Red October
Senior Member
Ha, I took an almost identical picture on Sunday...
picture by me
picture by me
- Thread starter AlvinofDiaspar
- Start date
urbandreamer
recession proof
27 May 2014
ushahid
Senior Member
why the construction of the taller tower is so slow? now even the weather is warmer.
koogle
New Member
the slow pace might be because the developer wants to give more time to buyers before occupancy closing, so there would be less chance of default
hihihi
Active Member
that is highly unlikely... and btw the project is actually still on schedule
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TheKingEast
Senior Member
One of the most ridiculous things I've read on this forum....and I've been here for years.
AKS
Senior Member
I don't think they care. The sooner they can make buyers occupy the unit, the less money out of their pockets because buyers pay phantom rent. If they can close earlier even better, they can get the money. If some of the buyers default, all the better for the builder. The buyer loses their deposit and they can sell the unit for a higher price or sue the buyer.
T.0.isthebest
Active Member
Actually, this project is sold out. A recent newsletter I received from the developer indicates that they are right on schedule with occupancy beginning this year.
Southcore
Active Member
Sold out doesn't mean that people bought in full. In a development this big (1200+ units) I'm sure there will be more than one person who can't close on their unit. Nevertheless, good to hear the project is on schedule.
T.0.isthebest
Active Member
I'm not sure what you mean when you say: "....bought in full". It's my experience that most, if not all of the pre-construction developments in Toronto required purchasers to put a deposit of 15-25% toward the purchase price until the project is completed, with the transaction coming to an end only when Title is transferred. In light of such a process, it isn't possible to 'buy in full' as the property has yet to be completed.
I think you are correct in saying that there will be some purchasers who can't close their units upon completion due to personal circumstance. However, AKS' comments above are correct in that the developer can seize the deposits, re-sell the unit, and/or sue the purchaser for the shortfall (if any).
With this particular project, I don't think the builder will have any difficulty re-selling a unit within days if they had too from a defaulted buyer.
UrbanOptic
Active Member
Condo George
Active Member
PDI`s start end of June for tower 1
ushahid
Senior Member
^nice
AKS
Senior Member
Is Ice 1 and 2 closing together or separately? Otherwise, Ice 1 occupants will be paying phantom rent for a year or longer. It doesn't look like Ice 2 is ready for occupancy until late next year.
T.0.isthebest
Active Member
The developer recently informed purchasers that this project will be closed as one single corporation, which means that ICE I purchasers may very well have to deal with the Phantom Rent issue longer than those who purchased in ICE 2. That said, detailed in their ICE Newsletter #9 (May 2014), the developer informed purchasers on the progress of the interior finishes, which seemed to indicate that they were moving at a pretty steady pace overall, despite what seems to be happening outside.
I think that this pair of buildings will be completed on time, and registered relatively quickly.