Gibson School Lofts | ?m | 4 fl | Proposed

[HamiltonPlanning]

so what happens if this does become a "heritage designation", can he still develop this?

[eatboots]

Stinson is welcoming the Heritage designation:

http://www.thespec.com/news-story/64...barton-street/

I'm not surprised, I'm sure it will help move units.

[Zmonkey]

Originally Posted by eatboots

Stinson is welcoming the Heritage designation:

http://www.thespec.com/news-story/64...barton-street/

I'm not surprised, I'm sure it will help move units.

Well he is currently being sued by the owners at Stinson school so I'm sure that won't help him in any development going forward like this.

[Berklon]

Originally Posted by Zmonkey

Well he is currently being sued by the owners at Stinson school so I'm sure that won't help him in any development going forward like this.

Can you elaborate on this? I haven't heard anything about it.

[interr0bangr]

He posted another awkward video about the Gibson Lofts a few weeks ago.

https://www.youtube.com/watch?v=qmyGHeALWXk

[Zmonkey]

Originally Posted by Berklon

Can you elaborate on this? I haven't heard anything about it.

There is a long list of issues that were never finished by Stinson (the developer) - things were not getting resolved, and board of condo has now served him.

Anyone buying a condo and doing status certificate now gets access to the two engineering reports, and the law suit until it's resolved.

[mattgrande]

That's gotta be awkward, since Harry's on the condo board...

[Zmonkey]

Originally Posted by mattgrande

That's gotta be awkward, since Harry's on the condo board...

He is not allowed at meetings where he is discussed.
The last board meeting it was basically a screaming match in front of 50-60 owners.
I did own there and sold in the fall.
Give it a year it will be a great building, they just have to,sort out issues first.

I'm in Burlington now in a house.

[drpgq]

Considering the massive price appreciation on property in the Stinson neighbourhood, have those buying at Stinson School done poorly overall? I don't really know, although I can understand even a sizeable appreciation wouldn't be worth dealing with Harry.

[Zmonkey]

Originally Posted by drpgq

Considering the massive price appreciation on property in the Stinson neighbourhood, have those buying at Stinson School done poorly overall? I don't really know, although I can understand even a sizeable appreciation wouldn't be worth dealing with Harry.

The building is still not finished, needs something around $600,000-$1,000,000 to actually finish off. Stinson has been slow and steady to get it done. Contracts were not being paid, enbdrige almost shut off there service for non payment.

Its one of those things - he has vision, but no execution. The owners made money but they could have made the same (or even more) elsewhere.
Resale is hurt since Stinson has many units for sale and building does not have a finished engineering report which they need for status certificate when selling.

[Berklon]

^ I see there are still 8 units for sale. Are all/most of these the original units that has yet to sell, or were they lived in and being re-sold? Looking at the site, they look staged and not lived in.

Some of the units look decent. Although I had a chuckle seeing one of the PH units with a kitchen island right next to a load-bearing pole so instead of allowing 3 stools/people, it would only allow 1.

[BaconPoutine]

I just appraised a unit in Stinson School. It was purchased in pre-construction with the deal closing in August of 2014. Since then it's gained 31% in value, so roughly 16% a year. Above average appreciation, but that doesn't account for any deposit money that was tied up for years prior to completion.

Granted, the owner told me that the unit took a year longer than promised to complete, but they praised Harry's commitment to preserving the heritage features of the building. Overall the owner was pleased with the purchase.

Given the surplus of Stinson units on the market it would be expected to take well above average exposure time to sell.

[lucasmascotto]

I think BaconPoutine's post is the most accurate depiction of a Stinson Development yet. High quality construction that beautifully preserves the historical features of a building, average or slightly above market appreciation value, but ridiculously slow at producing a final product.

[Beedok]

Originally Posted by lucasmascotto

I think BaconPoutine's post is the most accurate depiction of a Stinson Development yet. High quality construction that beautifully preserves the historical features of a building, average or slightly above market appreciation value, but ridiculously slow at producing a final product.

Hamilton's two most famous developpers are kind of opposites:

Stinson = it will be beautiful when finished... just wait a few years to see if it actually starts.

Vranich = it's already half done by the time you hear about it, but mediocre looking at best.

[interr0bangr]

[NortheastWind]

Although not part of the project, a beautiful mural was being painted this weekend on the side of the building facing the school by EduDeo Ministries, who have a new office in the building. It really brightens things up. I hope no one puts graffiti on it.

I borrowed this photo from their website:
[IMG]11637-1000-667 by Glenn Sollie, on Flickr[/IMG]

[Zmonkey]

Harry has put the sale of Gibson into an auction. I guess selling for 3 years and only having a handful of units sold he wanted a new strategy. Not sure how to post the Facebook link here, but it's being run by Bryan's auction which seems to be a farming auction company.

[Berklon]

You can't renovate/restore the location.

Although looking at the price list on the Gibson site, 44 of the 65 units are sold (67%). That's better than I thought - although it may have been sitting at that number for a while.

[davidcappi]

They are REALLY REALLY CHEAP guys. For what you're getting the price is a steal.

[BaconPoutine]

Originally Posted by Zmonkey

Harry has put the sale of Gibson into an auction.

They're selling units in an auction? I can't find details on this anywhere...