Upside Down + Fuse Condos (Channington/Brownstone, 14s x2, 26s x2, Burka)

Rikk said:
Could not say it any better than you have just done! I hope it goes forward......
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I just got word from my agent who is also my friend, the project is nearing 50% sold out before even opening on the 24th of september because of some serious add-ons that we received such as: guaranteed 2 year lease out if its an investment property and 10% down payment loan by the builder upon closing to make your total downpayment 20% to avoid CMHC insurance premium.....WOOHOO!! now thats sick!
 
realestatedreamer said:
I just got word from my agent who is also my friend, the project is nearing 50% sold out before even opening on the 24th of september because of some serious add-ons that we received such as: guaranteed 2 year lease out if its an investment property and 10% down payment loan by the builder upon closing to make your total downpayment 20% to avoid CMHC insurance premium.....WOOHOO!! now thats sick!
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really...who does this for a property?..I NEVER heard of a builder promising a two year lease OR a loan from the builder again promised not without a credit check or gross income?.These are not million dollar units here your talking about ,they are taking $30,000 hit by the builder if they made those statements if the buyers fail to finance.You got proof of this?.
 
ducati0000 said:
really...who does this for a property?..I NEVER heard of a builder promising a two year lease OR a loan from the builder again promised not without a credit check or gross income?.These are not million dollar units here your talking about ,they are taking $30,000 hit by the builder if they made those statements if the buyers fail to finance.You got proof of this?.
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sure let me sign PA soon and I wil scan it for you. Why would i lie?
 
the project is taking a huge risk if it going ante up extra %10 for those who put down %10 also how can they promise someone going to lease a unit if you buy it as a investment property?.The interest rates on the so call "incentives" cannot be the standard + prime rates.If its true this project must really really tight to reach its %75 mark for construction.If they "lease" the units how is amount of rent calculated and what are their take from it,they are not going to do all the work to find a renter for free?
 
I drove by the site the other day and all the signage now reflects Upsidedowncondoprices.com. Does this mean they are dropping the Electric City name?

Any sales updates?
 
Hey everyone,

Just to update you.....well I did drop by the sales office...and I was informed that 80% has been sold. Even some models suites are sold out......that was fast, and I did not expect this at all.
 
wow ! Thanks for the update ! Have they added a new suite to the sales centre? Have they changed any of the models/floorplans? I'm very surprised to hear the sales are that high, but thats a pleasant surprise !
 
Rikk said:
Hey everyone,

Just to update you.....well I did drop by the sales office...and I was informed that 80% has been sold. Even some models suites are sold out......that was fast, and I did not expect this at all.
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What do you mean that some "model suites are sold out"? As in, they have multiple full model-suites onsite and each of those typical suites have been sold out?
 
Rikk said:
Hey everyone,

Just to update you.....well I did drop by the sales office...and I was informed that 80% has been sold. Even some models suites are sold out......that was fast, and I did not expect this at all.
Click to expand...

Wow! 80% sold...does that include the units that they purposely made unavailable so they can save them for a later unit release?

Does this also mean the Dec 2011 move-in might be pushed to an earlier date?
 
Hey...

The details I did get from the sales office are as such;

1) Units 500 sqft, 535 sqft and 606 sqft have all be sold out.

2) I had a look at the floor maps and not every floor has been sold out, but there are not many units that are left.
For instance; I purchased on the 14th florr, only 3 units are left......

3) There was lineups at the sales office on Saterday and Sun, and Saterday there was a line up of about 40 people.

4) As for breaking ground, I do not know but if the sales are there they would have to do right now as frost will be coming in late October...and doing form work for a foundation for a large building in November is do able...but not pleastent. I would hope they sart soon...but as for a closing date....as far as I understand it is dec. 2011 still....when I first agreed to purchase it was sept 2010.

Anyways I am still in awe with the fast sale......but in one of my previous posts...I did mention I had an insiders opinion that it was going to be a go with the development....also the Brownstones on the Park...town homes locations has also been staked out...and the ground has also been broken so it looks like Mr. Tom Falus dream of revilatizing the area will come....and lets all hope its the Neo-liberty village.....

So if there is anyone who is thinking about buying do it fast....
 
they had another event this weekend (the upsidedowncondoprices website sent out an email last week). anyone know what sales are at now?
 
I have heard some stuff.

I even talked to the Robert Falus himself last week, and he did tell me that 80% is a solid number of units sold. He also told me to expect to see the next building to be advertised soon...as in condo units for sale.

I am thinking of setting up a Facebook for the project, so we can use some muscle to get more ungrades from the developer. If we get enough people signed up I am sure they would listen......any thoughts on this?

Rikk
 
I'm surprised to hear they will proceed with the next building after this one almost died ! But I guess that means they are more confident having sold past their minimum threshold that they needed to proceed with the project.

Facebook group sounds great. It will provide another venue for buyers to communicate and share news.
 
Ok I made a Facebook group....feel free to join

My Electric City........

Will post some info there...as well as some photos and floor plans

Rikk
 
I put down an offer on a unit but I'm just really concerned about 1011 Landsdowne. I know the area is being revitalized and it could be like a Liberty Village story, where it went from a badly designed/industrial area to a hip new part of Toronto, but Liberty Village -from my understanding- never had a "notorious" rental apartment with a super sketchy landlord and tenants. If it stays on that corner, and it will never be demolished, won't it hurt property value?

Anyway I am still in my "cooling off" period and mulling over this and whether I should rescind or go with it.

Also, where exactly will phase 1 be? From my understanding of what the reps told me is that it will be on this side: http://maps.google.com/maps?f=q&sou...qonbsJMpLOobIi27s75Krg&cbp=12,177.02,,0,-8.54 (google streetview)
 
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