ufranca
Banned
i just got my letter today and they are only giving me back 20k. Could this be because my unit was cheaper?
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Mode Lofts Condos (Cresford Developments) - Real Estate -
- Thread starter SUMBODYHELP
- Start date
J
Julius
Guest
Another buyer joining
Hi everyone! As an angry Mode buyer I'm glad to have found this forum.
STRiDOR and I are just in the process of contacting our lawyer who reviewed the Mode purchase agreement for us back in Sept. 2005 when we bought our units. We'll post an update as soon as we know more.
Since some people here don't seem to have received the termination letter yet, I'm attaching it here.
As much as I fear Hydrogen is right with respect to holding Cresford liable for bad management, I couldn't agree more with 09152007: my experience with Cresford has been that of utter incompetence and shameful business conduct in every way, too. How a developer can fail so miserably in a condo market such as Toronto's in the last few years, and particularly in the Mode area, is beyond my grasp and makes one suspect either willfulness or legally contestable negligence. One nice thing is there's public evidence of Cresford's marketing disaster in the form of Brad Lamb's comments about them and Mode on his TV show and his subsequent withdrawal from the project.
Developers know full well what they're doing and legally protect themselves from all eventualities (anybody who's read the purchase agreement can testify) so I don't think our chances are great but as 09152007 said, we shouldn't leave anything untried to expose their arrogance and incompetence to the public and especially potential Cresford customers.
As for the credit, we're being offered $25,000 for a 1bdrm.+den (730 sqr. ft.).
Hi everyone! As an angry Mode buyer I'm glad to have found this forum.
STRiDOR and I are just in the process of contacting our lawyer who reviewed the Mode purchase agreement for us back in Sept. 2005 when we bought our units. We'll post an update as soon as we know more.
Since some people here don't seem to have received the termination letter yet, I'm attaching it here.
As much as I fear Hydrogen is right with respect to holding Cresford liable for bad management, I couldn't agree more with 09152007: my experience with Cresford has been that of utter incompetence and shameful business conduct in every way, too. How a developer can fail so miserably in a condo market such as Toronto's in the last few years, and particularly in the Mode area, is beyond my grasp and makes one suspect either willfulness or legally contestable negligence. One nice thing is there's public evidence of Cresford's marketing disaster in the form of Brad Lamb's comments about them and Mode on his TV show and his subsequent withdrawal from the project.
Developers know full well what they're doing and legally protect themselves from all eventualities (anybody who's read the purchase agreement can testify) so I don't think our chances are great but as 09152007 said, we shouldn't leave anything untried to expose their arrogance and incompetence to the public and especially potential Cresford customers.
As for the credit, we're being offered $25,000 for a 1bdrm.+den (730 sqr. ft.).
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09152007
Guest
Nicely done, to the post above this - I agree with everything.
We’ve got about 18 people now (if anyone has an idea as to ow we can increase this number, please advise)- I'll send something out tonight about a meeting (hopefully Sunday if this suits) -
Meeting will give us a chance to compile our grievances/discuss what we think is a 'fair' offering from Cresford and bring a succinct list to a competent lawyer to see if we have a case.
We’ve got about 18 people now (if anyone has an idea as to ow we can increase this number, please advise)- I'll send something out tonight about a meeting (hopefully Sunday if this suits) -
Meeting will give us a chance to compile our grievances/discuss what we think is a 'fair' offering from Cresford and bring a succinct list to a competent lawyer to see if we have a case.
SUMBODYHELP
New Member
Don't sign for the Registered letter!
If you guys want to buy time, don't sign for the Registered mail letter containing the same letter and docs they already sent you. By accepting this letter, they are able to put a date on when you were notified and possibly use this against you in the future to squeeze you to sign. We need all the time we can get, it's not like we are making tonnes on interest anyways.
I have been posting on other sites and giving everyone the gmail address and link to this forum. Perhaps we should rename the forum or start a new thread to catch people's attention. I started a thread on Skyscrapercity titled Mode Lofts - Cresford - Purchasers Affected By Cancellation Must Read . Anyone who knows of any othere sites should do similar posts and direct them to this forum or provide the mode09152007@gmail.com email address.
Alternatively, we may want to contact Brad Lamb realty, news paper papers, the metro etc. We could put out an add in publications such as the metro, star etc. Silverman Helps. Local TV stations looking for a a story etc. We need to formulate a plan, time is of the essence as people start receiving and signing those mutual release agreements.
I think we really need to meet in person to get this going faster. 09152007 could you please e-mail everyone on your list, but DON'T blind CC so that we have each other's contacts. For those uncomfortable giving out your real email, you can create a new dedicated email address and give it to 09152007.
If you guys want to buy time, don't sign for the Registered mail letter containing the same letter and docs they already sent you. By accepting this letter, they are able to put a date on when you were notified and possibly use this against you in the future to squeeze you to sign. We need all the time we can get, it's not like we are making tonnes on interest anyways.
I have been posting on other sites and giving everyone the gmail address and link to this forum. Perhaps we should rename the forum or start a new thread to catch people's attention. I started a thread on Skyscrapercity titled Mode Lofts - Cresford - Purchasers Affected By Cancellation Must Read . Anyone who knows of any othere sites should do similar posts and direct them to this forum or provide the mode09152007@gmail.com email address.
Alternatively, we may want to contact Brad Lamb realty, news paper papers, the metro etc. We could put out an add in publications such as the metro, star etc. Silverman Helps. Local TV stations looking for a a story etc. We need to formulate a plan, time is of the essence as people start receiving and signing those mutual release agreements.
I think we really need to meet in person to get this going faster. 09152007 could you please e-mail everyone on your list, but DON'T blind CC so that we have each other's contacts. For those uncomfortable giving out your real email, you can create a new dedicated email address and give it to 09152007.
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09152007
Guest
I'll send an email out tonight from my gmail acct.
jeaton
New Member
SUMBODYHELP
New Member
Don't worry, not the end of the world for you, the lawyer has our money anyways, they are just taking it hostage for now, we are entitled to it no matter what eventually. Just better to keep Cresford on their toes thinking we didn't receive the letter yet.
wannabeplanner
New Member
Another forum, although, I don't imagine there are too many purchasers of MODE on that site!
www.quadloft.com
www.quadloft.com
SUMBODYHELP
New Member
I just posted on this forum that I just googled:
http://www.mlsgta.com/forum/topic.asp?TOPIC_ID=89
www.mlsgta.com has a blogging site as well, somebody should blog this if they get a chance.
http://www.mlsgta.com/forum/topic.asp?TOPIC_ID=89
www.mlsgta.com has a blogging site as well, somebody should blog this if they get a chance.
beaconer
Active Member
hi,
I read the post in the link..
If the crux of your arguement is based on this, this happens all the time, as mentioned several times in this thread.
Several developers are in sales before they have proper height approval and not adhering to by-laws for that particular area. It is extremely common. From my understanding, the By-laws are not neccessarily re-written, but exemptions to the by-laws are made when a request for a variance is made, if the request/proposal is one which the city "likes".
I don't want to say that you guys don't have a case, but I would suggest not focusing on this aspect.
From what I understand, having read this entire thread, and being a purchaser in other pre-constrction, and trying to read as much about proposals and OMB docs as possible, I would focus on three things if anything:
-Them not offering your the possibility of translating your current purchase into the new one, and the legalities surrounding that
-The "horrible" customer service that you had and your ability at translating that into harm into their future sales, ie. their reputation. A developers reputation is everything.
-What kind of options you may have if you are able to amass a majority (51%) of the purchasers.
I think it is quite impressive that you guys have accummulated near 20 purchasers so far.
Best of luck.
I read the post in the link..
If the crux of your arguement is based on this, this happens all the time, as mentioned several times in this thread.
Several developers are in sales before they have proper height approval and not adhering to by-laws for that particular area. It is extremely common. From my understanding, the By-laws are not neccessarily re-written, but exemptions to the by-laws are made when a request for a variance is made, if the request/proposal is one which the city "likes".
I don't want to say that you guys don't have a case, but I would suggest not focusing on this aspect.
From what I understand, having read this entire thread, and being a purchaser in other pre-constrction, and trying to read as much about proposals and OMB docs as possible, I would focus on three things if anything:
-Them not offering your the possibility of translating your current purchase into the new one, and the legalities surrounding that
-The "horrible" customer service that you had and your ability at translating that into harm into their future sales, ie. their reputation. A developers reputation is everything.
-What kind of options you may have if you are able to amass a majority (51%) of the purchasers.
I think it is quite impressive that you guys have accummulated near 20 purchasers so far.
Best of luck.
SUMBODYHELP
New Member
Thanks for the tip Beaconer, we'll keep that in mind when we formulate a plan.
Blixtein
Active Member
In the short term, I strongly recommend to focus on a PR offensive. Contact all the newspapers and TV stations to get your story out. Newspapers that accept advertising from the condo industry may be reluctant to run your story though. In any event, I wish you guys the best of luck. Cresford needs to be punished for this project as well as BSN on Charles.
avatarreb
Active Member
silvermanhelps@citynews.ca <- Can be of great help on the PR front.
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09152007
Guest
Guys -
For all those that are MODE buyers - Going to the press (immidiately) should be something we do ONLY if they do not allow us access to the 'new mode'.
If we do so immidiately, and without a plan, that would sersiously jeopardize our investment - which no one wants.
I think we need to be patient until we are certain that they are not willing to extend their offer to the new MODE.
For all those that are MODE buyers - Going to the press (immidiately) should be something we do ONLY if they do not allow us access to the 'new mode'.
If we do so immidiately, and without a plan, that would sersiously jeopardize our investment - which no one wants.
I think we need to be patient until we are certain that they are not willing to extend their offer to the new MODE.
S
Saturn
Guest
By the way casaguy I can show you examples of the kind of work excellent work you will expect on your new home.
http://www.quadloft.com/quadpics/index_pdi.htm
For the price per sq footage some people have paid in casa I am hoping the quality would be better. Please note during pre-construction pricing the avg per sq foot for Quad was always above the market avg....like Casa
http://www.quadloft.com/quadpics/index_pdi.htm
For the price per sq footage some people have paid in casa I am hoping the quality would be better. Please note during pre-construction pricing the avg per sq foot for Quad was always above the market avg....like Casa