SkyCity Centre Winnipeg | 45F | 575 Ft | 175.26 M | Cancelled - Page 76

bomberjet · #**1501** Posted **Aug 29, 2016, 9:26 PM**

Maybe i missed the 50% sold part. will double check on my way home.

oftheMoon · #**1502** Posted **Aug 29, 2016, 10:16 PM**

As of 5pm today, same 160 sold signs as before on all 4 sides - no mention of 50%.

Although I have seen Twitter sponsored ads as well as browser pop-ups that states 50% sold.

bomberjet · #**1503** Posted **Aug 29, 2016, 10:19 PM**

Ya just went by too. 160 units. Biff must've had a good time at dinner!

blueasajewel · #**1504** Posted **Aug 29, 2016, 10:51 PM**

Every time these boys think they're all good....

http://www.mortgagebrokernews.ca/news/st...syndicated-mortgage-provider-212785.aspx

Above link has link to the actual SoC.

http://www.macleans.ca/economy/angry-inv...le-seller-of-risky-syndicated-mortgages/

Riverman · #**1505** Posted **Aug 29, 2016, 11:24 PM**

Anyone that hands these assholes a dime has to have rocks in their head.

robertocarlos · #**1506** Posted **Aug 30, 2016, 5:17 AM**

Quote:

Originally Posted by Riverman

Anyone that hands these assholes a dime has to have rocks in their head.

Pretty much. I've never bought real estate and wouldn't know the first step. Imagine if I had some money and these guys got a hold of me.

robertocarlos · #**1507** Posted **Aug 30, 2016, 5:19 AM**

^^^ Their first mistake was 8 percent in a zero percent world.

bomberjet · #**1508** Posted **Aug 30, 2016, 1:33 PM**

Collier thing has been in trouble for a year or two now. They halted construction. Mady went tits up.

Biff · #**1509** Posted **Aug 30, 2016, 1:51 PM**

Quote:

Originally Posted by bomberjet

Ya just went by too. 160 units. Biff must've had a good time at dinner!

Damn, mind must be slipping. I will investigate more....I try hard to not spread unverified info.

Biff · #**1510** Posted **Aug 30, 2016, 3:38 PM**

Quote:

Originally Posted by blueasajewel

Every time these boys think they're all good....

http://www.mortgagebrokernews.ca/news/st...syndicated-mortgage-provider-212785.aspx

Above link has link to the actual SoC.

http://www.macleans.ca/economy/angry-inv...le-seller-of-risky-syndicated-mortgages/

Coincidental????

from a few minutes ago....

https://fortressrealdevelopments.com/news/happens-cancelled-condo-projects/

bomberjet · #**1511** Posted **Aug 30, 2016, 3:41 PM**

man they're good haha basically saying "oh no worries, 2/3 of projects still go ahead." Undertones read "yessss, yessss, give me your money."

h0twired · #**1512** Posted **Aug 30, 2016, 3:53 PM**

Quote:

Originally Posted by trueviking

signs are cheap.

7/3 of people will believe any stat they see.

cheswick · #**1513** Posted **Aug 30, 2016, 4:20 PM**

Quote:

Originally Posted by robertocarlos

^^^ Their first mistake was 8 percent in a zero percent world.

That wasn't a mistake, that's a consequence of it being an extremely risky investment. If someone is offering you 8% in a zero percent world as you put it, there's obviously extreme risk involved.

esquire · #**1514** Posted **Aug 30, 2016, 4:49 PM**

Quote:

Originally Posted by Biff

Coincidental????

from a few minutes ago....

https://fortressrealdevelopments.com/news/happens-cancelled-condo-projects/

Is this a sign that buyers should be bracing themselves for a "reboot"?

bomberjet · #**1515** Posted **Aug 30, 2016, 10:03 PM**

Well I'll be a monkeys uncle. 50% units sold on the bill board.

bomberjet · #**1516** Posted **Aug 30, 2016, 10:09 PM**

bomberjet · #**1517** Posted **Aug 30, 2016, 10:10 PM**

Either they've had tremendous sales or something changed with the project.

Urban recluse · #**1518** Posted **Aug 30, 2016, 10:34 PM**

Get digging and demolishing.

Edit: was just told they sold some blocks of units to investors for rentals. They need to be at 65-70% before lending is approved. I did not realize banks changed the criteria, but understandable.

blueasajewel · #**1519** Posted **Aug 30, 2016, 11:12 PM**

Quote:

Originally Posted by bomberjet

Either they've had tremendous sales or something changed with the project.

...or they're just bs'ing.

They can't change the building or unit count without triggering a material change for all existing sales contracts and opening up the 7-day cooling off period all over again.

So, assuming they aren't dumb enough to make a change that would open up all the contracts, that leaves us at approx. 190-units to achieve 50%.

Their last board said 160+ sold. They haven't had enough traffic in the sales centre to make up 30-sales over a 2-month period. If they did, they would have been crowing about the sales as they were happening.

The only thing that might have happened is that they've done a bulk investment sale at a discount.

blueasajewel · #**1520** Posted **Aug 30, 2016, 11:18 PM**

Quote:

Originally Posted by Urban recluse

Edit: was just told they sold some blocks of units to investors for rentals. They need to be at 65-70% before lending is approved. I did not realize banks changed the criteria, but understandable.

Ha! Saw this after my post! BTW the 65-70% pre-sales threshold is an indicator of the perceived risk the banks have with this project and/or developer. Glasshouse for instance triggered at 50%. This 50% figure is fairly typical and a number the developer likely "assumed"... until they got into earnest discussions with the lenders.