Urban Newbie
Active Member
That's a good point, b_bear. I wonder if, at this point, it would just be better to tear the proverbial bandaid off and let the healing begin...
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That's a good point, b_bear. I wonder if, at this point, it would just be better to tear the proverbial bandaid off and let the healing begin...
simuls
Senior Member
If they don't do an extension and cancel the project (I think another extension will happen), my guess is that the last thing most of these buyers (including myself) would do is get back into the real estate market - especially condos. Maybe in 2-3 years, once condo prices have pulled back about 10-25%. 2010-2011 will see a massive glut of supply and that'll be the time to buy.
b_bear
New Member
what will the mortgage rate be in 2010 2011? it could be 10% if inflation is high, then a lower price won't matter.
If other projects get canceled will there be a lot of condos on the market?
if you were expecting to move in in fall 2008 ( ie today) would you really want to wait a few more years for your primary home?
If other projects get canceled will there be a lot of condos on the market?
if you were expecting to move in in fall 2008 ( ie today) would you really want to wait a few more years for your primary home?
MattR
Active Member
Another extenion, 10-25% decrease in condo prices and 10% interest rate?
Care to post next weeks 649 numbers also?
Care to post next weeks 649 numbers also?
Solaris
Senior Member
Matt are u saying CanAlfa just sent out another extension letter? or you just being scarastic??
MattR
Active Member
I was sarcastically refering to the rubbish posted above.
cdr108
Senior Member
If interest rates are 10%, values will drop by 25-30% so in the end your mortgage payment will be equivalent; however, your mortgage PRINCIPAL will be substantially less.
There is a correlation between price and interest rates.
In the environment of artificially low interest rates and 40 year mortgages (both of which will revert back to the norm), builders/bankers/RE agents have been using the 'low' monthly payments to increase the price of the property.
MattR
Active Member
They have started to dig, what I assume to be the crane hole at LVT/Bliss.
The hole is off to the right of the backhoes, you can't really see it but its the only angle you can get into the site.
The hole is off to the right of the backhoes, you can't really see it but its the only angle you can get into the site.
Solaris
Senior Member
this looks promising ... let's wait and see ... thanks for the update
bornandbredinto
New Member
The October 31st extension for LVT purchasers is fast approaching and no word yet. Seems like deja vu again. Expect another extension. Digging a single hole does not really constitute construction.
MattR
Active Member
It has to start somewhere. Contruction will ramp up like any other project, there won't be another extension.
bornandbredinto
New Member
When I see other condos come along, the crane usually isn't the first thing to that comes. I just have a feeling this one is headed for another extension.....why would the builder leave it til the last minute to announce financing? If it were in place, I'm sure he would have let all the buyers know by now so they could finally be proud of the project and sales can continue.
b_bear
New Member
I agree,
when I see condos putting up a crane, they always have the guys looking though that thingy doing surveys and stuff... I havn't seen that yet. they my have done it and I didn't see them.
when I see condos putting up a crane, they always have the guys looking though that thingy doing surveys and stuff... I havn't seen that yet. they my have done it and I didn't see them.
MattR
Active Member
Who knows, you call the developer they tell you to call the sales office and you call the sales office and they tell you to call the developer or they just don't know. Someone needs to light a fire under their slow moving arses. I would like to move into my unit sometime before 2011.
Cropper
New Member
New Stuff
I did a drive by yesterday around 3:00. The gates were wide open. There were 2 minivans and a pickup truck there, and a guy walking around with an "Index Construction" hard hat. Also, just as I arrived, one of those big cement mixer trucks also arrived and pulled into the main gates. Finally, there are 3 very large pieces of pipe sitting on the ground just beyond one of the main trailers. I took some horrible cell phone pictures of what i saw and are included in this post. All in all I would say that this is very positive.
I did a drive by yesterday around 3:00. The gates were wide open. There were 2 minivans and a pickup truck there, and a guy walking around with an "Index Construction" hard hat. Also, just as I arrived, one of those big cement mixer trucks also arrived and pulled into the main gates. Finally, there are 3 very large pieces of pipe sitting on the ground just beyond one of the main trailers. I took some horrible cell phone pictures of what i saw and are included in this post. All in all I would say that this is very positive.
