[jeaton]

I'm in

its done -
I wonder if there is some reason why they are letting their reputation take a beating by making it worse with the lack of communication.....perhaps there is a 'hurdle date' of some kind they need to pass (for legal reasons) - im not sure.....

In any event, how can we get all existing buyers together.

As far as I am concerned, we are owed at least the difference between what we paid, and what a similar unit is worth today.

Not selling that building with its location and design is more than incompetence.

If there is a chance to burn these guys at Cresford I',m all for it. I bought back in 2005, now I'm looking at a 50% increase in price for the same sized unit in that location today according to some realestate agents I have talked to.

 

[09152007]

The way Cresford handled this project is unacceptable. Not 'get your deposit back' unacceptable, but 'compensating the investor for negligence' unacceptable.

A lot of people lost real money based on Cresfords shocking business practices.

 

[09152007]

I will set up an email address and post it shortly, so we can continue this away from this forum.....

I have a feeling there are members here that may not have the best interest of the investor in mind.

we have all basically 'lost' tens of thousands of dollars - we would be foolish to not attempt to seek some form of compensation -

 

[beaconer]

Sorry to hear about your situation. There are four of you here now on this forum, so I think that's a great start in your efforts.

I think contacting the news/media maybe an idea?

I'd imagine it would be a story that would be of interest, especially in light of all the boom and construction..There have been few stories of failure, outside of Stinson.

I think the greatest leverage in this situation is going after the reputation of the developer.

Unfortunately, I'd have to agree that buying on paper exposes all sorts of risk since really you are buying into a proposal, not a building.

 

[SUMBODYHELP]

News Reporter Contact

I had somebody message me this on another board, I plan on sending an email, I think we all should. Here's the message I got. A law suit will only be profitable in numbers, perhaps if this hits the news, we will get in contact with more purchasers somehow.

"This reporter from CBC marketplace is looking for information from people who have purchased properties from Cresford. They may be doing a story about the difficulties buying from plans and from developers pre-construction. We had our own horror story with Cresford. If you're interested, contact this reporter:

kampfs@CBC.CA
Stephanie Kampfs"

 

[jeaton]

emailed stephanie

I emailed the cbc reporter and gave her a brief history of my story. Hope other purchasers do as well.

 

[lazarus]

What Cresford did was wrong but was it illegal? My girlfriend just purchased a soon to be constructed condo and i read the purchase agreement. It really is iron clad and, of course, in favour of the developer. They hold the right to cancel the project at anytime and refund you your deposit with interest. What they DO need to do is send you letters at certain points in the process to let you know what is happening. If you were not communicated to in the way that the contract stipulates you MAY be able to seek legal action. Regardless of how Cresford treated you, you did sign a contract and it is that contract that is binding. Morally they may be in the wrong, but perhaps not legally.
Keep us posted on the situation and good luck.

 

[Hydrogen]

Sounds kind of like "Boot 2" all over again.

 

[09152007]

re: MODE CANCELLATION

All - apologies for the delay, I was away this weekend.

Please email me at mode09152007@gmail.com so we can formulate a strategy with respect to Mode.

I suggest we find as many buyers of the project as possible.

Looking forward to working with you all.

 

[RJR123]

Make sure one of the group members is a real estate lawyer.

 

[09152007]

Agreed - Most important thing is to get a group together, including lawyer(s) -


Thx

 

[SUMBODYHELP]

Keep Posting!

Let's post on as many boards as possible to find other purchasers. The threads show up on google searches for Mode Lofts, so that's good. Is there anyway for a lawyer to get the info of all the Mode purchasers in the even of a class action suit if we can actually take it that far?

 

[Hydrogen]

H - what is your occupation, if you dont mind me asking?

Since when has the risks of buying off paper change from "late start date/poor finishings" to cancellation of project, sub-standard business practices and flat out lying?

My occupation is irrelevant.

If you read your disclosure, or the laws pertaining to condominiums, you'll see that your suit better have grounds beyond what you have outlined. Many delays are beyond the control of developers, and there is plenty of allowable wiggle room for changes in the schedule. Poor finishes are a matter of opinion (particularly with respect to pre-construction purchases), and poor finishings are an issue possibly to be taken up with you, the developer and Tarion after the building is finished and your unit is inspected by you (that has not happened, so its a moot point).

The burden of proof is on you to situate what constitutes a "sub-standard" business practices, as the courts deal with issues of legality and not opinion concerning subjective measures of standards. As for lying, again, the burden of proof is on you to prove so.

If you think you have a case, its very much worth your while consulting your lawyer (starting with the one you should have retained to look over your disclosure and purchase agreement). He or she should be able to help you out when considering the legalities surrounding this potentially cancelled project.

 

[09152007]

I appreciate your advice -
I do, however, believe that there is something fundamentally wrong with the way Cresford (and other developers - though I cannot comment) conduct business.

'Wiggle room'? People will lose tens of thousands of dollars of real money and I have a feeling it could have been avoided through 'reasonable' business practices. I intend on recovering what I have lost, and I suspect others will join me.

The entire process has been a complete farce on too many levels to list on this board.

 

[09152007]

Good Idea re: other order boards
- If people can pass along the email
mode09152007@gmail.com to any buyers in the mode project, that would be a good start - all feedback welcome......