sci223
New Member
Has anyone actually got their money back yet??
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Dwell City Towns (427 & Rathburn, Menkes, ?s, ?) (was Sell-Off Condos)
- Thread starter Mike in TO
- Start date
qtpieprnsz
New Member
Letter
Thanks so much for the above quote!!! Even at this point of the deal, I personally feel that I am being made out to look like a fool. It took so long to finally get the letter in my hand and when I finally read it, it was a good thing I was sitting down. To know that 10% of my purchase price didn't even acrue $100 over 2 1/2 years is totall BS, and more so to include a provision in this letter stating that by signing I agree to not take any further action... come on, I'm not the smartest cookie on the block, but don't call be stupid to my face!!!
I think we should all get together and file a class action or something. To have been jerked around for so long and not get back what I am entitled too!!! This deposit will not even cover the difference if I were to go out and buy a new condo with the same dimensions in todays' market. My only concern, is do I/ we really have a leg to stand on if this were to go to court? I'm not in the market for acruing legal fees without getting a win at the end of it all. But I still have my letter sitting on my desk until I get around to speaking with a lawyer about this. Real estate or civil lawyer, I am not sure at this point, but I will find out!!!
We should not just sign these letters blindly, that is what they are expecting us to do. Imagine how pissed off the solicitor is knowing he has to depart with all of this cash!!! I wouldn't be surprised if the 'less 2%' is going into his pockets!!!
If anyone has any lawyer friends who may be able to provide some advice, free of charge, it would be greatly appreciated!!! Good luck to us and may 2011 be a better year for us all than the last 2 1/2 have been!!!
Thanks so much for the above quote!!! Even at this point of the deal, I personally feel that I am being made out to look like a fool. It took so long to finally get the letter in my hand and when I finally read it, it was a good thing I was sitting down. To know that 10% of my purchase price didn't even acrue $100 over 2 1/2 years is totall BS, and more so to include a provision in this letter stating that by signing I agree to not take any further action... come on, I'm not the smartest cookie on the block, but don't call be stupid to my face!!!
I think we should all get together and file a class action or something. To have been jerked around for so long and not get back what I am entitled too!!! This deposit will not even cover the difference if I were to go out and buy a new condo with the same dimensions in todays' market. My only concern, is do I/ we really have a leg to stand on if this were to go to court? I'm not in the market for acruing legal fees without getting a win at the end of it all. But I still have my letter sitting on my desk until I get around to speaking with a lawyer about this. Real estate or civil lawyer, I am not sure at this point, but I will find out!!!
We should not just sign these letters blindly, that is what they are expecting us to do. Imagine how pissed off the solicitor is knowing he has to depart with all of this cash!!! I wouldn't be surprised if the 'less 2%' is going into his pockets!!!
If anyone has any lawyer friends who may be able to provide some advice, free of charge, it would be greatly appreciated!!! Good luck to us and may 2011 be a better year for us all than the last 2 1/2 have been!!!
Schnoober
Active Member
I totally agree with you. But at this time I just want my money back and move on. As much as I want to fight this I really don't have any extra time to invest further in this.
qtpieprnsz
New Member
I've thought about that too. It would just seem a pity for them to get away with this all. Definitely something to give a bit more thought to.
Mike in TO
Senior Member
Keep in mind that "they/them" aren't getting their deposit back and they've lost a significant amount of money as a proponent trying to bring this project to fruition (so I'm not sure exactly what they got away with since they are the ones that actually lost money). A failed project always results in significant capital losses. Fortunately purchasers’ deposits are protected through the Ontario New Home Warranties Act. For those looking to take legal action you should carefully review your APS - those are pretty iron clad agreements and I don't believe there is much case law out there of purchasers successfully suing development proponents who were unable to secure financing to move the project forward. To put it bluntly, the numbers didn't work for the project and it didn't get built - there is always a risk in pre-construction, fortunately purchasers are largely protected under the ONHWA. I feel for those who purchased from Harry Stinson in years past - he structured his condo/hotel projects to be outside of the legislation and therefore those purchasers didn't have protection - many of them lost their deposits - David Mirvish was out over 8 figures on his investment in one particular Stinson project.
condoinvestor
New Member
I am also not signing the letter until I do some further research on the options available to me. I also urge rest of the buyer's not to sign the letters just yet. Lets explore our options first. Please consult your family/friend lawyers to get some advise and see what they suggest.
I wonder if there is a way to figure out the list of all buyer's so we can work together towards a class action.
qtpieprnsz
New Member
That would be fantastic; but I don't really think that FRAM or the solicitor will just volunteer that information.
KensingtonMarketBoy
New Member
Time to move on...
Guys
Just forget about it and sign the release, get your money back & move on. The amount of money lost in interest is tiny compared to what the legal fees are gonna cost you.
The only thing you might be able to sue for is the fact that we are all back out on the market looking at properties that have increased in price by 10-30% since we signed on with Holiday Towers...but even that is a stretch.
Remember, these guys are a foreign company (Pakistan) who operated under a corporation Holiday (South) Towers Inc. Good luck even tryin' to serve them with papers, let alone find the principals involved.
Move on, ppl!
Guys
Just forget about it and sign the release, get your money back & move on. The amount of money lost in interest is tiny compared to what the legal fees are gonna cost you.
The only thing you might be able to sue for is the fact that we are all back out on the market looking at properties that have increased in price by 10-30% since we signed on with Holiday Towers...but even that is a stretch.
Remember, these guys are a foreign company (Pakistan) who operated under a corporation Holiday (South) Towers Inc. Good luck even tryin' to serve them with papers, let alone find the principals involved.
Move on, ppl!
Schnoober
Active Member
Totally agree with the post above. I can't invest anymore time with this.
sci223
New Member
moved on...
Today was a good day, I got my cheque in the mail!!
I was waiting for my money to be returned since the day in Sept that I found out there was trouble.
I didn't want to sit on failed property, and have since bought a unit at Parc Nuvo which I am quite happy about. More money, yes, but also feel as if it more supreme...and with construction approaching the second floor already, i have nothing to worry about.
It sucks that we didn't get any interest back, but c'est la vie I guess
Hope it works out for the rest of you.
Today was a good day, I got my cheque in the mail!!
I was waiting for my money to be returned since the day in Sept that I found out there was trouble.
I didn't want to sit on failed property, and have since bought a unit at Parc Nuvo which I am quite happy about. More money, yes, but also feel as if it more supreme...and with construction approaching the second floor already, i have nothing to worry about.
It sucks that we didn't get any interest back, but c'est la vie I guess
Hope it works out for the rest of you.
qtpieprnsz
New Member
Hi there, just wondering if you have received any feed back yet?
sampan
New Member
i feel sorry for those of the purchasers in this project. i'm not a buyer of this sell off condo but i could "feel" the same pain and angers from those of you experienced when this project was
put on hold and then cancelled. i read this post because i wanted to find out what was going on for this project. i drive by HWY427 everyday and wonder how come this condo hasn't been built.
i am also surprised there's no news from toronto star or tv covering this cancelled project. why? journalist should report this new to any potential condo buyers and let them be aware of
any flaws on the market. where are they?
when i made my purchase to my first condo, my lawyer told me one thing at the beginning of the meeting. he said every single statement in the APS is not doing any goods for purchasers. vendors always project themselves.
they have rights to make any changes. they control the game basically. purchasers can't do much. of course, you can make some amendments but you can only delete or modify small
things.
another reason for checking this forum is i'm a purchaser of one valhalla that is about few km south of holiday drive. when i made my offer, it was last year in dec. i wasn't aware of this failed project. of course, i wasn't informed by the sales rep there.
after i read through the discussions here, i began to worry about the future status of my condo.
if legal actions is not going to be filed, i think it is still a good idea to report this incident to the public through newspaper or tv.
other than that, let's move on and hopefully find a better condo.
good luck.
put on hold and then cancelled. i read this post because i wanted to find out what was going on for this project. i drive by HWY427 everyday and wonder how come this condo hasn't been built.
i am also surprised there's no news from toronto star or tv covering this cancelled project. why? journalist should report this new to any potential condo buyers and let them be aware of
any flaws on the market. where are they?
when i made my purchase to my first condo, my lawyer told me one thing at the beginning of the meeting. he said every single statement in the APS is not doing any goods for purchasers. vendors always project themselves.
they have rights to make any changes. they control the game basically. purchasers can't do much. of course, you can make some amendments but you can only delete or modify small
things.
another reason for checking this forum is i'm a purchaser of one valhalla that is about few km south of holiday drive. when i made my offer, it was last year in dec. i wasn't aware of this failed project. of course, i wasn't informed by the sales rep there.
after i read through the discussions here, i began to worry about the future status of my condo.
if legal actions is not going to be filed, i think it is still a good idea to report this incident to the public through newspaper or tv.
other than that, let's move on and hopefully find a better condo.
good luck.
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lordmandeep
Banned
its strange how this condo project died yet the other Valhalla project has done quite well.
Density can easily increase in this area and it is already quite high.
Density can easily increase in this area and it is already quite high.
Entirely different companies behind the projects. Avari (the developer of this failed project) is not exactly the biggest name in Toronto condo development. Edilcan's One Valhalla and Tridel's West Village are both nearby, but both of those companies have a track record of successful development.
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condoinvestor
New Member
qtpieprnsz, Please check your inbox.