News   Dec 20, 2024
UrbanToronto Year-End Poll: Vote on the Best Buildings of 2024, presented by Sapphire Balconies
 1.2K     5 
News   Dec 20, 2024
UrbanToronto's Social Media Presence Skyrocketed in 2024
 879     2 
News   Dec 20, 2024
Mattamy Homes Records A Year of Accomplishments
 1.8K     0 

Condo Developers rip off?

Lets do a quick review.

The builder ripped you off by leasing the mechanicals in your building.
He has it on a lease at 10% and you figure its probably some kickback scheme with some relatives or friends.
The city tax people wre rude and have nailed you for more taxes than you should have to pay.
Your lawyer didn't pick up up anything and has told you thats just the way it is because of lots shady clauses in your contract.
The condo board is in cahoots with each other when you question them because they are friends with each other.
You can't name the builder who is at the root of all your difficulties because you want to sell.
Nobody in your building is to eager to do anything about all this because you figure they don't want devalue their properties.
Have I missed anything? I'm sorry if I have.
Sounds like a lot of people are determined to make your life a misery and you are probably a really nice easy going individual.
It appears you have a few issues to deal with.
Good luck.:eek:
 
And the builder is ...

Felino said:
My builder was a very well known builder and is building some massive projects in the city as we speak.

They are not one of the larger builders (not Tridel for example).
Click to expand...

the purposely omitted builder's name is driving me nuts ... I am really interested to figure out who that is ... I figured your condo was somewhere downtown that recently occupied / registered ...

'a very known builder ... but not one of the larger builders', that eliminates Tridel (as noted) and Menkes, while Monarch and Pemberton has no downtown buildings recently completed ... through process of elimination I am nominating:

  1. Concord Adex
  2. Malibu Investments
  3. Lanterra Developments
  4. Conservatory Group
  5. Cresford Developments
 
Last edited:
Solaris said:
the purposely omitted builder's name is driving me nuts ... I am really interested to figure out who that is ... I figured your condo was somewhere downtown that recently occupied / registered ...

'a very known builder ... but not one of the larger builders', that eliminates Tridel (as noted) and Menkes, while Monarch and Pemberton has no downtown buildings recently completed ... through process of elimination I am nominating:

  1. Concord Adex
  2. Malibu Investments
  3. Lanterra Developments
  4. Conservatory Group
Click to expand...

Dont forget Cresford
 
Granny said:
Lets do a quick review.

The builder ripped you off by leasing the mechanicals in your building.
He has it on a lease at 10% and you figure its probably some kickback scheme with some relatives or friends.
The city tax people wre rude and have nailed you for more taxes than you should have to pay.
Your lawyer didn't pick up up anything and has told you thats just the way it is because of lots shady clauses in your contract.
The condo board is in cahoots with each other when you question them because they are friends with each other.
You can't name the builder who is at the root of all your difficulties because you want to sell.
Nobody in your building is to eager to do anything about all this because you figure they don't want devalue their properties.
Have I missed anything? I'm sorry if I have.
Sounds like a lot of people are determined to make your life a misery and you are probably a really nice easy going individual.
It appears you have a few issues to deal with.
Good luck.:eek:
Click to expand...

Bwahahahahaahah!!!! That's a great analysis Granny. :)

I'm not a fan of our board. During our annual meeting a few weeks ago, they told us that they spent the entire year dealing with the inspection of the building and this took up 90% of their time. Now they say they can begin to tackle the issues we all have. They kept harping on about what a great building it is, we live fantastic and convenient area. And they kept saying this over and over during the annual meeting.

What they did not do well was address the concerns of the residents. Here was their answers to the important issues raised:

1) Over payment of property taxes:
The board's answer: everyone is in a different situation so you have to deal with the builder individually
Truth: Hundreds of unit holders have over paid and many do not know it. I was forced to overpay my portion of the property tax by $500. The truth is, it depends when you moved in that determines how much one was ripped off.

2) Leasing the mechanicals of our building: we found this out because someone in our building wanted to find out about why our fees went up by 20% after the first year. The board didn't know about this but the property management company piped up and admitted that the interest on the lease was a big part of the increase.
The board's answer: we can't really do anything about this...plus it's cheaper that the builder leased the infrastructure from what we hear.
The truth: that's a lie.

3) 10% interest rate on mechanical leasing
Their board's answer: we'll look into it.
The truth: we'll see what they do about this.
 
It doesn't really matter if the property taxes were overpaid by everyone in the building. The board deals with overall condo matters and property taxes is for each individual to sort out. If there are many people in the same boat I think it would be more appropriate to ask the board that if anyone else is having issues with getting back their money that they approach you and that group that is formed can work out the best solution. A sternly written legal letter is sometimes enough to light a fire under one's buttocks.

As for the lease. Perhaps the lease includes things that a straight up purchase does not. Longer warranty on the equipment perhaps? Usually Lease to own on a vehicle is more expensive but is that the case on this equipment? Have you literally compared pricing? Without actual comparisons you can't really say it's a lie.
 
Josef said:
Anyone attending the meeting this evening?
Click to expand...

If you mean the TS Condo Assocation meeting, I did. The executive was elected, business was done 20 minutes early (even with non related silly questions that are bound to happen and the occasional outburst from an overenthusiastic person), and there seemed to be real concern AND optimism that this is the beginning of something very big.

The elected Chair was Linda Penizotto, who was my board president at the ICON (and I believe is president of the Element's board now), and although i've never met her, she was absolutely incredible with Tridel in securing warranties, etc. and I wished my next condo had someone like her.

First meeting of the executive will be this Monday and things should move fast. Rosario Marchese (MPP t-s) is an ad-hoc advisor and member at large.
 
'a very known builder ... but not one of the larger builders', that eliminates Tridel (as noted) and Menkes, while Monarch and Pemberton has no downtown buildings recently completed ... through process of elimination I am nominating:

  1. Concord Adex
  2. Malibu Investments
  3. Lanterra Developments
  4. Conservatory Group
  5. Cresford
  6. Streetcar
  7. Freed
  8. Sorbara Group
Click to expand...


what about Dundee Realty for all the Distillery District?
 
Last edited:
simuls said:
If you mean the TS Condo Assocation meeting, I did. The executive was elected, business was done 20 minutes early (even with non related silly questions that are bound to happen and the occasional outburst from an overenthusiastic person), and there seemed to be real concern AND optimism that this is the beginning of something very big.

The elected Chair was Linda Penizotto, who was my board president at the ICON (and I believe is president of the Element's board now), and although i've never met her, she was absolutely incredible with Tridel in securing warranties, etc. and I wished my next condo had someone like her.

First meeting of the executive will be this Monday and things should move fast. Rosario Marchese (MPP t-s) is an ad-hoc advisor and member at large.
Click to expand...

Thanks for the feedback. I unfortunately didn't attend, as I participated in picking up garbage for earth day and then watching the movie, "Earth", which was released yesterday.

Quite a bit of Italian Women involved...
 
I think I know the one you're mentioning. I just read a blog of the issues the residents posted. If it's that one, than I feel for you. I don't know why people trash City place. It was never that bad at West One. It has its minor issues but not as bad as that. I'm very surprised about it coming from that builder. I thought they were suppose to be reputable.
 
You must log in or register to post here.

Back
Top