Just came back from having a coffee with friends whose son had unfortunately been tangled up in the Museum FLTS debacle. Fortunately he and his partner recently got their money back, but it understandably left a bad taste in their mouths.

What a shame. The renders sure looked tasty.
 
Almost purchased a unit here last year but i guess lucky I didn't... Sad to see this get cancel and sorry to those affected...


I read on the news that some residents are considering legal action. What can they possibly get out of this?
 
ishiyakimo said:
Almost purchased a unit here last year but i guess lucky I didn't... Sad to see this get cancel and sorry to those affected...


I read on the news that some residents are considering legal action. What can they possibly get out of this?
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No hope for legal recourse just hoping for the builder to do good and work with the purchasers on some sort of favorable resolution on the relaunch.
 
I think this area sorely needs a complete precinct planning/overhaul before anything starts happening and we have a little Liberty Village in our hands. I don't know if that'll ever happen but I don't mind that the development here is canceled for that reason.
 
This is really bad for the development industry. Not an easy game when construction costs are moving up at a faster pace than sales prices. I was looking forward to seeing this building in real life. Renderings looked good.
 
Avenue said:
I think this area sorely needs a complete precinct planning/overhaul before anything starts happening and we have a little Liberty Village in our hands. I don't know if that'll ever happen but I don't mind that the development here is canceled for that reason.
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I live next to Castlepoint's site, totally agree. There is so much potential here but it needs to be planned. Sterling road is a bottleneck and fairly busy all day and night with trucks going to and from the Nestle factory. The transit in the area is excellent and everything is walkable but we all know that density brings cars and there doesn't seem to be a plan for how that traffic is going to work. There is a single street to drive into the site, two to drive out (half of Sterling is one-way). Realistically, not sure much can be done, train tracks on two of three sides of the site...
 
Tim1234 said:
This is really bad for the development industry. Not an easy game when construction costs are moving up at a faster pace than sales prices. I was looking forward to seeing this building in real life. Renderings looked good.
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Why is it Castlepoint is the only builder to back out of this development when there were lots of other pre-sale condos sold around the same time and that are faced with the same challenges but are still going ahead and honouring the agreed sale price? .....Greed maybe??
 
cashman said:
Why is it Castlepoint is the only builder to back out of this development when there were lots of other pre-sale condos sold around the same time and that are faced with the same challenges but are still going ahead and honouring the agreed sale price? .....Greed maybe??
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I dont know about that, it happens many times, ...developers market a project, take a deposit, don't get the proper approvals, refund back the deposit and call it a day, purchasers should be more aware of that
 
Many times? Care to list others @Automation Gallery? I think you'll find that it happens relatively rarely, and companies that have done it multiple times are very rare.

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