KA1 said:
Thanks.

For a 30 second video presentation of as to how the retail at AURA will look like, please, go to retailataura.com

A general question.

In March 2008, when Canderel first offered condos to "VIP" brokers, selling price was $ 500.00 sq. ft. Encouraged by the good response Canderel increased price, I was told, by 15%. 3 weeks later, Canderel had offered condos to "VIP" customers like myself at $ 575.00 sq. ft. Current selling price -- for both existing and new condos -- is now way higher than this amount. Could Canderel cancel the project and a little later again start selling condos at current higher prices? Under the standard purchase agreement that I have signed, Canderel has till september 30, 2011 to decide to start construction or cancel the agreement. Any speculations?
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Any idea on how much they are going for now? I also bought at ~575.
Thanks!
 
KA1 said:
Thanks.

For a 30 second video presentation of as to how the retail at AURA will look like, please, go to retailataura.com

A general question.

In March 2008, when Canderel first offered condos to "VIP" brokers, selling price was $ 500.00 sq. ft. Encouraged by the good response Canderel increased price, I was told, by 15%. 3 weeks later, Canderel had offered condos to "VIP" customers like myself at $ 575.00 sq. ft. Current selling price -- for both existing and new condos -- is now way higher than this amount. Could Canderel cancel the project and a little later again start selling condos at current higher prices? Under the standard purchase agreement that I have signed, Canderel has till september 30, 2011 to decide to start construction or cancel the agreement. Any speculations?
Click to expand...

As I remember, the retail space was sold at a pretty good price when they were released. Does anyone know the percentage sold? Perhaps that is the reason construction is being held back. They need to make sure that it's mostly sold before they start building. Somewhere earlier in the thread I remember reading that bed bath and beyond specified a date on their contract, for Aura to be built so that they could move in.

As an aside, I spoke with a sales agent and inquired about the construction process. They anticipate March next year, and she mentioned that they already started construction underground. I don't know what she meant by that, because I don't see anything going on in that parking lot. Nor do I think the city gave them permits to start building yet. One thing's for sure, I can't wait to shop at Luxor or Homme+!
 
firsttimebuyer said:
Any idea on how much they are going for now? I also bought at ~575.
Thanks!
Click to expand...

The lower residences (Tower Suites) are now sold out. The only units remaining are a few upper (Executive) suites which begin at $800/sqft.

This building will be quite stunning once built and, no doubt, prove to be a good investment.

Congrats to anyone purchasing below $600/sqft! :)
 
Construction hasn't started due to financing issues. Sales and retail leasing have both been strong and aren't the reason behind delays.
 
Let's hope the financing issues get resolved. This is one parking lot I can't wait to see disappear.
 
Johnzz said:
The lower residences (Tower Suites) are now sold out. The only units remaining are a few upper (Executive) suites which begin at $800/sqft.

This building will be quite stunning once built and, no doubt, prove to be a good investment.

Congrats to anyone purchasing below $600/sqft! :)
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Thanks for cheering me up by saying that the building will be quite stunning. Earlier, a few posts had stated that the design is a 'crap' and a complete disaster.

I have bought a unit on the 'Executive' floor.

Mike in TO said:
Construction hasn't started due to financing issues. Sales and retail leasing have both been strong and aren't the reason behind delays.
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Unless there has been a change in corporate structure of late, Canderel is a wholly owned subsidiary of 2 insurance companies -- Great West Life and, I think, Aetna insurance companies. Insurance companies do construction financing for others. I am not sure why they can't finance their own subsidiary. I guess they want to spread the risks.
 
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KA1 said:
Unless there has been a change in corporate structure of late, Canderel is a wholly owned subsidiary of 2 insurance companies -- Great West Life and, I think, Aetna insurance companies. Insurance companies do construction financing for others. I am not sure why they can't finance their own subsidiary. I guess they want to spread the risks.
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I agree, thats why you cant believe all the shite regarding financing of this project.:rolleyes:
 
Interesting although one subsidiary financing another is just playing with fire. As you say, it's about the risks.

Wouldn't Canderel Stoneridge also be the investment arm ( a.k.a. a subsidiary) of Canderel? You go up high enough and you'll probably find a room with ten white haired, wheelchair bound gents that own everything.
 
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maestro said:
Interesting although one subsidiary financing another is just playing with fire. As you say, it's about the risks.

Wouldn't Canderel Stoneridge also be the investment arm ( a.k.a. a subsidiary) of Canderel? You go up high enough and you'll probably find a room with ten white haired, wheelchair bound gents that own everything.
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You could be right about Canderel Stoneridge. Canderel owns lots of commercial real estate -- in the suburbs, especially to the North, North West, Ottawa and Montreal.
 
ka1

KA1 said:
Thanks for cheering me up by saying that the building will be quite stunning. Earlier, a few posts had stated that the design is a 'crap' and a complete disaster.

I have bought a unit on the 'Executive' floor.
Click to expand...

Someone in the 'outerspace' had a message for KA1. While composing reply I, mistakenly, had pressed power key. Would appreciate if you could acknowledge receipt of my reply.
 
Mike in TO said:
Construction hasn't started due to financing issues. Sales and retail leasing have both been strong and aren't the reason behind delays.
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Hmm… I hope they’re only negotiating the “terms†of financing (i.e. cost of borrowing) rather then actually “obtaining†financing.

Correct me if wrong, but hasn’t the lending environment improved recently in Canada?
 
Ka1

Johnzz said:
Hmm… I hope they’re only negotiating the “terms†of financing (i.e. cost of borrowing) rather then actually “obtaining†financing.

Correct me if wrong, but hasn’t the lending environment improved recently in Canada?
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Financing for condos is a bit different. Even though the project might be sold 100%, having been burnt in the past recessions, lenders always assume that a certain number of purchasers will not be able to execute the purchase agreement due to death, bankruptcy etc. Further, lenders look at the fair market value of the project now. For example, a condo has been sold for, say, $ 400,000, and estimated delivery date is 4 years from now. As far as lenders are concerned, current fair market value is a lot less than $ 400,000because finanal selling price also includes developer's profits. Financing, then, is a certain percentage of total value after taking into account above 2 factors. It means that the developer has to come up with a bigger amount of equity
 
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