just because they've got a blimp taking pictures of certain views doesn't mean the building nearly sold out. those pictures will likely be used for promotion, the website, etc...
 
barrytron3030 said:
just because they've got a blimp taking pictures of certain views doesn't mean the building nearly sold out. those pictures will likely be used for promotion, the website, etc...
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Who knows what to believe, but if you read back there are several reports that the building was 95% sold out late last summer.
 
If it's 95% sold, why would they not go for the extra 10 floors? (to help market the building) I hope we see something happening soon.
 
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They're apparently having issues arranging financing for the tower as is. Adding more floors would only serve to doom this tower.
 
Which is a sad commentary on our banks, if a rock-solid opportunity like this, where almost all the units are apparently already sold, cannot get investment money. You would almost think that the banks WANT the economy to go into the tank again, by their policy of systematically starving even the most solid businesses of essential investment funds.

I understand that the banks are leery of loaning money to less than solid clients, but come on, they never did go to the extremes that we saw in the USA and elsewhere. In fact, did loan defaults as a percentage of total loans go up at all in Canada on a year-to-year basis?
 
maestro said:
They're apparently having issues arranging financing for the tower as is. Adding more floors would only serve to doom this tower.
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I have noticed that you have repeated yourself many times through-out this thread regarding this issue, i guess you must be pretty sure.:confused:.,
 
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maestro said:
They're apparently having issues arranging financing for the tower as is. Adding more floors would only serve to doom this tower.
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Yes, what proof do you have of this? What is your source? It just makes no sense with 95% sold. (If that's a true figure)
 
I thought someone mentioned earlier that the banks won't give out the $ until the developer has all their permits. I don't believe Aura have their permits.
 
First, if the tower is 95% sold, why take "BlimpShots" or any other shots for that matter. Your marketing is done - you already have more than enough sales to start construction.

Second, why on earth are people suggesting they are having trouble getting financing? Where do rumours like this get started?

This thread is as bad as a quilting bee.
 
Banks are being notorious right now. I work for one of the big 5 and believe me we have no funding in our department and they have outsourced a good chunk of jobs to India for cheap labour. Banks are cheap and the bottom line sadly is all that matters to them. You want their funding, you play by their rules.
 
have noticed that you have repeated yourself many times through-out this thread regarding this issue, i guess you must be pretty sure
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Because people continue to bring up that the building is 95% sold and therefore financing should be a relative ease.

Our banks faired better than most but they still took a bath down south. You also have dozens of buildings down there in which under 35% of the purchaser actually closed. Now, I'm not saying Toronto is in a similar position right now but who knows where our inflated, investor driven market will be in four years. I understand why the banks who are still licking their wounds are hesitating on throwing, I don't know, a minimum of $250 million at a million square foot tower that has 95% of its 900+ units "reserved". Sueing a purchaser who has walked is not as simple either. I've sued someone at my expense twice and won and still haven't seen a cent returned from that destitute rat-bastard.
 
For what it’s worth, the sales team have said financing was secured early this past summer. Also, construction has now begun “underneath†(what ever that means).

Hmm, Blimp Pics, interesting… Although their website states “Position our camera at any angle at altitudes from 5 through to 700 feetâ€. We already know Aura is 825 feet tall without the extra 10 floors. Maybe the blimp can go higher? :confused:
 
Johnzz said:
For what it’s worth, the sales team have said financing was secured early this past summer. Also, construction has now begun “underneath†(what ever that means). :confused:
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There is a parking garage underneath the surface lot, correct?
 
Not currently.

'Construction has now begun underneath' is typical salesperson talk for 'I have no idea what I'm talking about, but I love the sound of my voice'.

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