brettbass61 said:
I'm not aware of any deadline set for that type of decision.

For UPtowns, I'd actually expect the the receiver to complete the project - by hiring a construction company - as its the best way for the lender to recoup the highest amount of money possible.
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Do you think in this scenario, they would maintain the existing purchase agreements? Or cancel and resell at higher prices?
 
In that scenario I would expect them to maintain the existing purchase agreements. I'm not sure they would want to cancel and resell 300+ units in these poor market conditions, even if it would technically result in higher revenue due to the old sale prices from the initial launch.

This is just an educated guess on my part.
 
brettbass61 said:
In that scenario I would expect them to maintain the existing purchase agreements. I'm not sure they would want to cancel and resell 300+ units in these poor market conditions, even if it would technically result in higher revenue due to the old sale prices from the initial launch.

This is just an educated guess on my part.
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Fair point
 
brettbass61 said:
I'm not aware of any deadline set for that type of decision.

For UPtowns, I'd actually expect the the receiver to complete the project - by hiring a construction company - as its the best way for the lender to recoup the highest amount of money possible.
Click to expand...
I don’t think receiver would complete the project. They are not builders. More over if you see the document in KSV site. It clearly mentioned that they are doing winterizing the project with $300000 mortgage.
They would facilitate the sales of the disputed property.
Even if the project continues they would definitely amend the price.
 
SRAMP said:
I don’t think receiver would complete the project. They are not builders. More over if you see the document in KSV site. It clearly mentioned that they are doing winterizing the project with $300000 mortgage.
They would facilitate the sales of the disputed property.
Even if the project continues they would definitely amend the price.
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They certainly could complete the project and their own report to the court outlines how they have launched an RFP for a construction manager to build it.

And they cannot arbitrarily amend the purchase price. They would need to cancel the APS or the project and then offer the buyer a chance to repurchase at a new price, which then means they are getting into the business of selling a 350 unit project in a down market.
 
I booked the unit in 2018. So definitely they won’t continue with that price. If they amend the price definitely I will opt out of contract.
I’m not sure about the build quality of these buildings
Read about build quality and resale value of 36 lisgar . Which was the last building by urbancorp before they enter into receivership.
 
brettbass61 said:
They certainly could complete the project and their own report to the court outlines how they have launched an RFP for a construction manager to build it.

And they cannot arbitrarily amend the purchase price. They would need to cancel the APS or the project and then offer the buyer a chance to repurchase at a new price, which then means they are getting into the business of selling a 350 unit project in a down market.
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I recent eg is the yonge n bloor condo project? The receiver ended up hire the original builder to complete the project? I am sure i read that!
 
brettbass61 said:
They certainly could complete the project and their own report to the court outlines how they have launched an RFP for a construction manager to build it.

And they cannot arbitrarily amend the purchase price. They would need to cancel the APS or the project and then offer the buyer a chance to repurchase at a new price, which then means they are getting into the business of selling a 350 unit project in a down market.
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I have a doubt here. Our outside occupancy date is April 2025. How could they complete before that? They have whole lot of work to do. How could they get funding and continue the project before deadline? Or will they announce another unavoidable delay due to receivership process?
 
SRAMP said:
I have a doubt here. Our outside occupancy date is April 2025. How could they complete before that? They have whole lot of work to do. How could they get funding and continue the project before deadline? Or will they announce another unavoidable delay due to receivership process?
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Funding won't be an issue as the original lenders would be working directly with the receiver to complete it. They would continue funding.

Your point about the outside date is valid as I'm not sure this would qualify as an unavoidable delay.
 
brettbass61 said:
Funding won't be an issue as the original lenders would be working directly with the receiver to complete it. They would continue funding.

Your point about the outside date is valid as I'm not sure this would qualify as an unavoidable delay.
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I don’t have hope. If it goes to new builder or if they amend the price. It would be definitely new contract. That means new closing date. In that case builder does not need to worry about sales. Since they would have enough time for sales and completion.

Only thing I am waiting for is the deposits. If they provide deposits soon. I would move on with my money.
 
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