Brampton UPtowns at Heart Lake | ?m | 4s | VANDYK

[gquest]

Hi,any one has any information about Vandyk HighgroveII Mississauga project.as by NOW we should have clear direction about the project cancellation and about the Next deposit payment,So far no update from solicitor.

Just my thoughts:

• Vandyk is no longer in play here and KSV is not obligated to follow the APS cancellation clause. This clause is for the builder to decide if they want to cancel the project or not. KSV is not a builder, hence this clause is mute.
• Your outside occupancy/completion date is all that matters to KSV i.e. KSV have enough time to decide the fate of the project for the best interest of the lenders. Unfortunately, buyers are at the bottom of any consideration.
• That said, I think Highgrove is already for sale. You'll have to wait for KSV to find a buyer for the project and the new builder will decide if the APS is worth retaining or simply cancel and return deposits.
• Deposit payment in this situation in tricky. If you stop your deposit payment, it could be interpreted in various ways. It is best your lawyer, if you have one, to consult with KSV on this.

 

[Highgrove2]

Just my thoughts:

• Vandyk is no longer in play here and KSV is not obligated to follow the APS cancellation clause. This clause is for the builder to decide if they want to cancel the project or not. KSV is not a builder, hence this clause is mute.
• Your outside occupancy/completion date is all that matters to KSV i.e. KSV have enough time to decide the fate of the project for the best interest of the lenders. Unfortunately, buyers are at the bottom of any consideration.
• That said, I think Highgrove is already for sale. You'll have to wait for KSV to find a buyer for the project and the new builder will decide if the APS is worth retaining or simply cancel and return deposits.
• Deposit payment in this situation in tricky. If you stop your deposit payment, it could be interpreted in various ways. It is best your lawyer, if you have one, to consult with KSV on this.

Thanks a lot for the thaughts, so far i have contacted at least 3 solicitors,include one with realstate litigation expertise,but no clear directions ,and mixed suggestions are to contact Tarion,and Trustees, as solicitors are Not taking too much interest in this deal as they aware that any finiancial gain is far away...very helpless and painfull situation for buyers with a hafty deposits.

 

[jbaa1]

Thanks a lot for the thaughts, so far i have contacted at least 3 solicitors,include one with realstate litigation expertise,but no clear directions ,and mixed suggestions are to contact Tarion,and Trustees, as solicitors are Not taking too much interest in this deal as they aware that any finiancial gain is far away...very helpless and painfull situation for buyers with a hafty deposits.

April or May we should get some conclusion

 

[jbaa1]

Thanks a lot for the thaughts, so far i have contacted at least 3 solicitors,include one with realstate litigation expertise,but no clear directions ,and mixed suggestions are to contact Tarion,and Trustees, as solicitors are Not taking too much interest in this deal as they aware that any finiancial gain is far away...very helpless and painfull situation for buyers with a hafty deposits.

Is high grove deposits secure ? Did you contact the lawyer holding it ?

 

[UptownGirl]

What did the 2018 (or later) buyers pay for Oasis?

I have heard many prices across the board for the various units.

I paid $594k for the Oasis in April 2019

 

[Highgrove2]

Is high grove deposits secure ? Did you contact the lawyer holding it ?

Secure...Not sure,Secure when we get deposit Back in our hands Only. but trustee can issue you a Form4, for an un deniable proof of deposits cost $84 for to get it.

 

[jbaa1]

Secure...Not sure,Secure when we get deposit Back in our hands Only. but trustee can issue you a Form4, for an un deniable proof of deposits cost $84 for to get it.

Did lawyer who is holding your deposit confirm they have it still?

Uptowns I believe they’ve confirmed they still have it, and has not been distributed to VANDYK.

 

[Highgrove2]

Did lawyer who is holding your deposit confirm they have it still?

Uptowns I believe they’ve confirmed they still have it, and has not been distributed to VANDYK.

Yes its in the trust account.but NOT easy to get it back.

 

[Oceans13]

What did the 2018 (or later) buyers pay for Oasis?

I have heard many prices across the board for the various units.

We paid $565k for 2 bedroom Oasis in Feb 2019

 

[gquest]

We paid $565k for 2 bedroom Oasis in Feb 2019

@jbaa1 I thought all Oasis are 3 bedroom?

 

[Oceans13]

@jbaa1 I thought all Oasis are 3 bedroom?

Nope! We had the same sq ft as a 3bd but was able to choose 2 instead and have a bigger living room space ($30k less then 3bd)

 

[gquest]

Nope! We had the same sq ft as a 3bd but was able to choose 2 instead and have a bigger living room space ($30k less then 3bd)

Got it. That make sense, since it's just a partition and you can always do it in the future if needed

 

[Oceans13]

Just really hope we do hear back soon like before the summer..we were first time homebuyers - who ended up renting and now purchasing a pre owned townhome. Hoping for good news from KSV (as in we get our deposit back guaranteed)

 

[jbaa1]

@jbaa1 I thought all Oasis are 3 bedroom?

Ya there’s the optional 2 or 3.. I got 3.

Haven is the one above oasis I believe , all 3.

 

[Deanfeb]

I paid $594k for the Oasis in April 2019

one bed Stack TH is about $500k now..