Toronto eCondos | 195.67m | 58s | Bazis | Rosario Varacalli

the building was 75% sold when the crash happened. The banks were not doublting Bazis, but rather the fundamentals of Toronto's real estate market and 1 Bloor East's buyers' ability to pay up
 
Big Daddy said:
True, but hind sight is 20/20. Most of the financial institutions in north America - and the world - at that time were in shock and getting financing approved after connection to the LB fiasco would have been nearly impossible for anyone.
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Anyone but Daniels, GG, Menkes, Minto, Tridel, Concord, Canderel, etc. who all merely paused, re-grouped and continued because they all had the credibility with lenders and access to the additional capital required to operate in the post-Lehman financial world.

Basis simply did not which proves to me that they're nothing but a slick and hollow marketing machine. Similar to Harry Stinson without the individual flair.

So backing or supporting anything they propose and a major intersection like Yonge and Eglinton would be a mistake unless they are teaming with a reputable developer like Plazacorp. In that event the o ly concern would be poor design and quality but not completion risk.
 
CN Tower said:
Anyone but Daniels, GG, Menkes, Minto, Tridel, Concord, Canderel, etc. who all merely paused, re-grouped and continued because they all had the credibility with lenders and access to the additional capital required to operate in the post-Lehman financial world.

Basis simply did not which proves to me that they're nothing but a slick and hollow marketing machine. Similar to Harry Stinson without the individual flair.

So backing or supporting anything they propose and a major intersection like Yonge and Eglinton would be a mistake unless they are teaming with a reputable developer like Plazacorp. In that event the o ly concern would be poor design and quality but not completion risk.
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Interesting...so you dislike Bazis and Stinson cause they were not successful at one time, everyone else by the looks of it are OK.:confused:
 
I live in the 'hood and everyone now raves about the positive change the Minto buildings brought to the environment. The NE corner is a prime spot for something about 45-55 stories as right now that retail strip is an embarassment. In the next 10yrs where possible on Yonge we may see Minto-type developments at most major subway stops...Y&E first, followed by TTC building at Davisville.
 
CN Tower said:
Basis [sic] simply did not which proves to me that they're nothing but a slick and hollow marketing machine. Similar to Harry Stinson without the individual flair.
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They were a brand new developer at the time. That doesn't make them a a hollow marketing machine. The fact that they have finished a building since then and have another one under construction proves that.
 
UD2 said:
the building was 75% sold when the crash happened. The banks were not doublting Bazis, but rather the fundamentals of Toronto's real estate market and 1 Bloor East's buyers' ability to pay up
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Well, not quite. The financier of the project was Lehman Brothers, which sort of ran into a bit of a problem. I don't think they were paying much attention to the Toronto market at the time. Rather, they were just imploding.
 
CN Tower said:
Anyone but Daniels, GG, Menkes, Minto, Tridel, Concord, Canderel, etc. who all merely paused, re-grouped and continued because they all had the credibility with lenders and access to the additional capital required to operate in the post-Lehman financial world.
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All of those companies have existed in Canada for a long time years and had a number of projects on the go at the time. By bringing an existing project or two to closing they would have the financing to continue another. Bazis didn't have any buildings completed yet in Canada. With a financial market completely paused how would they get the money to continue a project on the most expensive corner in Canada?
 
Enviro, that's exactly my point. They are not experienced developers! I'm not suggesting that they are Al Quaida sympathizers, I am merely saying that they are amateurs. They blew into town, pulled off a ridiculous marketing circus with staged buyers waiting in the cold and changing prices overnight, blasted a hole at arguably the busiest intersection in the country, and then crashed and burned hard. And 3 years later there's still a hole.

I suppose my question really is- do you want to give these guys another chance to temporary destroy an important intersection again after what they did to Yonge and Bloor? My vote is no way. Yonge and Eglinton deserves better. Building above two subway lines, (one of which is not even built yet!) requires a level of developer sophistication that this group has not come close to demonstrating. The city should have some protection in place for their potential screw ups.
 
hawc said:
Did the individuals who bought into that building lose their deposits? Like if I had put $50,000 down on a $200,000 place would I have lost that? Or did the deposits just get returned?
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Deposits by law must be returned
 
CN Tower. It still seems like that you're crediting Bazis with The world financial crisis. Otherwise I don't see why they are at the mercy of anyone for "another chance".
 
brockm said:
Well, not quite. The financier of the project was Lehman Brothers, which sort of ran into a bit of a problem. I don't think they were paying much attention to the Toronto market at the time. Rather, they were just imploding.
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I was actually referring to why they were not able to be refinanced after LB went under. But you Are right, everybody was imploding and nobody was Paying any attention to Torontos prospects
 
UD2 said:
CN Tower. It still seems like that you're crediting Bazis with The world financial crisis. Otherwise I don't see why they are at the mercy of anyone for "another chance".
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Final point from me on this over-discussed topic-

Many many projects were shelved during the financial crisis. Concomitantly, Lehman Brothers had a significant amount of capital tied up in numerous condo projects across the city that were adversely affected by their demise.

Yet, 1 Bloor almost singularly remains a blight on the urban landscape of Toronto. I personally attribute that to the inexperience and incompetence of the Bazis group as opposed to the general credit environment during that period.

Just a word of caution to any would-be purchaser.
 
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