Getting back to the topic. I thought one of the purchasers here mentioned that they'd be willing to send the sales material along for anyone interested. I can't find that post now but if anyone is willing to share the sales material could you send me a PM?
 
Just called the sales centre as I had a question (I bought one of the units back in May) and there is a message saying the centre is closed and only open to Brokers ! I was there last week showing a friend the model suite....

What does this mean? I'm assuming it has to do with slow sales? I know they were hovering around 23% sold, they were 19% when we bought ours 2 months ago.

Anyone have any insights?
 
They are going to re-open the sales centre again in September...builder is planning a "re-launch" of the project to stir up some buzz about the project again now that the economy is turning around...
 
my findings are similar to jim99's ~

I got a call back from the sales office who indicated they are currently renovating the presentation centre to spruce it up for a Grand re-Opening in mid-September ... they advise that the project's design hasn't changed, its simply a re-launch
 
Adding to the thread.

Hey everyone.

I've been following this thread since june when I purchased one of the 844 units. This thread helped me keep sane during the buying process and also during the 'i can't believe i spent this much money on nothing more than an idea' phase - which is still probably going on in my head.

I believe this project is a brave one with a lot of potential, not only to revitalize the neighbourhood, but also to offer decent spaces, for a fair price. And although I think that gentrification is a natural process in most modern societies, I hope that the social and economic transition is an equitable one.

I received word from my real estate agent that he received a notice that the estimated move in date would be pushed forward to December 2011! I did not expect their first delay to be 1 year and 3 months. I haven't seen the documents yet, so i am not sure how official this change is. But in light of this new information, I don't know if I should feel frustrated or just numb to the inevitable delays of these real estate giants.
 
itchingtomove said:
But in light of this new information, I don't know if I should feel frustrated or just numb to the inevitable delays of these real estate giants.
Click to expand...

You hit the nail on the head with the word inevitable: 99% of projects that get built in this city are delayed significantly past their original projected completion dates.

42
 
I signed my contract to buy a unit last September 2008, and at that time there was 12% sold. So by the looks of it it has only moved 13% to a total of 25%. I got this figure from the woman who had aswered my question of what percentage has been sold to date, and this was Aug. the 29th.

So it seems that by mid December the needed sales of 50% will not be made, and I will get my deposit back plus interest.

But a funny thing has happened on the lot....there are stakes laid out marking boundries.......I live over looking the lot...so I get to see any movement.
 
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Quick question

Hey Rikk.

Just a quick question for you. You posted: "So it seems that by mid December the needed sales of 50% will not be made, and I will get my deposit back plus interest."

Was that an agreement that was written into your contract by your lawyers or is that arrangement standard? I was under the impression that the builders could delay inevitably and it was near impossible to withdraw from the contract and get your deposit back.

Do you know or anyone else on this thread know how the contract works and if there is a specific time where we get the opportunity to withdraw from the contract??

Thanks for you help.

J
 
Hi J,

This is written in every contract with the offer to buy, the correct teminology is lost to me, but it is an agreement that the developer and the purchaser agrees to. It would be very unfair if I let my money just sit with the developer or in trust with the lawyer for over 16 months. In thinking this that money is put in trust in a bank of the lawyer who is holding the money, so in saying this that money is being used by the bank, and interest is being accumulated.

As for the builders they cannot indefinetly put the construction on hold, they are allowed to push back the date only twice and that time period is 6months each push back, and they must inform the purchaser. I have now recived a letter twice now stating the project has been pushed back. When the date comes on dec. 17th or the 19th If I remember correctly they are to either say they are going to start building or they will be returning the monies to all parties.

As for withdrawing from your contract you have 10 days as a cooling off period after signing the Offer to Purchase, so you can withdraw within the 10 days only, if you want to withdraw after that date the developer can take you to court, and ask for damages.

Does this help you J.?

Cheers Mate
 
Thanks for clarifying.

I purchased the unit in June and haven't received anything from electric city at all yet. I heard from my agent that they pushed the move in date to december 2011. Maybe I should call them and ask why I haven't received any type of notice yet. Thanks for you help again Rikk.

J
 
So if December comes and they send me a letter, that means I have the option to withdraw my deposit money?

I really do like this project and the unit, but had I known it would not be ready until Dec 2011 I likely would not have purchased...
 
hatfield said:
So if December comes and they send me a letter, that means I have the option to withdraw my deposit money?

I really do like this project and the unit, but had I known it would not be ready until Dec 2011 I likely would not have purchased...
Click to expand...



If by Dec. and there has not been 50% sold, then the project will dissolve under the current purchase agreement, and everyone will be given their money back. There will be no option it will just happen......

Rikk
 
confused :(

"If by Dec. and there has not been 50% sold, then the project will dissolve under the current purchase agreement, and everyone will be given their money back. There will be no option it will just happen......"

Hey Rikk and everyone on this post,

I'm sorry to request clarification on the information that has been posted on here. I'm a bit confused as to the contract agreements and dates and I am getting quite frustrated since I am getting no real answers from the builders. This is what I know so far (please correct me if i am wrong)

1) They have pushed their feasibility date from june 2009 to dec 2009 when they will decide if they have enough money to carry through with this project. I spoke to the builders and he told me that they will end up just putting forward another delay to buy them time.

2) Currently, they have told me that the move-in date has been moved to December 2011, although I still haven't received any written documents concerning this date.

3) I just bought my unit in June 2009 and I haven't received any notices of delay so does that mean I need to receive 3 delay letters before I can legally back out of the contract or does the previous delays before my purchase count toward the 3 delays in total?

4) When will the contract dissolve under the purchaser's agreement? december 20__? <--what year?

In a nutshell, I will be sad if they decide not to complete the building but if given the chance, I think that I would back out of the contract. Could someone help clarify all this information for me before I lose my head? haha. Thanks everyone.
 
jim99 said:
They are going to re-open the sales centre again in September...builder is planning a "re-launch" of the project to stir up some buzz about the project again now that the economy is turning around...
Click to expand...

Anyone know if it is true that this project is being relaunched as UpsideDownCondoPrices.com?

Not sure I am such a fan of the 17-FootHighCeilings (Liberty Market Lofts), UpsideDownCondoPrices and other such names.
 
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