Quote:
Originally Posted by Takeo
I’ve been living in Tower 1 since November. I was also a condo buyer in Tower 2. They cancelled the condo because they barely sold any units. There was discussion about it in this thread last year. I’m guessing they sold maybe 12% of the building. Once construction was ready to start on Tower 2 last spring the developer had no choice but to switch to rentals in order to secure financing. The bank would not provide financing for the condo project given the lack of pre-sales but they are much more lenient with financing for rental projects.
|
It is curious that my friend had very specific information apparently obtained from the property manager. I wonder if the secret plan is to try to revert #2 to condos at some point?