Deanfeb said:
one bed Stack TH is about $500k now..
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Who’s buying that? Builders are having real hard time, and people are unloading trying to assign. Market is terrible.

Existing 1 bed in Mississauga selling for 400s. I know people trying to assign sale and having hard time.
 
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athundo said:
Guys, all things considered - do you think I should hold on and wait given the option? I am a FTHB and I bought Oasis at 570k in '18. I was pretty young at the time so I didn't mind the wait until 2023 so it's been bonus up until now, but I've been renting since Sept '23 waiting for further direction from KSV. If I take the deposit back, even with my additional savings I'm priced out of similar units in today's market. Even if they ask for more money, I'm not getting much in the GTA for even 620k. It's really tempting to just bite the bullet since I've already waited this long, are there any fatal flaws you guys foresee that justify taking the money and running, or do you guys think based on my life situation that I should just hold on and see this thing through until closing? Either way I won't be able to buy sh*t within the next year.
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For FTHB here and @athundo to make a decision --- what to do if KSV ask for a "closing date" extension or ask to pay more money. You need to determine your current situation carefully.
  1. Determine if you are willing to wait until April 2025 to April 2026. If not, walkaway once given the option.
  2. If you decide to wait, since you paid $570k back in 2018, add the estimated closing cost (development fee, occupancy fee, etc.) ~$40k i.e. the total cost (~$610k) - A. Compare this to the current market price if you were to buy a similar property now or by April 2025 or revised closing date (~$670k to $750k). Honestly, I don't think things will get better anytime soon (just my thought). Let say the FMV is $750k - B.
  3. Difference between A and B is $140k. Now determine the maximum amount you're will to pay if KSV as for more...an amount between $1 to $140k e.g. $50k
  4. Wait for KSV to finalize their plans. If the additional money requested by KSV is higher than the maximum amount you're willing to pay, simply walk away once given the option.
 
jbaa1 said:
Who’s buying that? Builders are having real hard time, and people are unloading trying to assign. Market is terrible.

Existing 1 bed in Mississauga selling for 400s. I know people trying to assign sale and having hard time.
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You can still get something for a decent price just outside of the GTA. My husband and I bought another 3-bedroom stacked town for just over $500K and it's bigger than Uptowns. Almost 2000 sqft
 
UptownGirl said:
You can still get something for a decent price just outside of the GTA. My husband and I bought another 3-bedroom stacked town for just over $500K and it's bigger than Uptowns. Almost 2000 sqft
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What's the location? Looking for something decent just outside GTA
 
Not sure if this is relevant. Either ways, we still need to wait patiently to hear from KSV.

I connected with someone who also bought Uptown projected. He consulted with a lawyer. In summary, the lawyer pointed out that selling the project or not, as long as the buyer or KSV intend to complete it, they will always ask for more money considering the significant amount of time since pre-sale buyers bought it.

His point was "not everyone will walk away" and the amount they'll ask for will still make it look like a good deal compared to current market. His second point was that lot of the buyers are investors and they will simply take the deal and rent it out. *Personally I don't think so"

The screenshot below was the most recent receivership where the buyer of the project asked for more money to keep the contracts.

1713740960972.png
 
gquest said:
Not sure if this is relevant. Either ways, we still need to wait patiently to hear from KSV.

I connected with someone who also bought Uptown projected. He consulted with a lawyer. In summary, the lawyer pointed out that selling the project or not, as long as the buyer or KSV intend to complete it, they will always ask for more money considering the significant amount of time since pre-sale buyers bought it.

His point was "not everyone will walk away" and the amount they'll ask for will still make it look like a good deal compared to current market. His second point was that lot of the buyers are investors and they will simply take the deal and rent it out. *Personally I don't think so"

The screenshot below was the most recent receivership where the buyer of the project asked for more money to keep the contracts.

View attachment 558161
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Thats expected!
 
gquest said:
Not sure if this is relevant. Either ways, we still need to wait patiently to hear from KSV.

I connected with someone who also bought Uptown projected. He consulted with a lawyer. In summary, the lawyer pointed out that selling the project or not, as long as the buyer or KSV intend to complete it, they will always ask for more money considering the significant amount of time since pre-sale buyers bought it.

His point was "not everyone will walk away" and the amount they'll ask for will still make it look like a good deal compared to current market. His second point was that lot of the buyers are investors and they will simply take the deal and rent it out. *Personally I don't think so"

The screenshot below was the most recent receivership where the buyer of the project asked for more money to keep the contracts.

View attachment 558161
Click to expand...

This example is receiver selling to a builder right? Not receiver taking over the project and managing the build?

And anybody know what 2 bed 2 wash stacked town is selling for currently in the market in Brampton? Existing and pre-con?
 
jbaa1 said:
This example is receiver selling to a builder right? Not receiver taking over the project and managing the build?

And anybody know what 2 bed 2 wash stacked town is selling for currently in the market in Brampton? Existing and pre-con?
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Yeah, sold to builder. Existing 2b2w stacked mostly around 650k to 680k. Stacks around dufay rd brampton. Ain't no market for precons atm. I haven't seen any project for sale in brampton.
 
gquest said:
Yeah, sold to builder. Existing 2b2w stacked mostly around 650k to 680k. Stacks around dufay rd brampton. Ain't no market for precons atm. I haven't seen any project for sale in brampton.
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have not seen any in Brampton, DANIELS may have one coming up on Steeles and Mississauga rd area..
 
Deanfeb said:
have not seen any in Brampton, DANIELS may have one coming up on Steeles and Mississauga rd area..
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Yeah I haven’t seen much as well. Pre con is not making much sense anymore, they are asking WAAAY over current prices and people are not biting.
 
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