500 Sherbourne Condos (Times Group Corporation) - Real Estate -

a leak??

i've been reading this forum for a little while now and finally decided to join after last nights 4am alarm fiasco.
how does a leak cause the alarm system to go off for an hour?? also, why were there three different alarm tones?? lol
anyone understand wtf the concierge said aside from "PLEASE REMAIN CALM" haha...

i'm curious, i moved in last april and at that time the side street to enter underground parking was "wellesley lane".
why was it renamed "lourdes lane"??

i wont even bother getting into blindsgate. here are a few things that annoy me:
-hot water being not so hot
-amenities closing far too early.. the gym, the billards room, 5th floor patio
-lack of equipment in the gym.. squat rack in particular
-not nearly enough visitor parking and far too many speed bumps
-roseanne

lastly, according to the toronto star new condo owners get free metro passes for a year??
 
Just got my closing statement today. Question is, what happen to the interest that is "earned" with our downpayment? The statement shows Interest - 0%. How is that possible?
 
I think we should look into this "free" Metropass that we have all paid for. A call to City Hall should get the info if the builder was made to buy them or not. We are entitled to these if they were bought. That's about 1/2 of the blinds "cost" that was demanded.

I don't see any interest or any costs for blinds on my final charges either.

In so far as the problems reported - hot water, amenities, gym, and issues with Roseanna - we can resolve these by electing a good condo board. The visitor parking and the speed bumps will be more difficult to control as they may well be mandated by City Hall.

I have found the hot water was crap for a while and is much better again.
 
In my purchase agreement under clause 12(a), it says that the builder will credit interest earned from our downpayment on the closing statement. I remember asking Sofie about the clause too, and that was exactly what she said to me. The funny thing is, I've got the "breakdown" of the downpayment made to the builder & the column that says "interest rate" is 0%. Anyway, I pointed it out to my lawyer & he will get back to me, which I will in turn post his answer here.

Oh yes, and no cost of blinds which I expect.
 
I believe the condo act specifies the interest rate to be paid and if I recall correctly it is 2% below prime. Not sure but if prime is 2% or less, then the amount would be zero.
A lawyer or review of the condo act will give the definitive answer.

As for the metro pass, I recall hearing that too. However, I think just because the City of Toronto insisted the developer pay the equivalent of a metro pass/unit, does not mean the developer actually received a pass or would be obliged to pass it on. However, having read about the fun everyone who bought here seems to be having with the blind issue, it might be a good trade off as pointed out above.
 
So here's the email I got from the builder through my lawyer.

Pursuant to subsections 19(2) and (3) of O/Reg 48/01, the rate of interest computed and accruing with respect to monies paid on account of the purchase price is 2% p.a below the bank rate established by the Bank of Canada as the minimum rate at which it makes short-term advances to members of the Canadian Payments Association, adjusted twice a year, as at the end of March 31st and September 30th respectively. The rate when your client made their deposits was 0.5, therefore, the interest rate to calculate the interest on deposits is 0.00%

The only thing I can say about the subsections is - it suck a$$!!!

Moving forward, anyone here "running" for the board???!!!
 
No blinds cost on my closing today. The lawyer's assistant said, "No, they can't change the sales agreement like that". I asked her about the GST rebate - you are entitled to that if you bought before June 30, 2010. If so, you should have filled out an application for the rebate. As far as I remember i get close to $2500 back.

I saw the notice about the board - this seems to be very hurried. In my last condo, we did the handover six months after final closing. We should all know that in many condos, it is the proxy votes that carry the election. If you know any other owners living in the building, you should get their proxy if they don't intend to be at the meeting.

The first year for the board is very important as this is when the audit of the building will occur - all of the deficiencies that the builder must fix will be identified by a qualified engineer. I don't know who we will end up as our candidates, but we do have to ask the issue of who they represent - no one who works for the builder should be running as thsi is a conflict of interest. They would have to abstain from any issues that pertain to the builder.

I would run for the board, but I just don't have the spare time and/or the job flexibility to do a good job. :-( In any case, I hope it is an opportunity for us to meet and chat.

I do love my building and want to see it be a great place for all to live in.
 
sweetsuite said:
I think we should look into this "free" Metropass that we have all paid for. A call to City Hall should get the info if the builder was made to buy them or not. We are entitled to these if they were bought. That's about 1/2 of the blinds "cost" that was demanded.

I don't see any interest or any costs for blinds on my final charges either.

In so far as the problems reported - hot water, amenities, gym, and issues with Roseanna - we can resolve these by electing a good condo board. The visitor parking and the speed bumps will be more difficult to control as they may well be mandated by City Hall.

I have found the hot water was crap for a while and is much better again.
Click to expand...


To make a note about the metropass...The City advises that this new policy will be implemented through the condominium approvals process and will apply to any development application leading to the approval of a condominium development submitted to the City after 28 April 2010. I assume there is nothing to the effect about metropasses in our disclosure OR purchase agreement, because I'm sure our condo development application has been submitted YEARS before said date. I would love a free years supply of metropasses myself. But I think it's a no win for us on this issue =S.

On a side note though, gots my cheque for my deposit today =D...going to head downtown on Saturday to submit it. Don't want to jinx it, but looks like I'll be your neighbors very soon!!! :cool:

B-Chan

P.S. thanks for everybody's input about everything...you guys pretty much just solidified my feelings about the place ;)
 
Excellent. Whisper to me at some time when you're moving in and I will see if I can't be neighbourly and bring over some house warming cake.
 
sweetsuite said:
No blinds cost on my closing today. The lawyer's assistant said, "No, they can't change the sales agreement like that". I asked her about the GST rebate - you are entitled to that if you bought before June 30, 2010. If so, you should have filled out an application for the rebate. As far as I remember i get close to $2500 back.

I saw the notice about the board - this seems to be very hurried. In my last condo, we did the handover six months after final closing. We should all know that in many condos, it is the proxy votes that carry the election. If you know any other owners living in the building, you should get their proxy if they don't intend to be at the meeting.

The first year for the board is very important as this is when the audit of the building will occur - all of the deficiencies that the builder must fix will be identified by a qualified engineer. I don't know who we will end up as our candidates, but we do have to ask the issue of who they represent - no one who works for the builder should be running as thsi is a conflict of interest. They would have to abstain from any issues that pertain to the builder.

I would run for the board, but I just don't have the spare time and/or the job flexibility to do a good job. :-( In any case, I hope it is an opportunity for us to meet and chat.

I do love my building and want to see it be a great place for all to live in.
Click to expand...


BTW...care to enlighten me about this notice on the board? I don't exactly have condo privileges yet...as the only thing I seem to own right now is a photocopied piece of paper...hahaha...Seems quite hurried to me to get the board running already...I'm surprised.

I was hoping I could move in and participate in said meeting, but I doubt I'll close in time to make it. I've been looking at their annual operating budget, and would like to see their reasonings behind some of these expenses. To name a few:
-$5000 for sand,salt and ice melt? Sheesh, i'll go out with a bucket and some salt and salt the property if you're paying me $5000 to do it...LOL
-$4000 for office expenses??? We printing on heavy cardstock? And using fountain pens? Sheesh
-$2000 for Christmas expenses??? Are we buying a swarovski crystal christmas tree for our lobby?
-$6000 for laundry services of the guest suites? OMG I will wash a couple towels and bedsheets for the unit if your paying me that!!!
-$30,500 for mortgages of the guest suites??? I remember reading in the disclosure book that they're paying 7% interest on the guest suite mortgages that's crazy!!! a five year variable right now is only at 2.3%!

Anyhow, just a thought...if anybody goes to that meeting, they should ask about this random first year budget statement they put together. I'm all for lowering our maintenance fees rather than increasing them at the rate they're budgeting our money like this...o_O

B-Chan

P.S. sweetsuite...Oooo...cake...MMmm...foooooooddd...=D...I shall whisper away when i set my closing date =P...
 
blinds
My unit closed yesterday. This morning, there was a bill under the door for the blinds. It said if I didn't agree to the payment, contact them to arrange for removal.

board
I agree that getting people other than the builder on the board is very important. I also don't have the time or the energy. I will vote for any homeowner from this forum who is not affiliated with Time Group/Life Construction etc.
Currently, the 5 officers of the Corporation are Mr. Ghadaki (x3) and Mr. Aghaei (x2) and all have the same address and phone number belonging to Times Group. I don't trust any of them, given what has happened so far.

operating budget
Ridiculous in so many ways!
The Xmas trees they had were nice, but they can be reused at no additional expense.
Those guest suites are $75 a night, ythese users fees could go toward the laundry and cleaning service.
 
Hi:

I also received the demand letter re: the blinds. With a 25% discount. I have asked my lawyer to reply tot heir demand letter. They can not can the agreement of purchase and sale after the fact. The blinds were installed in my unit at the time I saw it and at the time that I purchased it.

I would do an attachment so you can see this, but I don't have website on which to park it.

I will be sending them a letter over the weekend to say that they can speak to my lawyer.
 
Now that we should all have our invoice for those commercial-grade blinds (I have exactly the same model and perhaps even the exact same colour installed in the office building when I work), is there someone on this blog litigious enough and with enough free time to consider small claims court action as a test case?

I have decide to decline the purchase of the blinds outright. I do not appreciate that my home and place of rest bears such a striking similarity to my place of work and all of the associated stress.

The small claims court action will be needed, I think, to address the builders intentions with respect to the restoration of the aesthetic integrity of my unit after the blinds, that were installed without my permission, have been removed. After all my window frames will be left with numerous unsightly perforations (not to mention the compromised insulation) as a result of the unauthorized installation. Will the frames be replaced or otherwise be returned to their original condition before the blinds were installed? Will this undertaking be guaranteed, in writing, by the builder prior to the removal?

Has anyone here had this conversation with the builder?
 
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