Elevate Condos (1333 Weber St E) | 15, 15, 12 & 12 fl | U/C

[Rainrider22]

I am no expert in this. Would this offer for sale be something that a number of developers would want to jump in on ? Is there money to be made considering a number of the units are already in locked contracts of purchase ? It will be very interesting.

I guess the upside is, building permits are already in place, drawings in place, construction n place... I fear the new contractor may have to pay the vendors up front until there is some trust built up.

[Kodra24]

Is it still a $1 asking price?

[tomh009]

I am no expert in this. Would this offer for sale be something that a number of developers would want to jump in on ?  Is there money to be made considering a number of the units are already in locked contracts of purchase ?  It will be very interesting.

I guess the upside is, building permits are already in place, drawings in place, construction n place...  I fear the new contractor may have to pay the vendors up front until there is some trust built up.

I expect there is an opportunity there. How good it is, it's impossible to judge without the details.

The new vendor's payment terms will surely be based on that vendor's financial stability and credit history rather than tying it to the specific building.

[IronDev]

I am no expert in this. Would this offer for sale be something that a number of developers would want to jump in on ?  Is there money to be made considering a number of the units are already in locked contracts of purchase ?  It will be very interesting.

I guess the upside is, building permits are already in place, drawings in place, construction n place...  I fear the new contractor may have to pay the vendors up front until there is some trust built up.

The units were sold for much lower than the cost to build. Whoever buys it will cancel the purchase agreements and do rental

[tomh009]

The units were sold for much lower than the cost to build. Whoever buys it will cancel the purchase agreements and do rental

Why would they have done that? Because they had no idea what construction actually costs?

[taylortbb]

The units were sold for much lower than the cost to build. Whoever buys it will cancel the purchase agreements and do rental

Why would they have done that? Because they had no idea what construction actually costs?

I'm sure some of it was failing to properly project all their costs, but they'd have margin for that. My guess is what pushed them over the edge was inflation, they likely failed to get costs locked in with suppliers before selling.

[cherrypark]

See pages 5-6 of this very thread talking about it being a developer without the experience for this scale of project. Probably some truth in there given the outcome.

[ac3r]

WANTED



FOR SCAMMING INVESTORS
KNOWN TO HANG OUT IN PARKS DOING KUNGFU

Jokes aside...has anything been happening with this? They broke ground years ago, then immediately the red flags began to appear. It has now been roughly a full year since the crane was removed and every contractor pulled out. I wonder how long we'll have to deal with an unfinished building and massive pit in the ground. I know they tried to sell the project for extremely cheap, but I'm unsure if anyone bought it up because of the high risk involved in inheriting a condo project developed by a certified local clown.

[jeffster]

WANTED



FOR SCAMMING INVESTORS
KNOWN TO HANG OUT IN PARKS DOING KUNGFU

Jokes aside...has anything been happening with this? They broke ground years ago, then immediately the red flags began to appear. It has now been roughly a full year since the crane was removed and every contractor pulled out. I wonder how long we'll have to deal with an unfinished building and massive pit in the ground. I know they tried to sell the project for extremely cheap, but I'm unsure if anyone bought it up because of the high risk involved in inheriting a condo project developed by a certified local clown.

Funny you bring this up: I was on reddit and someone was asking about the developer. The purchased from same company a couple years ago (pre-build) in a different city, and now everything has been paused. They were trying to get more info on this guy, and I had to break the bad news to them.

I feel bad for anyone that purchased one of these units - now they are all in limbo. Rather than getting a home to live in, they are getting debt and are now one of the creditors to this scammer.

[Lebronj23]

https://storeys.com/elevate-condo-kitche...hip-buyer/

[westwardloo]

https://storeys.com/elevate-condo-kitche...hip-buyer/

This is good news. It sucks for the people that need to pay an extra 23% for a unit they thought they would be living in by now, but this could have easily been an unfinished building/ pit for decades.

[Rainrider22]

I was thinking the same thing, It sucks to be forced to pay more...But, At least it is going to move forward sooner than later.

[panamaniac]

I was thinking the same thing, It sucks to be forced to pay more...But, At least it is going to move forward sooner than later.

If the higher priced units sell.  It's not exactly let the good times role in condolandia.

[tomh009]

I was thinking the same thing, It sucks to be forced to pay more...But, At least it is going to move forward sooner than later.

If the higher priced units sell.  It's not exactly let the good times role in condolandia.

The original prices are from 2020, though, so the increase is not unreasonable.

[Rainrider22]

Sure, unless your the person losing your built up equity on what you thought was a good investment at the time with yoir hard earned money. Easy statement to make if you don't have any skin in the game.