Castanet

https://www.castanet.net/edition/news-s ... htm#214894

sigh,

AS if finding parking for the hundreds of people who use Gyro Beach isn't difficult enough.
Now there is a HUGE development proposed for that area, squeezing out every last square inch of dirt so that it maximizes the space but creates more traffic headaches, showcasing the lousy street infrastructure to support all this. Where is the parking going to be for the businesses?

Where?

All I see is this quote from THE EDGE:

On the ground level, the parkade will be wrapped with retail and restaurant spaces facing the commercial street, with the townhouses fronting Richter Street.

One parkade? For? All 130 condos and townhouses? Or is that strictly for the businesses?

Good ol days of Kelowna are long gone sadly, if this project was near the stages of being built I would look at purchasing but my current focus now is Ellis Parc.

I wonder how many people lost money when they folded back in 2008.

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.

vegas1500 wrote:I wonder how many people lost money when they folded back in 2008.

I wonder if those people still have all the documentation and could follow up with a "what's this?"

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

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

Queen K wrote:

vegas1500 wrote:I wonder how many people lost money when they folded back in 2008.

I wonder if those people still have all the documentation and could follow up with a "what's this?"

I’m sure they have themselves legally covered somehow. I know a lot of people that lost money in terms of deposits on condos that never got built. There was a project in penticton near the old water slides that was about 70% presold that never left the ground.... I had purchased 2 condos (preconstruction) in 06 and was just glad the project still got built when it crashed in 08.

vegas1500 wrote:I wonder how many people lost money when they folded back in 2008.

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?

JayByrd wrote:

vegas1500 wrote:I wonder how many people lost money when they folded back in 2008.

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

Queen K wrote:

vegas1500 wrote:I wonder how many people lost money when they folded back in 2008.

I wonder if those people still have all the documentation and could follow up with a "what's this?"

So Tsayta, do you think those people might have a townhouse at 2008 prices or have to kick in more for 2017 prices? How does this work?

JayByrd wrote:

vegas1500 wrote:I wonder how many people lost money when they folded back in 2008.

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?

Good point....I just assumed they would have folded and started another limited company. Most preconstruction requires a minimum of 10% down so even if they didn’t lose it, it’s be “gone” for over 10 years. Would like to hear from someone that actually put money down back then. The developers of what is now One Water Street (I think) took a lot of people’s cash when they folded.....

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?[/quote]
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.

I think the contract had an out clause. No special deal for buyers of the new project. Back in 09 folks were probably praying for the project to get cancelled. Market had turned an many buyers did not want to have to complete. Back then many did not foresee the market surge that was coming

tsayta wrote:I think the contract had an out clause. No special deal for buyers of the new project. Back in 09 folks were probably praying for the project to get cancelled. Market had turned an many buyers did not want to have to complete. Back then many did not foresee the market surge that was coming

Interesting. I know In Waterscapes, there were hundreds of people that walked away from their deposits because of the market crash. It left the completed project in a real bind as they went ahead with it based on having the dollars for the completed sales upon completion. Of the 4 walkup buildings the developer actually became a landlord and was renting out 2 of them. No owner was allowed to sell or advertise their suite for sale until all their suites were sold....I know this because they threatened to sue me for trying to sell one.