CanadianDriver
Active Member
please say it's not MONARCH...
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Condo Developers rip off?
- Thread starter Felino
- Start date
SpadinaBus
Active Member
^AKS
Please let the rest of us know which developer is involved. Hiding it under the rug is not going to help anyone and these issues are not that upfront for the average condo buyer to realize what is going on...ie. will not affect sales.
Please let the rest of us know which developer is involved. Hiding it under the rug is not going to help anyone and these issues are not that upfront for the average condo buyer to realize what is going on...ie. will not affect sales.
wannabeplanner
New Member
I don't its Cresford... They don't have any recently occupied condos downtown..
Felino
Banned
I'm sorry, I can not mention the builder's name.
Despite all the things I hate about our builder, the building itself is one of the best downtown. It will give people the impression to avoid buying. Also, I'm not sure if the issues I've raised are normal practice during the first year or two during of occupancy. This is my first condo.
First, does anyone know if it's common practice for builders to lease the mechanical infrastructure of a building? I've done numerous Google searches on the topic and have come up empty.
Secondly, does anyone feel that a 10% interest rate on a multi-million dollar lease of the building mechanics to be outrageous? This lease was most likely arranged 3-5 years ago. I don't remember interest rates being that high.
Despite all the things I hate about our builder, the building itself is one of the best downtown. It will give people the impression to avoid buying. Also, I'm not sure if the issues I've raised are normal practice during the first year or two during of occupancy. This is my first condo.
First, does anyone know if it's common practice for builders to lease the mechanical infrastructure of a building? I've done numerous Google searches on the topic and have come up empty.
Secondly, does anyone feel that a 10% interest rate on a multi-million dollar lease of the building mechanics to be outrageous? This lease was most likely arranged 3-5 years ago. I don't remember interest rates being that high.
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Felino
Banned
Self interest prevails here, I can't jeopardize my huge investment. Like I said, I think it's common practice nowadays for builders to off-load many hidden expenses. If you talk to anyone who's bought a condo recently from plan, I think we all have stories.
Yossi Kaplan MBA
Realtor
Hidden Charges on Closing
I've had my share of experience when I came to close a unit and my lawyer informed me that I must purchase the HVAC unit for $5,000 or lease it for double the amount.
Lessons:
1 - read the contract yourself, highlight whatever you do not understand and ask your lawyer to explain it to you.
2 - get your lawyer (not the builder) to give you an itemized list of all closing costs
3 - never be afraid to ask questions (just be polite).
- yossi
I've had my share of experience when I came to close a unit and my lawyer informed me that I must purchase the HVAC unit for $5,000 or lease it for double the amount.
Lessons:
1 - read the contract yourself, highlight whatever you do not understand and ask your lawyer to explain it to you.
2 - get your lawyer (not the builder) to give you an itemized list of all closing costs
3 - never be afraid to ask questions (just be polite).
- yossi
cdr108
Senior Member
Yossi, have you heard about the issues brought up by Felino at 455 Adelaide/Morrison?
Yossi Kaplan MBA
Realtor
no.
AKS
Senior Member
was it at 455 Adelaide/Morrison? I guess the one googled was a different development.
Granny
Active Member
How did we arrive at 455 Adelaide??
cdr108
Senior Member
My guess was based on:
problems cited by some Freed purchasers here that stated they were charged for some extra items on closing costs, etc;
Freed's recent purchase of Travelodge (631 King) could make money tight;
a well known but not 'big' developer;
a building with many investor units ...
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AKS
Senior Member
my guess was #3 on solaris list. Some stuff isn't surprising like the management hired by them. I could be wrong but I vaguely remember another building complain about it.
luxome
Active Member
not sure about leasing the mechanical infrastructure. As for the interest rate, it sounds about right. mine was pretty ridiculous as well. If i remember correctly, my interest rate was 7.25%, but that was 5 years ago when i bought pre-construction.
Hope you'll disclose the builder after you sell it.
cabeman
Active Member
My guess was based on:
problems cited by some Freed purchasers here that stated they were charged for some extra items on closing costs, etc;
Freed's recent purchase of Travelodge (631 King) could make money tight;
a well known but not 'big' developer;
a building with many investor units ...
I'm not sure which building the original post is referring to, but it's not 455 Adelaide/10 Morrison.
The original post refers to a closing date in 2007, I'm an owner at 10 Morrison and we just closed in mid-January of this year. The other details don't fit either, but the reference to the closing date is the main clue.
cabbagetowner
Active Member
builders need to be more honest about these and not hide them in the small print.
another reason to always have a lawyer review a contract.
another reason to always have a lawyer review a contract.