[New West] Ovation | 32 fl | Completed

[Vancity.resident]

If anyone's real estate agent gives them some good advice I'd love to hear it. I'm not sure if there is anything we can do but wait at this point? I think an contract extension is likely.

[Joshmaxlo]

Originally Posted by Vancity.resident

If anyone's real estate agent gives them some good advice I'd love to hear it. I'm not sure if there is anything we can do but wait at this point? I think an contract extension is likely.

Im waiting to hear what the 5th amendment will entail. When they extend the completion target, itll put them past their outside date, which isn't legal as per the disclosure statement. But then also cant honor the expectation for completion to be in July. They are definitely sweating and are in a bit of a pickle at this point.

*edit I emailed the sales team and the 5th amendment will be issued next week or the following and will extend the completion date to July 31 - Sept 30th **

[BH77]

Originally Posted by Joshmaxlo

Im waiting to hear what the 5th amendment will entail. When they extend the completion target, itll put them past their outside date, which isn't legal as per the disclosure statement. But then also cant honor the expectation for completion to be in July. They are definitely sweating and are in a bit of a pickle at this point.

*edit I emailed the sales team and the 5th amendment will be issued next week or the following and will extend the completion date to July 31 - Sept 30th **

Welp looks like an outside date extension to December 28th. 2023...

However they're hoping for completion from "July 31st to September 30th", I guess we'll just have to see.

[Joshmaxlo]

Originally Posted by BH77

Welp looks like an outside date extension to December 28th. 2023...

However they're hoping for completion from "July 31st to September 30th", I guess we'll just have to see.

Yeah, I saw this, a very timed and calculated Friday afternoon 5th amendment. I don't believe that their outside date extension is legal, we are currently lawyering up cause I'm pretty pissed off. Why extend an outside date from the max allowable of 2 consecutive periods of 120 days (240 days total) from December 31, 2022, until August 28th, 2023 only to say oh just kidding, extending it again. We have financing until September 29th so if it comes down to it, i just want to close in lieu and have the funded mortgage held in trust to lock financing down. Incredibly frustrating and I think there's a lot of pissed off people, myself included.

[ryanbc48]

Originally Posted by Joshmaxlo

Yeah, I saw this, a very timed and calculated Friday afternoon 5th amendment. I don't believe that their outside date extension is legal, we are currently lawyering up cause I'm pretty pissed off. Why extend an outside date from the max allowable of 2 consecutive periods of 120 days (240 days total) from December 31, 2022, until August 28th, 2023 only to say oh just kidding, extending it again. We have financing until September 29th so if it comes down to it, i just want to close in lieu and have the funded mortgage held in trust to lock financing down. Incredibly frustrating and I think there's a lot of pissed off people, myself included.

Yes, I remember reading about the max extension of 2 consecutive periods of 120 days as well.
Sigh, I guess our move-in date will mark the construction's 5-year anniversary in Oct.... lol

[BH77]

Originally Posted by Joshmaxlo

Yeah, I saw this, a very timed and calculated Friday afternoon 5th amendment. I don't believe that their outside date extension is legal, we are currently lawyering up cause I'm pretty pissed off. Why extend an outside date from the max allowable of 2 consecutive periods of 120 days (240 days total) from December 31, 2022, until August 28th, 2023 only to say oh just kidding, extending it again. We have financing until September 29th so if it comes down to it, i just want to close in lieu and have the funded mortgage held in trust to lock financing down. Incredibly frustrating and I think there's a lot of pissed off people, myself included.

Yea very frustrating, however I'm not sure what options we really have. In my mind if we complain they will be like "fine, here's your deposit back" and resell your unit for more (most likely).

Also have financing locked till first ish week of Sept... fingers crossed I guess...

[Joshmaxlo]

Originally Posted by BH77

Yea very frustrating, however I'm not sure what options we really have. In my mind if we complain they will be like "fine, here's your deposit back" and resell your unit for more (most likely).

Also have financing locked till first ish week of Sept... fingers crossed I guess...

The language of the outside date is very interesting, re-reading it last night cause i couldn't sleep, the outside date in the 4th amendment has the outside date for contracts “For those Contracts entered into prior to September 27, 2019, the Developer has exercised its right to extend the Outside Date from December 31, 2022 to August 28, 2023.”

language differs from 5th amendment where it says “For those Contracts entered into subsequent to September 27, 2019, the Developer has exercised its right to extend the Outside Date from August 30, 2023 to December 28, 2023.”

We bought an assignment, the initial date for the purchaser's contract of purchase and sale was/Is January 12th, 2019, its almost as if they're trying to have two outside dates now, one for contracts prior to September 27th, 2019 and one outside date for contracts subsequent to September 27th, interesting tactic and im looking forward to hearing from my lawyer.

[BH77]

Originally Posted by Joshmaxlo

The language of the outside date is very interesting, re-reading it last night cause i couldn't sleep, the outside date in the 4th amendment has the outside date for contracts “For those Contracts entered into prior to September 27, 2019, the Developer has exercised its right to extend the Outside Date from December 31, 2022 to August 28, 2023.”

language differs from 5th amendment where it says “For those Contracts entered into subsequent to September 27, 2019, the Developer has exercised its right to extend the Outside Date from August 30, 2023 to December 28, 2023.”

We bought an assignment, the initial date for the purchaser's contract of purchase and sale was/Is January 12th, 2019, its almost as if they're trying to have two outside dates now, one for contracts prior to September 27th, 2019 and one outside date for contracts subsequent to September 27th, interesting tactic and im looking forward to hearing from my lawyer.

Very interesting. Would be very appreciative if you could keep me/us in the loop on what your lawyer says.

[Vancity.resident]

Originally Posted by Joshmaxlo

The language of the outside date is very interesting, re-reading it last night cause i couldn't sleep, the outside date in the 4th amendment has the outside date for contracts “For those Contracts entered into prior to September 27, 2019, the Developer has exercised its right to extend the Outside Date from December 31, 2022 to August 28, 2023.”

Does anyone know how the strata will work if only part of the building has moved in? Will half of the building be paying into the strata with no council formed?

[BH77]

Originally Posted by Vancity.resident

Does anyone know how the strata will work if only part of the building has moved in? Will half of the building be paying into the strata with no council formed?

Good question, not really sure. Could try asking the developer directly?

[Joshmaxlo]

Originally Posted by Vancity.resident

Does anyone know how the strata will work if only part of the building has moved in? Will half of the building be paying into the strata with no council formed?

strata is only formed at the AGM, which is 6 weeks earlier for the following:
- 9 months from the date of the first conveyance of a SL or
- Date that 50% plus one of the strata lots are conveyed to purchase

During the interim budget date, developer must pay the actual expenses of the strata corp that accrue in the period up to last day of the month which the first conveyance occurs, IE: first strata lots occur September 1st for example, the developer pays expenses up to September 31st.

For all SLs that havent been conveyed, it would be developers' responsibility to pay associated strata fees for the units that haven't conveyed yet. Upon completion, would it then and only then be purchasers responsibility.

[Vancity.resident]

Thanks for the reply on the strata info!

Interesting LinkedIn post from Syncra (the GC) stating that fire alarm testing is underway and that landscaping will be done by the end of the month. https://www.linkedin.com/posts/syncra-co...8?utm_source=share&utm_medium=member_ios

[Joshmaxlo]

Originally Posted by Vancity.resident

Thanks for the reply on the strata info!

Interesting LinkedIn post from Syncra (the GC) stating that fire alarm testing is underway and that landscaping will be done by the end of the month. https://www.linkedin.com/posts/syncra-co...8?utm_source=share&utm_medium=member_ios

Saw this as well, i've been in touch with some helpful people at the City of New West, the developer is finalizing a few items on their plumbing permit sign off required for OP, city has said this was the last thing needed other than the obvious OP related items (FA testing, civil and landscaping works) hope they can get OP by end of the month/first week of September in order to start completion closings

[ryanbc48]

Does anyone know why our residential building now has non-market units on levels 3 & 4? They weren't on the drawings. I hope they still don't share access/amenities with our building.

[Spr0ckets]

Originally Posted by ryanbc48

Does anyone know why our residential building now has non-market units on levels 3 & 4? They weren't on the drawings. I hope they still don't share access/amenities with our building.

What a godawful tragedy of epic proportion that would be.

Oh, the humanity!!!!!

/s

[Changing City]

Originally Posted by ryanbc48

Does anyone know why our residential building now has non-market units on levels 3 & 4? They weren't on the drawings. I hope they still don't share access/amenities with our building.

Well it was included in the 2017 report to Council: the podium would be one level of retail and two of non-market residential units, as well as the 6-storey building - altogether 50 units of non-market. So there's been no change to the project. Performing Arts Lodge will occupying the units; some will be below market, and some will be tied-to-income. BC Housing have funded that part of the project.

If it's anything like the Coal Harbour building the organisation already occupy, some of the older residents might sing a bit flat, and some of the former set designers like decorating their apartments with over-the-top murals. It looks like they'll share the amenities - even the project website hints at it - "Ovation combines social inclusion with an elevated lifestyle."

[BH77]

Originally Posted by ryanbc48

Does anyone know why our residential building now has non-market units on levels 3 & 4? They weren't on the drawings. I hope they still don't share access/amenities with our building.

What I was told from the employee at the showroom a couple months back is that the second tower (smaller building) and the podium (I think the street facing units) were all non-market housing that have their own entrance and their own amenities (confirming that amenities were not shared among the rest of the building). That being said don’t quote me on it as the employee could have just been relaying rehearsed marketing material from years back, so not sure any of that has changed. I think we should be fine though.

[Repthe250]

Originally Posted by ryanbc48

Does anyone know why our residential building now has non-market units on levels 3 & 4? They weren't on the drawings. I hope they still don't share access/amenities with our building.

Jesus. This is the most entitled, stuck up comment I’ve ever seen. God forbid you have to share an entrance with someone who makes $75,000 a year. Shudder.

[SFUVancouver]

Originally Posted by ryanbc48

Does anyone know why our residential building now has non-market units on levels 3 & 4? They weren't on the drawings. I hope they still don't share access/amenities with our building.

It would seem like it's their building, too. No?

[BH77]

Originally Posted by Repthe250

Jesus. This is the most entitled, stuck up comment I’ve ever seen. God forbid you have to share an entrance with someone who makes $75,000 a year. Shudder.

I’ll give OP the benefit of the doubt on this one with the assumption that I think the non market units don’t pay the same amount of strata (wrt to sq footage), hence they have their own amenities and common ways. As far as sharing an entrance, who cares 🤷🏽♂️