[BobBob]

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.

The same can be said for the situation in which I invest a bunch of money in a company's stock, and then lose it when the company goes bankrupt.

I definitely second others' advice on consulting a lawyer to see whether you have a case.

 

[Conrad Black]

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.

If your money was put into a trust managed by a lawyer then you won't lose anything. It will be returned to you. At Sapphire Tower those that put their money in trust will get their money back. They won't make money flipping when completed but at least they are getting their initial investment plus interest back. Those that blindly gave their money to Harry in an unsecured way will probably lose all.

Now if you are talking about money that you would have made once it was built then you are out of luck. You are speculating when you invest in something unbuilt and there's no way the courts will award damages in the case where you bought at $xxx amount and expected to make $yyy once it was built. Talk to your lawyer but if I'm reading this clearly you don't have a leg to stand on.

 

[09152007]

Consulting with a Lawyer/Lawyers is a certainty.

We will see what transpires. I believe many will at least ATTEMPT to recover what they have lost -

Strenth in numbers.

It is not the cancellation I am concerned about - it is the negligence that resulted in it.

 

[Conrad Black]

But what have you lost?

 

[Hydrogen]

Consulting with a Lawyer/Lawyers is a certainty.

We will see what transpires. I believe many will at least ATTEMPT to recover what they have lost -

Strenth in numbers.

It is not the cancellation I am concerned about - it is the negligence that resulted in it.

Once you feel more certain as to what you are going to pursue with respect to this issue, please keep us up to date. It will be interesting to hear what transpires. Best of luck.

 

[casaguy]

Well, well, well.

It sounds like the builder of my future castle in the sky (Cresford Developments) could be publicly shamed on national television. From what I've read about this and the whole BSN nonsense it sounds like they deserve it.

Whether they've broken any laws or not is irrelevant.

It's kinda like being stuck on the tarmac for ten hours without explanation and then the only thing Air Canada says later is, "Well, at least we got you to your destination safely! That is all we are obligated to do."

That is not how to conduct a business.

 

[09152007]

I will speak to a lawyer today - while I did use a lawyer to review the original purchase agreement - I would like to consult with one that has as much experience as possible when dealing with developers.

Any referrals are welcome.

re: Our MODE efforts - we should co-ordinate our efforts, with respect to Legal Action, dealing with the developer, and contacting the media.

Are there any opinions as to how open Cresford would be in working with existing buyers to recoup their losses (make this project successful) - could be a winwin......

 

[SUMBODYHELP]

If indeed they are losing an entire floor on this project, I think the only way to work with Cresford would be to :

A. Pay more for the units we already purchased, something in between current market and the price we paid.

B. Cresford could design a new 10 storey layout and either assign a new layout close to the one we had before ( likely smaller). In the purchase agreement it does state that we have the right to break the purchase agreement in the event of a material change. It could still be possible that they change height of each unit to say 9 feet or less on the lower floors. This could get them back the floor they were missing. 9 Ft ceilings is still not shabby and very marketable.

C. Cresford could offer us a credit towards one of their existing projects or first offering on the new project they market on the Mode site.

All of these would be things Cresford could do if they actually cared about the purchaser. From the way they have handled things so far... I wouldn't bet on it.

 

[09152007]

The PDF document that was posted on this site with the 'decision' by the OMB was shocking.

Cresford violated so many bylaws when they designed/sold the units it is almost shocking.

I just spoke to someone at the OMB (Ont. Municipal Board) -
The proposal that they sold to us (buyers) was over 38Metres tall, the city bylaw was about 23Metres (max), the city bylaw called for 350Metres amenity space, Cresford came in with 70, the bylaws required a driveway, Cresford did not have one.......(these are just tip of the iceberg)
Even more shocking was that the city/OMB actually agreed to almost all of these ‘variances’, but Cresofrd could not comply with the 1-2 requirements the city asked for.

 

[needhelp]

mode lofts

Hi,

I just signed up today and I'd like to add my name to the list.

thanks,
Yolla

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.

 

[SUMBODYHELP]

Yes, you would think that before they sold any units, they would have recieved prior approval by the city for the height of the building at the minimum. You would also think that they would have a contingency plan ,other than project cancellation, should the city not approve the height of the building. Honestly, had I been made aware that the decision to construct or not lied solely on city approval of the height of the building, I would have either not bought into this development, or bought another pre-construction at the same time to spread my risk. Keep hope alive that Cresford does the right thing that has the purchasers best interest in mind.

Curious, if given a choice, from the ones I presented in my previous post, which would you guys choose? A, B or C? I think I would choose B, hoping they keep the layout and lower the height. I don't need 10 feet.

 

[urbandreamer]

Hmmm DD==due diligence. Whenever I invest in a stock I do my DD first; not after (well i've done that too and usually lost money )

I too am curious when you speak of your "loss." What did you lose? I have a feeling it refers to your flipping dollars. No one has the right to expect a property to increase in value--in fact just the opposite could occur.

But in a way Mode not being built is a good thing: Quad lofts is ugly and really would mode have been any better?

 

[Hydrogen]

I think they are interested in discussing their realestate issue and not flipping stocks.

You can always start a seperate thread to show off such amazing things.

 

[RJR123]

Urbandreamer, they're not upset because they didn't make money flipping the real estate. They're mad at the developer for flagrantly selling the project when so many known barriers were in their way that would prevent them from being given a building permit. Have you even been reading their posts? Take Hydrogen's advice.

 

[09152007]

Exactly, thanks for the stock trading 101 - but move on mate -

On a more relevant note, we have about 8-9 buyers already that will be working together to formulate a plan re: MODE.
I will get back to you all individually this weekend - im a certain this number will grow as we get the word out. If/when we take legal action/approach the media, we will do so as a group.

I suggest you all call Cresford as often as you want/can. Paul Stevens and Jerry Cino are the gents in charge of sales - you will undoubtedly hear nothing from them, but the pressure should mount.