RJR123
Active Member
I think the only obligation from the developer is to pay a rate of interest on the deposit funds held in trust during the past couple of years, but other than that I think you have no recourse here.
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- Thread starter SUMBODYHELP
- Start date
SUMBODYHELP
New Member
Ya, you people are right, I'll just talk to my lawyer IF and WHEN it gets cancelled, not much I can do about it now anyways. What a horrible experience this has been, my first purchase too. Thanks for all the advice and posts.
beaconer
Active Member
^ I agree. Buying at Pre-construction is always buying at risk, with varying degrees.
Track record/reputation(i.e. which would include a business tact to get things done) and the actual proposal are two factors which may help determine to some degree, the amount of risk.
Stinsons proposal and track history made the Sapphire project inherant with high risk.
East Lofts is modest in its proposal-its scale and design were in line with the re-development guidelines of the area, precedents in the area had been set (Mozo,Kings Court) and the track history on Harhay has been stable (one of which is a property successfully developed that sits right beside the proposed land-Abbey Lane Lofts). So East Lofts in my mind was low risk.
M5V, another story altogether, as outlined in this forum in the past (even posts from the developer)..
Track record/reputation(i.e. which would include a business tact to get things done) and the actual proposal are two factors which may help determine to some degree, the amount of risk.
Stinsons proposal and track history made the Sapphire project inherant with high risk.
East Lofts is modest in its proposal-its scale and design were in line with the re-development guidelines of the area, precedents in the area had been set (Mozo,Kings Court) and the track history on Harhay has been stable (one of which is a property successfully developed that sits right beside the proposed land-Abbey Lane Lofts). So East Lofts in my mind was low risk.
M5V, another story altogether, as outlined in this forum in the past (even posts from the developer)..
SUMBODYHELP
New Member
Spoke to my Lawyer and looked at the Purchase Agreement, the agreement is pretty iron clad, they can pretty much do anything they want.
Here's what my lawyer told me:
"....if they cancel all the contracts and then try to re-market essentially the same project (with 1 less floor or so) at higher prices, you might try to get some or all the purchasers together to bring legal action against the development for bad faith (e.g. cancellation of the previous project primarily motivated by increased pricing). Otherwise, it would likely be cost-prohibitive to sue by yourself."
Here's what my lawyer told me:
"....if they cancel all the contracts and then try to re-market essentially the same project (with 1 less floor or so) at higher prices, you might try to get some or all the purchasers together to bring legal action against the development for bad faith (e.g. cancellation of the previous project primarily motivated by increased pricing). Otherwise, it would likely be cost-prohibitive to sue by yourself."
caltrane74
Senior Member
I feel your pain. - yours is a sad story.
0
09152007
Guest
re: MODE CANCELLATION
Guys -
Mode is 99.999% cancelled. I spoke to their head of sales (finally), and he heavily intimated as such (he could not 'officially' tell me, for legal reasons).
I bought in 1 year ago.
As far as I am concerned, the outcome of this project is essentially pure negligence/fraud etc etc.
A horrible marketing/sales effort, couples with shocking delay tactics and flat out lies (I have a guy at mode tell me 'the city approved the floors') -
I am happy to take this to court - what I need is a few suggestions as to how I can 'round up' the other buyers...anyone???
Guys -
Mode is 99.999% cancelled. I spoke to their head of sales (finally), and he heavily intimated as such (he could not 'officially' tell me, for legal reasons).
I bought in 1 year ago.
As far as I am concerned, the outcome of this project is essentially pure negligence/fraud etc etc.
A horrible marketing/sales effort, couples with shocking delay tactics and flat out lies (I have a guy at mode tell me 'the city approved the floors') -
I am happy to take this to court - what I need is a few suggestions as to how I can 'round up' the other buyers...anyone???
maestro
Senior Member
^Good luck but that is all a part of buying pre-sale. I'm not quite sure where the fraud or negligence lies and as to the guy telling you the floors are approved, he is undoubtably just a sales guy not connected to cresford in any way
0
09152007
Guest
Actually, the guy is a senior sales guy at cresford, and my work lines are always taped.
Negligence occured throughout my experiences with them - essentially, their sales effort was comical - once they realized turning a profit might be a problem, they basically shut down the sales centre, did not return anyone's calls etc. - and here we are today.
(Some) developers think they can run their business in a grey area between poor business practices and negligence, simply because they have a solid contract in place (this seems to be 'accepted') - Now that I have some time to review what has happened, I do not intend on accepting this.
Again, if anyone knows an appropriate method to contact other buyers, pls let me know : )
Negligence occured throughout my experiences with them - essentially, their sales effort was comical - once they realized turning a profit might be a problem, they basically shut down the sales centre, did not return anyone's calls etc. - and here we are today.
(Some) developers think they can run their business in a grey area between poor business practices and negligence, simply because they have a solid contract in place (this seems to be 'accepted') - Now that I have some time to review what has happened, I do not intend on accepting this.
Again, if anyone knows an appropriate method to contact other buyers, pls let me know : )
H
Hydrogen
Guest
But how is it pure negligence and fraud?
0
09152007
Guest
A cresford rep. lied to me on a taped line.
I dont have time to go over their business practices right now, but like I said, once a few people are brought together (if not more), that task becomes much more manageable.
I dont have time to go over their business practices right now, but like I said, once a few people are brought together (if not more), that task becomes much more manageable.
wannabeplanner
New Member
Hey guys,
I am a purchaser as well and I am PISSED as hell at Cresford... Bunch of incompetent morons..
Who is the sales guy that told you the project has been approved?!?
I am a purchaser as well and I am PISSED as hell at Cresford... Bunch of incompetent morons..
Who is the sales guy that told you the project has been approved?!?
wannabeplanner
New Member
I also saw Cresford removed MODE from their website all together... Things aren't looking too good
0
09152007
Guest
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.
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.
H
Hydrogen
Guest
You'll all get your deposits back.
Do recognize that buying off paper always holds the risk that the project will not be built. And you purchased with a preferential price.
Still, sorry to hear about the situation you are all in.
Do recognize that buying off paper always holds the risk that the project will not be built. And you purchased with a preferential price.
Still, sorry to hear about the situation you are all in.
0
09152007
Guest
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?
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?