Restart of Jarvis Mansion project offers buyers hope
Dec 29, 2007 04:30 AM
Work has resumed on Jarvis Mansions, a conversion project that went into receivership in September with some suites just days from completion. Many of the would-be buyers had been waiting four years for their units.
The project combined the retrofit of a 19th-century mansion at 539 Jarvis St. with new construction.
Brahm Rosen of SF Partners Inc., the receiver, says work should be completed in March, to coincide with the grand opening and remarketing of the project. He says all previous unit holders, except those who asked for their deposits to be refunded, have been contacted.
Condo broker Brad Lamb, who is handling sales, says about a dozen buyers have interest in buying their same units, though prices will reflect current market value. Previous unit holders will be extended a bit of a discount, since their original agreements were cancelled when the project went into receivership, he says. Several of the previous unit holders got their deposits back and moved on.
Teacher Amy Powell and her husband, Moe, got back their deposit and are banking their money for now. "We have our eye on the real estate market and hope to have found a home by the spring." Powell says. "We are wasting no time being bitter, just hoping to find something we love."
But they have not had luck as yet getting their Paris Kitchens deposit returned.
Barbara Miodonski is hoping she may still be able to buy her 438-square-foot unit, even though the price has increased from $162,000 four years ago to $199,000.
Since her husband died two years ago, she has helped cope with her loss by looking forward to owning a home for the first time.
"I will be able to do a walk-through of the unit sometime in January," says Miodonski, who moved from her native Poland 20 years ago. "We are being given a 2 per cent discount on the price, but I have to think of my mortgage payment and what I'll be able to afford."