shotgun2020
New Member
It's been dormant for so many years, wouldn't that mean that purchasers who bought like 4 years ago would be entitled to refunds?
- Thread starter urbandreamer
- Start date
NoNameBoy
New Member
As far as I know, Natasha will not close before the end of 2028, so there are still 4 years remaining. they probably won't quit shortly.
I'm not sure how many units have been sold, but if 90% of the units are sold, the developer can still make a profit as long as the buyers are able to close the units.
NoNameBoy
New Member
Last edited:
Trumpcard28
New Member
It doesn't seem like they sold 90 percent of the condos. Is it even worth it for the developer to complete this?
ProjectEnd
Superstar
Why do they need to sell 90% of the units? Construction financing threshold is 70-75%.
Northern Light
Superstar
"Under Construction" is cheeky..........or fraudulent, take your choice.
Proper Status: Demolition mostly complete, without permit. Construction has not yet begun.
***
I just reviewed the permits, they still don't even have the Demo permit, not one permit appears close to being issued.
They'd do well get things in motion again before the snow flies.
If they move any faster than Pemberton, they can meet their Q1 2028 aspiration. If they moved Pemberton speed.......revised closing date: Q1 '31
maestro
Senior Member
point being 115 units available out of 420 is not 90% sold
ProjectEnd
Superstar
Maybe I missed it - did Lanterra claim 90%? 305/420 is 73%, therefore construction financing is possible.
AHK
Senior Member
September 3 - The necessary sales thresholds have been met and financing is in place, with construction activities due to start shortly. Permits for 263 Adelaide Street West are now visible on the City web site, dating back to December 2, 2021, and are in various stages of process. Most recent dates for the Demolition and Partial Permit - Shoring are both June 4, 2024.
Current physical status as of today - no change yet from prior posts.
Current physical status as of today - no change yet from prior posts.
moofur
New Member
No update on this?
Koops65
Senior Member
Not since Sept. 3...
NoNameBoy
New Member
The price for a 500 sq. ft. condo is around $800,000, but the current market value is likely closer to $600,000. If the market doesn’t recover in the next four years, many buyers may struggle to close on their purchases, leading to a difficult situation for all parties. Even for investors who can close with a 20% down payment, maintaining positive cash flow could be challenging. Fingers crossed it doesn't come to that.