the Bank of Canada from 2008 to date and the average is about 4%.
 
Hi Condoinvestor

WOW, I wish I had seen your reply before I sent my signed letter back. But it was the unknown of how long a lawsuit could be resolved, that would end in my favour, that had me sign and return the letter. Suffice it to say, it was quite the bittersweet moment when I received my cheque back.

This whole ordeal has made me so weary of every buying at this stage again. Not to mention the loss that myself and every other purchaser received!!!

I am curious to know if you have pursued this any further. My future plans now become altered as I way my pros and cons about being a condo dweller.

Good luck to everyone who got screwed with this project and good luck to everyone who gets involved with such a project!!!

Perhaps we should try to plan a get together and see who our potential neighbours may have been and possible could still be in future towers!! Cheers!
 
Deposits are held in a law firms trust account, which accrues next to 0% interest. The developers didn't earn any money off that deposit either. This one particular grievance of many isn't well founded. Don't bother trying to get any interest from the project!

It's shocking the lack of information purchasers have when making what will likely be the largest investment in their life!
 
HDLtd said:
Deposits are held in a law firms trust account, which accrues next to 0% interest. The developers didn't earn any money off that deposit either. This one particular grievance of many isn't well founded. Don't bother trying to get any interest from the project!

It's shocking the lack of information purchasers have when making what will likely be the largest investment in their life!
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Well put. As I mentioned before, its all spelled out in the agreement of purchase and sale. How deposits are handled, how they distribute them back to you.

If the project fails to complete, then that agreement spells how to sever your agreement. Be careful what you sign your name too.
 
just wonder who would buy this property if it's going to be developed a condo.
if this site is not used for condo, what can it be there?
 
The Site is not in the greatest location.
Avari provided the equity on the project and they owned the land prior. FRAM was more of a managing parter.
Avari got into financial trouble--especially overseas--and they couldn't provide the continuing funds needed.
I'm surprised it took this long to put the site up for sale.
 
Travis said:
Reported by RealNet Canada:

2 Holiday Drive, Etobicoke - 5.404 Acres Purchased for 14.7M by Menkes Developments
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The whole area is a hard area to build in and look at West Village that has gone no way so far. Surprised how well One Valhalla is doing.

There is another development on the West Mall in the same area and will be surprised to see anything for it before 2020.

One thing against these projects is not the noise from the 427, but planes on final approach for the airport. Any building being built on the west side of 427 need to be sound proof and adding extra cost to the selling price.
 
Towered said:
Good news - a much more reputable developer will surely be able to get something going here. I think they should go much taller than the previous proposal.
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If it can be supported by a Traffic Impact Assessment ... sure ~
 
As of this morning, a banner dropped from the old tower with "Green Demolition" written on it. Looks like Menkes is working to clear the site in a hurry. Thank goodness - that thing has been an eyesore for far too long.
 
does anyone know what is menkes' plan for this site? will be the same as existing, 4 towers - or maybe menkes will go for more?
 
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