iLoft Condos (Camrost-Felcorp) - Real Estate -

Noooo,,tentative date is October 2010?..WTF...and thats just the tentative date it could go into 2011 for confirm occupancy date.....I also heard that the actually move in was going to be late fall but I though it was just one of the long suffering owners letting off steam.:mad:
 
Late fall?? Noo... I can only imagine how impatient people that bbought in 2006 are. I just bought in August of this year and I don't want then to push the occupancy date any further.
Also, was anyone able to dig anything about thr HST? I think Dan mentioned that it won't apply if the purchase price is under $400K. Does anyone know more details? As the purchase agreement states the HST clause i think.

I haven't been called for the color selection yet... but I'm concerned that they will have a crappy selection.. and this whole microwave over the stove for $1,700 is killing me..What a rip off..
 
Ok, a couple of things.

First, I spoke to my contact working on site at Iloft today and he said that August is the deadline for 100% completion. I would imagine that units on low floors would start moving in before that date, but I'm perplexed by that fact that Ice was asked to sign for that date given the fact that the builder cannot make you move in early. Perhaps Camrost are trying to get as many people to sign for a late date, so they can focus on other suites to get them done early? I can only speculate.

Secondly, regarding the letter Camrost asked Ice to sign. I called my lawyers office today and as I suspected they said do not sign anything without letting my lawyer see it first. As I was only talking to one of the clerks, she wasn't able to give me specific information as to the consequences of refusing to sign.

Ice, do you have a copy of the document that you were asked to sign? No doubt I will be asked to sign one exactly like it. It would be very very helpful to me if I could get a copy of yours to give to my lawyer before I go for my colour selection. A scan or photograph. You can block out your personal data. I'm going to send you a private message right now with my email address if you're able to help me out.

Thanks..
 
Womba you must realize the worker is talking about best case scenario where materials arrival and labor is in sync.Judging by them asking people to sign that wavier sheet means they some what expects they arent going to be able to reach that time frame.First floor more in August so higher floors maybe November?...urggg......:eek:
 
I realize all too well how it works.. I'm in the industry myself. August is an easy goal.
 
ducati0000 said:
never question your insight but we are talking about Camrost..:rolleyes:
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Well I have no experience with camrost, but the guy I know said that the super there is a no nonsense whip cracker.. certainly appears to be true from what I've seen.. experience tells me it's going to go quickly... but those closing dates are a wild card..

Can you imagine if all the original buyers sign these extensions and then they are the last people to move in? That would be messed up!
 
Yeah those who bought in 2006 unknowingly signed that extension wavier without asking a lawyer might be the last one to move in.....anyways hope your people are right about possible August 2010...still its long way off and damn interest rates are rising..
 
Sisi said:
Late fall?? Noo... I can only imagine how impatient people that bbought in 2006 are. I just bought in August of this year and I don't want then to push the occupancy date any further.
Also, was anyone able to dig anything about thr HST? I think Dan mentioned that it won't apply if the purchase price is under $400K. Does anyone know more details? As the purchase agreement states the HST clause i think.

I haven't been called for the color selection yet... but I'm concerned that they will have a crappy selection.. and this whole microwave over the stove for $1,700 is killing me..What a rip off..
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I bought in Spring of '07 and it's seemed like an eternity to me. Re: HST, all I've heard is what Dan has mentioned - that purchase prices under $400K will not be taxed. Furthermore, people who bought before a certain date will be grandfathered in (as is the case with the municipal property tax). Re: colour selection, I'm very interested to see what is available. I have an appointment in early November. I'll try and take pics and post them for those who are going in after me. Anyone by chance have a pic of the finishes that they had at the original iLoft sales office?

Wooba said:
Ok, a couple of things.

First, I spoke to my contact working on site at Iloft today and he said that August is the deadline for 100% completion. I would imagine that units on low floors would start moving in before that date, but I'm perplexed by that fact that Ice was asked to sign for that date given the fact that the builder cannot make you move in early. Perhaps Camrost are trying to get as many people to sign for a late date, so they can focus on other suites to get them done early? I can only speculate.

Secondly, regarding the letter Camrost asked Ice to sign. I called my lawyers office today and as I suspected they said do not sign anything without letting my lawyer see it first. As I was only talking to one of the clerks, she wasn't able to give me specific information as to the consequences of refusing to sign.
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Wooba - I don't think they would delay the units of the people who signed, so that they could finish the units that didn't sign. (Also, I wouldn't want to move in first anyways and have to pay for the occupancy "rent") Why have people sign then? I'm not sure either. An attempt to cover their asses on some clause in the original agreement for closing date? I would love to hear about the results of your convo with your lawyer. I would think that there isn't any way they can force you to sign the agreement. Personally, I don't mind to sign the agreement, as long as there is some incentive for me to do so. As Ducati mentioned, interest rates will be going up by next fall.
 
really those who signed in before end of 2007 should really try and get some "free" items from Camrost for waiting almost 4 years for their condo.Upgrade in countertop to quartz will be a good start..
 
in order for them to take 4 years to build iLofts, Camrost would have HAD TO get consent from Purchasers to sign-off accepting the delay (and probably also signed a waiver to drop their rights to seek reimbursement)
 
Where is this signoff for the delay? Is it incorporated into the original agreement or only presented to us at the colour selection (as ice has mentioned above)? If the latter is the case, I wouldn't sign it unless I do get some form of compensation.

So, if we don't sign it, I suppose our options are to a. proceed with some form of legal process to get compensated or b. do nothing or c. ???

Can someone shed some light on this? I'd like to be a little informed before I head in for the selection appt.
Thanks :)
 
I'm still waiting to hear back from my lawyer.. should know Monday..
Ice kindly gave me a copy of the document and as best I read it, it outlines the various parts of the original contract that deal with regards to occupancy dates then deals with how to proceed.
In a nut shell, if the building is not ready withing 24 months of the original date, the contract is void. Sign the document to keep the deal active and be compensated $1.

I would like something a bit better than that in compensation, but I'm not going to walk away from my deal either.. I've waited far too long for that and have too much to lose. I'll wait until my lawyer calls me to know exactly how to proceed, but I suspect I will just sign it as it because I'm pretty sure the builder would be more than happy for me to walk away from my contract.

Fuu76: Obviously I'm not a lawyer, but I'm pretty sure that you cannot put into a contract something that is against the law off the bat. In this case, you cannot have an original contract that give indefinite closing dates because the law says max 24 months.
 
Womba you be nuts to walk away from this condo,you people waited almost 4 years.Go for some free upgrades,its way over priced anyways you could talk to them down to cost at least.
 
Wooba said:
I would like something a bit better than that in compensation, but I'm not going to walk away from my deal either.. I've waited far too long for that and have too much to lose. I'll wait until my lawyer calls me to know exactly how to proceed, but I suspect I will just sign it as it because I'm pretty sure the builder would be more than happy for me to walk away from my contract.
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I guess the last statement is the one to be aware of. The value of the condo has increased in the last 4 years. They wouldn't care if one or two people walked away from the deal. I suppose Ducati has a good idea to try and get upgrades at cost or discounted price. I doubt they will give you any freebies in this case then.

Thanks guys
 
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