Regina | Capital Pointe | 29F | 11F | 91M | ?M | Cancelled

[Mian]

Originally Posted by jlousa

The delay might help you in increasing markets as an investor, doesn't help you too much though if you want to live there and have to continue paying rent indefinately, nor if you already own and place your house on the market and sell it with a 3 month closing period as that's the estimate you were given by the developer only to find out it's delayed and you now have no place to live.
I've bought quite a few presales over the years and I can assure you that delays of more then a couple of months are not the norm. Most investors do not want their money tied up longer then needed and would prefer to move to another project as soon as possible.

I agree with your post, however for very large projects (such as the skyscraper that Capital Pointe will hopefully become), I think at least 6-12 months delay is the norm. My personal guess, based on performance thus far, is the delay here will be more like 12-18 months.

[jlousa]

Capital pointe is not a large project, it is for Regina, but it's a medium sized project at best. The projects I deal with are 2-5times the size of this and trust me delays of more then a couple of months is not the norm, if things start showing signs of being delayed investors start demanding their money back, and I would too. Delays are a sign of mismanagement, if they can't control a schedule do you think there will be issues with quality? Every month behind schedule costs the developer tens of thousands in interest if not more, corners start getting cut to make up for it.
Wish you the best of luck with your unit, do you plan on holding it or is your plan to flip it?

[Mian]

Originally Posted by jlousa

Capital pointe is not a large project, it is for Regina, but it's a medium sized project at best. The projects I deal with are 2-5times the size of this and trust me delays of more then a couple of months is not the norm, if things start showing signs of being delayed investors start demanding their money back, and I would too. Delays are a sign of mismanagement, if they can't control a schedule do you think there will be issues with quality? Every month behind schedule costs the developer tens of thousands in interest if not more, corners start getting cut to make up for it.
Wish you the best of luck with your unit, do you plan on holding it or is your plan to flip it?

Good points. I hope they don't cut corners on quality, as that may come to haunt them later on. I'm also wondering if there are regulatory bodies (such as Tarion in Ontario) that watchdog against Builder's poor quality.

Lets see how long it will take. Sometimes things can get political or legal - and I've experienced that can delay things further. Perhaps we should start a pool on how long the delay will be. My guess is still 12-18 months.

My plan is to hold it and rent it out, as it should hopefully carry itself, if not put a little change in my pocket every month. Moreover, I plan on buying into other projects in downtown Regina as they come online ... if the price and terms are right. AS AN INVESTOR, I'm totally loving your city!!!

[Joshy]

Originally Posted by Mian

Good points. I hope they don't cut corners on quality, as that may come to haunt them later on. I'm also wondering if there are regulatory bodies (such as Tarion in Ontario) that watchdog against Builder's poor quality.

Lets see how long it will take. Sometimes things can get political or legal - and I've experienced that can delay things further. Perhaps we should start a pool on how long the delay will be. My guess is still 12-18 months.

My plan is to hold it and rent it out, as it should hopefully carry itself, if not put a little change in my pocket every month. Moreover, I plan on buying into other projects in downtown Regina as they come online ... if the price and terms are right. AS AN INVESTOR, I'm totally loving your city!!!

You should consider coming to invest in one of many condiminium developments in Winnipeg. It's currently going through a population and economic boom, with many condominium projects on the go. It's a great place to do business and invest in. May I suggest investing in one of the many warehouse conversion condominium penthouse suites in The Exchange District, in the heart of downtown. People are flocking to buy these units as they are the hottest item going in the city at the moment. Plus, there are more condo towers in the works across the city. Lots of opportunity in a great and growing city!

[brithgob]

Originally Posted by Joshy

You should consider coming to invest in one of many condiminium developments in Winnipeg. It's currently going through a population and economic boom, with many condominium projects on the go. It's a great place to do business and invest in. May I suggest investing in one of the many warehouse conversion condominium penthouse suites in The Exchange District, in the heart of downtown. People are flocking to buy these units as they are the hottest item going in the city at the moment. Plus, there are more condo towers in the works across the city. Lots of opportunity in a great and growing city!

Really? Trolling other cities' threads to steal investors away?

[Joshy]

Originally Posted by brithgob

Really? Trolling other cities' threads to steal investors away?

Relax dude. Healthy competition makes our world go round

[Joe Kerr]

Originally Posted by Mian

Why is it so obvious what I wrote is a pile of crap?!?

I don't work for Capital Pointe, but I am an investor in the project as I have purchased a unit.

I'm standing by everything I've written, so why is it a pile of crap so I can respond to your argument. I gave reasons for what I wrote, so please explain why you feel those reasons are faulty.

AS AN INVESTOR: I think that condo delays can be to advantageous - as they have been for me in the past.

I'd love to pick your reasoning apart, but I think this link sums you up better than anything I can write - www.cjme.com

[Mian]

Originally Posted by Joshy

You should consider coming to invest in one of many condiminium developments in Winnipeg. It's currently going through a population and economic boom, with many condominium projects on the go. It's a great place to do business and invest in. May I suggest investing in one of the many warehouse conversion condominium penthouse suites in The Exchange District, in the heart of downtown. People are flocking to buy these units as they are the hottest item going in the city at the moment. Plus, there are more condo towers in the works across the city. Lots of opportunity in a great and growing city!

Thanks Joshy. You know, I actually have been thinking about Winnipeg, and I agree that it also looks good. I've just figured I may have missed the boat over there, but in Regina I feel I still have time, and secondly, this specific Capital Pointe project really excites in terms of it's location and cash-flow potential.

But I am all ears! Could you provide me with one or two projects you feel are good for what I'm looking for. I'm looking for pre-construction projects in BEST locations that MUST be positive cash-flowing from renting them out.

BTW: Are you an agent or an investor?

Thanks again for the insight.

Sincerely,
Your Toronto-Ottawa Investor!!!

[Joshy]

Originally Posted by Mian

Thanks Joshy. You know, I actually have been thinking about Winnipeg, and I agree that it also looks good. I've just figured I may have missed the boat over there, but in Regina I feel I still have time, and secondly, this specific Capital Pointe project really excites in terms of it's location and cash-flow potential.

But I am all ears! Could you provide me with one or two projects you feel are good for what I'm looking for. I'm looking for pre-construction projects in BEST locations that MUST be positive cash-flowing from renting them out.

BTW: Are you an agent or an investor?

Thanks again for the insight.

Sincerely,
Your Toronto-Ottawa Investor!!!

Check your PM

[Chaps]

Originally Posted by Joshy

Check your PM

Perfect! Right where it belongs. Do you mind if we chat about the topic at hand again now?

[osmo]

Mian is out to lunch. Missed the boat and was priced out of the game here so is sniffing around out west. That is the main problem we have sleaze in Brightstar from Ontario who only saw Regina as a cheap game to play with. Knowing full well they can get a soft landing if things go tits up versus dealing with tougher regulatory bodies in Ontario or B.C.

Tell me if this type of Delay in Toronto would have you feeling fancy about your parked cash? This type of run around from the developers would cause a rush to get out here. Money moves fast and the aloofness of CP development team and the moves to re-structure their funding schemes leave little as far as confidence goes.

[HomeInMyShoes]

Oddly enough the chain link fence is down and there's a more permanent looking fence being erected on the South and West sides of the site.

[Nathan]

Originally Posted by HomeInMyShoes

Oddly enough the chain link fence is down and there's a more permanent looking fence being erected on the South and West sides of the site.

Not to be a Debbie Downer about it, but it sort of seemed like a "look we're doing something" effort... It was just two guys... putting in fencing posts and plywood... I'd think they'd want something a little more substantial/further onto the sidewalk if they are going to start bringing the building down...

I want to stay positive about this... but it's getting harder and harder...

[TechnicalRecession]

Originally Posted by Nathan

Not to be a Debbie Downer about it, but it sort of seemed like a "look we're doing something" effort... It was just two guys... putting in fencing posts and plywood... I'd think they'd want something a little more substantial/further onto the sidewalk if they are going to start bringing the building down...

I want to stay positive about this... but it's getting harder and harder...

Maybe they put up the plywood fence so that no one could see that nothing is happenning on the site, haha. If I recall correctly they said demolition was to start on Sept 26, which is Monday, and they were very specific about that date so we'll see come Monday if they finally make a date or if it is another miss..

[Treesplease]

They could be trying to do just enough to keep the city from stepping in and doing the demo and putting the expense on their taxes.

[yeeg]

Originally Posted by cutterp

Bring my $300 you owe me. Our bet still stands, this project won't fall through. I asked the sales men there and they said "No worries mate." That's a reliable source right?

bump......

[saskhomeboy]

"I'm also wondering if there are regulatory bodies (such as Tarion in Ontario) that watchdog against Builder's poor quality?

Mian - I would suggest you check out things like warranty before you put down money as an investor. In Saskatchewan there is no mandatory warranty required like there is in Ontario. Capital Pointe has no info that I could find about warranty on their website, so I would check your contract. There is no provincial protection for deposits if your builder is not registered with a third party warranty provider either.

[Chaps]

Quote from Prairie Dog:

"UPDATE: Just called Silverado Demolition and apparently there are guys in the building. They’re tearing out windows and doing preliminary work."

Good sign if true.

[radam_22]

I thought that this preliminary work has alreadky been completed over the last year.

[CCF]

Originally Posted by radam_22

I thought that this preliminary work has alreadky been completed over the last year.

Parts of it yes. But not in its entirety.