Once they let the web domain for this lapse, there wasn't much hope.

That The Modern actually seems like it will get built across the street might help the optics on this one. It's as much a Queen & Sherbourne condo building (despite the Richmond address) as this would have been.
 
GraphicMatt said:
Once they let the web domain for this lapse, there wasn't much hope.

That The Modern actually seems like it will get built across the street might help the optics on this one. It's as much a Queen & Sherbourne condo building (despite the Richmond address) as this would have been.
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they're so close together but what a difference a couple of feet make. it's a shame the kormann house won't be built, but the writing was on the wall. much stronger projects are having problems.
 
maestro said:
the bigger difference is the developers behind the projects
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well, remember 'modern' was taken over by Empire from another small firm.

unless a bigger established company takes over, it's pretty much dead IMO.
 
Speaking of dummies, these guys threw in the towel too soon--it probably would be under construction if they'd been able to hang on for another 6 months.

Latest news from urbanation's twitter feed says:

Former "Kormann House" condo site by KC Developments at 134 Sherbourne Street at Queen Street East sold for $1.5 million. 3 minutes ago via web
Click to expand...

I saw this site on mls and was tempted to pick it up for a flip.:)
 
I saw this site on mls and was tempted to pick it up for a flip.
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Why didn't you? It's been listed for over a year.

Maybe if the developer didn't lie about the 70% sold in one weekend, they would have had more, legitimate, buyers.
 
urbandreamer said:
Speaking of dummies, these guys threw in the towel too soon--it probably would be under construction if they'd been able to hang on for another 6 months.

Latest news from urbanation's twitter feed says:



I saw this site on mls and was tempted to pick it up for a flip.:)
Click to expand...


The person that owned the land was overextended. It costs a lot in terms of stress and $$$ to hold multiple properties (and develop them) and many times people opt to sell. It's really easy on an internet forum to play developer and say you'd "drop" 1.5 million, but come one, that is a lot of money. I went over the financials on this project and to be honest it just didn't make sense, even for $1.5 million. If anyone thought it was such a good deal it wouldn't have been on the market so long and the owner wouldn't have broken even on the deal; he would have made money.

Who ever bought this, is going to hold for a few years before developing. They must have deep pockets and are able to do so. If they try and develop right away, it just isn't worth it.

And for the person that asked the new owners are: "BLOORSTON FARMS LTD and YAORLAND DEVELOPMENTS LTD" So obviously front companies for people that don't want to be known yet.
 
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