Major plans for Gyro area

Re: Major plans for Gyro area

Postby Hmmm » Dec 27th, 2017, 10:36 pm

tsayta wrote:Cressy's timing is off... Again. Market is going to correct. Just like 08 it will never get out of the ground

Toooo funny! Do you own or rent? Are you waiting still and for how long? The condoes will probably be worth a million in five years. But don’t buy then either because it’ll burst? Then of course it will be 1.2 soooo lol once again. Chow
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Re: Major plans for Gyro area

Postby Anonymous123 » Dec 27th, 2017, 10:56 pm

zerograv wrote:I love how they use "young professionals" to help sell the idea.....not many young professionals I know can afford a 600k + condo near the waterfront.

600K+? Source?
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Re: Major plans for Gyro area

Postby LANDM » Dec 28th, 2017, 3:39 am

vegas1500 wrote:Did anyone necessarily lose money? The developer didn't go bankrupt or disappear into the night.

I honestly have no idea how this works. You put down a deposit on a yet-to-be-built piece of property. For whatever reason, said property never gets built. Does your money disappear?

Does not disappear. It's held in trust. Full refund[/quote]

Do you know this for fact or just assuming....just curious.
Every preconstruction I have purchased has had a very clear “non refundable” deposit.[/quote]

It’s not non refundable if the developer doesn’t fulfill the terms of the contract that both parties entered into. If the building isn’t built within the time specified in the contract, the buyer can back out with a full refund. If the developer changes the disclosure statement anyone can back out within 7 days, regardless of it being a firm deal or non refundable deposit, and get their deposit back.
Fact, not assumption.

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Re: Major plans for Gyro area

Postby vegas1500 » Dec 28th, 2017, 8:38 am

LANDM wrote:
vegas1500 wrote:Did anyone necessarily lose money? The developer didn't go bankrupt or disappear into the night.

I honestly have no idea how this works. You put down a deposit on a yet-to-be-built piece of property. For whatever reason, said property never gets built. Does your money disappear?

Does not disappear. It's held in trust. Full refund


Do you know this for fact or just assuming....just curious.
Every preconstruction I have purchased has had a very clear “non refundable” deposit.[/quote]

It’s not non refundable if the developer doesn’t fulfill the terms of the contract that both parties entered into. If the building isn’t built within the time specified in the contract, the buyer can back out with a full refund. If the developer changes the disclosure statement anyone can back out within 7 days, regardless of it being a firm deal or non refundable deposit, and get their deposit back.
Fact, not assumption.[/quote]


Makes sense but usually when a project doesn’t go ahead for this length of time it’s because the developer has “folded” and no monies are refunded. If he’s still around, good thing for those people.
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Re: Major plans for Gyro area

Postby WalterWhite » Dec 28th, 2017, 8:53 am

LANDM wrote:
vegas1500 wrote:Did anyone necessarily lose money? The developer didn't go bankrupt or disappear into the night.

I honestly have no idea how this works. You put down a deposit on a yet-to-be-built piece of property. For whatever reason, said property never gets built. Does your money disappear?

Does not disappear. It's held in trust. Full refund


Do you know this for fact or just assuming....just curious.
Every preconstruction I have purchased has had a very clear “non refundable” deposit.[/quote]

It’s not non refundable if the developer doesn’t fulfill the terms of the contract that both parties entered into. If the building isn’t built within the time specified in the contract, the buyer can back out with a full refund. If the developer changes the disclosure statement anyone can back out within 7 days, regardless of it being a firm deal or non refundable deposit, and get their deposit back.
Fact, not assumption.[/quote]


vegas1500 wrote:Makes sense but usually when a project doesn’t go ahead for this length of time it’s because the developer has “folded” and no monies are refunded. If he’s still around, good thing for those people.


It's the same company that originally proposed the development.
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Re: Major plans for Gyro area

Postby LANDM » Dec 28th, 2017, 9:10 am

vegas1500 wrote:Makes sense but usually when a project doesn’t go ahead for this length of time it’s because the developer has “folded” and no monies are refunded. If he’s still around, good thing for those people.


Monies are held in trust and only released to the developer under very specific circumstances. Otherwise, both parties have to agree.
The developer will never legally have the deposits in their possession under a circumstance like this.
Nobody would have lost money unless there was specific fraud or illegal activity. Or they agreed to it, but even then there is protection under many circumstances.

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Re: Major plans for Gyro area

Postby zerograv » Dec 28th, 2017, 10:05 am

Anonymous123 wrote:
zerograv wrote:I love how they use "young professionals" to help sell the idea.....not many young professionals I know can afford a 600k + condo near the waterfront.

600K+? Source?


Obviously just an assumption but I doubt high end condos near the beach will be cheap :up:
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Re: Major plans for Gyro area

Postby zerograv » Dec 28th, 2017, 10:08 am

KelownaCrackinCrew wrote:
zerograv wrote:I love how they use "young professionals" to help sell the idea.....not many young professionals I know can afford a 600k + condo near the waterfront.


I know a few, not everyone is dying in this city...I would listen to the wise words of Ben Shapiro.

https://www.youtube.com/watch?v=cdEMw_lDUx0


I'm a "young professional" and I wouldn't be paying that kind of cash for a condo. I never said everyone is struggling, but with massive student loan debt and low incomes in this city I highly doubt there are many that can afford mortgages that high unless they get help from the bank of mom and dad.
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Re: Major plans for Gyro area

Postby Lady tehMa » Dec 29th, 2017, 7:25 am

zerograv wrote:I love how they use "young professionals" to help sell the idea.....not many young professionals I know can afford a 600k + condo near the waterfront.

Anonymous123 wrote:600K+? Source?


if you do an MLS search you'll see there are quite a number of condos for under $600K, generally older or small. I know of a 320 sq ft apartment that is worth $290K - in the new building on Ellis. Cambridge House on the corner of Leon and Ethel has a number of properties under or around the 600K mark, but again - smaller.

Waterfront specifically though, tends to be higher. Especially if there is a view.
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Re: Major plans for Gyro area

Postby normaM » Dec 29th, 2017, 8:07 am

bit off topic but I remember when they started lowering the prices at Centuria. I asked someone and was told that too bad for the ppl who had paid the higher price. That would have grind my gears
I agree it is already crowd around Gyro, like Sopa where is everyone going to park
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Re: Major plans for Gyro area

Postby lightspeed » Dec 29th, 2017, 8:41 am

normaM wrote:bit off topic but I remember when they started lowering the prices at Centuria. I asked someone and was told that too bad for the ppl who had paid the higher price. That would have grind my gears
I agree it is already crowd around Gyro, like Sopa where is everyone going to park


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