Calgary Condo Talk

[mersar]

Originally Posted by red_179

There is no hard and fast answer to that, you would have to look at past court precedents in similar situations to determine what kind of delay would constitute a fundamental breach. However, unless your deposit was under $25,000 you wouldn't be able to go to Small Claims Court to advance a claim and, if above $25,000, it would likely take you a year and a half before you could ever get a trial date and you be spending lots of money on lawyers in the meantime. So not really a great option, unless the builder is willing to let you walk away from the purchase contract which would be unlikely.

Especially in this circumstance.

I have heard of developers letting people walk away in some occasions if there is still demand for the product and they are able to get more for it now than for the first buyer. But its not often that it would happen.

[MalcolmTucker]

Hehe. If you go the fundamental breach route, with a go to the media threat, I would think they would let you walk away, if you signed a non disclosure.

[red_179]

I should mention that there if there is a silver lining for the delay to you, it is that since the Building Permit was not issued before February 1, 2014, the project must now comply with increased mandatory new home warranty standards, as per the Alberta New Home Buyers Protection Act. Basically, you will be getting increased warranty coverage without paying anymore money, as the increased coverage would not have been budgeted into your purchase price. A summary of the difference between the old coverage and new coverage is below:

https://www.anhwp.com/new-warranty-vs-old-warranty-education-mf.pdf

[waichuntull]

6th and Tenth:

how many for May 30 break ground ceremony?

how many for "no show, nothing"?

[waichuntull]

Originally Posted by jmb

No - ive been by, plus you cant break ground when there is an active sales centre sitting on top of it.

Originally Posted by waichuntull

Not only that, The parking lot was full.

What is next?

[waichuntull]

6th AND TENTH:
As long as,
1. the lot is still a fee paying parking lot.
2. DP & BP not released.
3. Street parking is allowed around the corner.

No construction commencement.

It is very interesting to know how many have not signed the date amendment document and what do they plan to move forward.

[waichuntull]

Originally Posted by Doug_Cgy

This is what Fortress Development has to say about 6th & Tenth...

Originally Posted by O-tacular

I'd be pissed if I put money down on 6th and 10th. Not sure how Lamb can sell this 'investment' when there is no capital to back him and it is entirely at the mercy of weak sales.

The sad part is that how could this developer ask the purchasers for deposit without the date, wishi washi ......

The Orchard ... The Jasper House...

[suburbia]

Looks like insurance rates for condos are skyrocketing. Too many claims blamed on "other condo owners" apparently.

http://www.cbc.ca/news/canada/calgary/calgary-condo-insurance-costs-skyrocketing-1.2661374

Premiums for insurance have increased by 25 to 35 per cent and deductibles have also gone from $5,000 to $25,000
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"It's amazing how often I read in [board meeting minutes] about another irresponsible condo owner who hasn't bothered to check on their hoses or hasn't bothered to notice that they have left the bathtub running," she said.
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The Co-operators — Alberta's third largest property insurer — is in the process of transitioning out of the commercial condo insurance business in most of the country.
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While the company is getting out of insuring actual condo buildings, Sharman says it will continue to insure individual condo units.

Now the above being said, I'm wondering if things like issues with glass, flooding of condos in the West end (even before last year's flooring), etc. are playing into this?

[waichuntull]

6th AND TENTH:

Does anyone know :
when is the Application Date of the Building Permit for this project, the date that the permit is applied?

[Spring2008]

Trees look good, but half the grass and shrubs at Drake are dead due to late planting and harsh winter. Wonder if Grosvenor will replace. Looks bad, especially considering their Smith sales centre is half a block away.

[waichuntull]

Originally Posted by Surrealplaces

Judging by the DP# (DP2012-0285), it would have been Jan/Feb of 2012

Then the BP, building permit.... BP# ?? Where to find

By the way, interesting url :

http://badjlamb.wordpress.com/page/5/

[waichuntull]

Originally Posted by waichuntull

That is interesting.

Building permit applied just last week.

.......

[waichuntull]

Originally Posted by jmb

Its not just that, he is 18 months behind his original construction start date - something unheard of since 2008. He is also slashing prices on the remaining inventory, which is a kick in the balls for people that bought early, and again very uncommon.

The reason he can do multiple projects is because he uses investors vs. a bank lender and therefore is able to take more risk, at the expense of those he sells to. Its how he does business that is pathetic, not that they wont get built. To twitter and facebook everyone saying "May 31 ground breaking" then to not show up to your own party because your getting handjobs in signapore is a bit pathetic.

Mortgage syndicate......

[waichuntull]

Originally Posted by jmb

exactly, Mark launched a year after him, sold way before him (and more total units) and is already rising above the ground.

Originally Posted by geotag277

Agree 100% incompetence is high on the list. If he is having trouble with financing he'll have to explain an awful lot, like sluggish sales in a hot market that could sustain multiple successful projects from other developers.

Originally Posted by waichuntull

A sound advice to those who are...... Jasper House, Orchard The Twelve, and Others in Ontario

Originally Posted by Electrical Storm

Bit late to this one..... But I don't think Brad Lamb and co.'s issues in this case are indicative of a slowdown in condo market demand. The issues we are seeing may be linked to incompetence (and possibly ignorance with regards to the Calgary market) - but demand is certainly not the issue.

Other developments in the same price range and scale have been successful in selling quite well during the same time period. Take Mark and 10th for example, with slightly pricier units still - the development has been a success. Even higher end offerings like Avenue and Lido have been selling well during the same time period.

Originally Posted by O-tacular

I guess his definition of groundbreaking is submitting a BP. A metaphorical groundbreaking?...

Originally Posted by geotag277

Not to mention lying about closing the bottle depot to early investors. All in all it wasn't a great first impression for calgary in terms of messaging.

That said it doesn't make a whole lot of sense to invest time and money in new renderings for a new project orchard when another project is at risk.

......

[Full Mountain]

Originally Posted by waichuntull

The sad part is that how could this developer ask the purchasers for deposit without the date, wishi washi ......

The Orchard ... The Jasper House...

Easy, it's call a purchase contract, and for new builds like this the developer has the purchasers by the short and curlies.

As a purchaser you have zero power to get out of the agreement past the buyers remorse period. When the salesperson explaining the contract tells you have no power, you have even less than that.

[waichuntull]

Originally Posted by Full Mountain

Easy, it's call a purchase contract, and for new builds like this the developer has the purchasers by the short and curlies.

As a purchaser you have zero power to get out of the agreement past the buyers remorse period. When the salesperson explaining the contract tells you have no power, you have even less than that.

Are you one of the lucky purchasers?

[Full Mountain]

Originally Posted by waichuntull

Are you one of the lucky purchasers?

No, I pulled out of a deal on another pre-sale condo around a year ago (it's only recently broke ground). the T&C's of the contract were scary, quite happy to be doing renos on an older home and get to control the quality of the work.

[waichuntull]

Originally Posted by Full Mountain

No, I pulled out of a deal on another pre-sale condo around a year ago (it's only recently broke ground). the T&C's of the contract were scary, quite happy to be doing renos on an older home and get to control the quality of the work.

Pretty good move.

whoever have not put in their deposit
==> wait until construction commences

and
whoever have not signed amendment on dates (outside date), they might do something soon.

[waichuntull]

Originally Posted by waichuntull

6th AND TENTH:
Is it because of
1. The Lot, parcel of land, the surroundings

2. Unclear communication, wording and information by this developer and associated sales personnels, from day one to now... there is a pattern.

3. Project Financing, Financing Structures related to this project or ALL projects

4. Sales strategy and sales data, When and how many units are sold... This is still an unknown.




However:

Statistics for the surrounding condo projects

1. sales are good to great.

2. no project financing required or working with reputable Big 5 or similar Canadian Financial Institutions

3. previous closed project are now revamped.

Any final thoughts and interests on its related Alberta projects, it is yours to judge.

.....

[Full Mountain]

Originally Posted by waichuntull

Pretty good move.

whoever have not put in their deposit
==> wait until construction commences

and
whoever have not signed amendment on dates (outside date), they might do something soon.

Unlikely...they sign or give up their deposit.