Hey guys I was away on vacation last few weeks, just catching up with what I've missed. So of course I start with reading Garth's blog, on May 3rd he wrote this:
Any idea which one's he's referring to? I'm still jet lagged but off the top of my head is this 88 Scott, Eau Du Soleil and...? Then again I'm not sure if this is a case of Garth being Garth but I just wanted to know if anyone has any other insights.
Reason I ask as well is while I was gone my father in law is looking at a $700K unit at Eau. I told him before I left to tread very lightly but he's 'horny' as Garth would say. This would be an 'investment' (using quotes because as this thread has discussed to death is precon at >$650 PSF an investment?) for him. He wants me to go check things out this weekend, I'm trying to figure out how to break it to him that now isn't a good time for pre con (or maybe real estate in general). Problem is he's self-employed, little debt, lots of cash on hand looking to burn it (no pun intended?)
Anecdotely he also told me of one of his fellow self-employed friend who bought 3 larger units (I think all 2 beds, maybe even a 3 bed) at the Marilyn towers in Mississauga and collectively between the 3 units he's -800 a month negative cash flow. I told him this kind of is the writing on the wall, he didn't have a retort. Sometimes I wonder how these guys can be so successful in business yet can't figure out something as simple as calculating their bottom line. But then again that leads me to another issue right now: too many pre con vvvvip agents get in their ears and sell them the dream, especially in my ethnic community, some of these guys are some slick con men (no disrespect to the agents with integrity, out some of these guys are scum).
Anyway, back to the above, has anyone heard anything about the latest launches and how they've been moving?