Comments on: Attack of the condo craters http://www2.macleans.ca/2009/03/04/attack-of-the-condo-craters/ Canada's only national weekly current affairs magazine. Wed, 26 Oct 2011 16:13:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Vancouver Condos http://www2.macleans.ca/2009/03/04/attack-of-the-condo-craters/comment-page-1/#comment-92636 Vancouver Condos Thu, 10 Jun 2010 23:38:52 +0000 http://tearsheet.ca/dev/?p=2173#comment-92636 Ultimately this comes down to not enough rules in place for developers. Companies take a risk by being in business and the expense needs to come out of their pocket. Ultimately this comes down to not enough rules in place for developers. Companies take a risk by being in business and the expense needs to come out of their pocket.

]]> By: Economic News March 13, 2009 » Harry Tran’s Daily 101 » Blog Archive http://www2.macleans.ca/2009/03/04/attack-of-the-condo-craters/comment-page-1/#comment-92635 Economic News March 13, 2009 » Harry Tran’s Daily 101 » Blog Archive Fri, 13 Mar 2009 00:45:29 +0000 http://tearsheet.ca/dev/?p=2173#comment-92635 [...] for revenue losses as property values continue to drop Credit Cards Are the Next Credit Crunch If condo projects fail, will our cities be left with huge holes to fill? What does one TRILLION dollars look like? Sacramento Bee’s Latest Housing Bubble [...] [...] for revenue losses as property values continue to drop Credit Cards Are the Next Credit Crunch If condo projects fail, will our cities be left with huge holes to fill? What does one TRILLION dollars look like? Sacramento Bee’s Latest Housing Bubble [...]

]]> By: club105 http://www2.macleans.ca/2009/03/04/attack-of-the-condo-craters/comment-page-1/#comment-92634 club105 Thu, 12 Mar 2009 16:35:52 +0000 http://tearsheet.ca/dev/?p=2173#comment-92634 My cousin's $450,000 condo at Front and Spadina in Toronto has just been completed. I wonder what it'll be worth in a year? My cousin’s $450,000 condo at Front and Spadina in Toronto has just been completed. I wonder what it’ll be worth in a year?

]]> By: LM http://www2.macleans.ca/2009/03/04/attack-of-the-condo-craters/comment-page-1/#comment-92633 LM Thu, 12 Mar 2009 00:03:28 +0000 http://tearsheet.ca/dev/?p=2173#comment-92633 Interesting article. A good read. I found the risk to pre-sale buyers to be somewhat understated. It is my understanding that if they walk away from a $900,000 contract to buy a condo, the developer can sell the pre-sale buyer's condo to another buyer for whatever the developer can get, and then sue the pre-sale buyer for the amount over and above the sale amount up to $900,000 (or $850,000 given that the developer holds the $50,000 deposit). The pre-sale buyer has no control over the selling price to the new buyer. Interesting article. A good read. I found the risk to pre-sale buyers to be somewhat understated. It is my understanding that if they walk away from a $900,000 contract to buy a condo, the developer can sell the pre-sale buyer’s condo to another buyer for whatever the developer can get, and then sue the pre-sale buyer for the amount over and above the sale amount up to $900,000 (or $850,000 given that the developer holds the $50,000 deposit). The pre-sale buyer has no control over the selling price to the new buyer.

]]> By: wayne moores http://www2.macleans.ca/2009/03/04/attack-of-the-condo-craters/comment-page-1/#comment-92632 wayne moores Wed, 11 Mar 2009 19:30:32 +0000 http://tearsheet.ca/dev/?p=2173#comment-92632 Keep the rose colored glasses on bub. Me thinks you are either a real estate agent or someone who just speculated a "condo too far" and are on the hook for a big loss. Cheers. Keep the rose colored glasses on bub. Me thinks you are either a real estate agent or someone who just speculated a “condo too far” and are on the hook for a big loss. Cheers.

]]> By: Tracy Johnson http://www2.macleans.ca/2009/03/04/attack-of-the-condo-craters/comment-page-1/#comment-92631 Tracy Johnson Wed, 11 Mar 2009 19:22:13 +0000 http://tearsheet.ca/dev/?p=2173#comment-92631 Hopefully if city has to fill the holes they will bill the companies DOBULE the same as they would bill a regular resident for not shovelling his sidewalk or cutting his lawn. They would have more than double the reason as well, since they take the risk of being sued by damage when these holes fill with water. Hopefully I would never hear anything so foolish as the mention that taxpayers should pick up the tab to fill these holes, even if it means it will force companies experiencing hardship into bankruptcy. After all, there is no hardship consideration given to residents. Hopefully if city has to fill the holes they will bill the companies DOBULE the same as they would bill a regular resident for not shovelling his sidewalk or cutting his lawn. They would have more than double the reason as well, since they take the risk of being sued by damage when these holes fill with water.

Hopefully I would never hear anything so foolish as the mention that taxpayers should pick up the tab to fill these holes, even if it means it will force companies experiencing hardship into bankruptcy. After all, there is no hardship consideration given to residents.

]]> By: Brell~Brenda Ellis : Who's Saying What About Real Estate and the Ecomony - March 9, 2009 http://www2.macleans.ca/2009/03/04/attack-of-the-condo-craters/comment-page-1/#comment-92630 Brell~Brenda Ellis : Who's Saying What About Real Estate and the Ecomony - March 9, 2009 Tue, 10 Mar 2009 01:19:40 +0000 http://tearsheet.ca/dev/?p=2173#comment-92630 [...] buying intent up as prices fall-surve (Reuters)Home-Buying Intentions Remain Strong (MarketWire)Attack of the condo craters (Macleans)Arrested development (National Post)Canadian Building Permits Mark Fourth Straight Month [...] [...] buying intent up as prices fall-surve (Reuters)Home-Buying Intentions Remain Strong (MarketWire)Attack of the condo craters (Macleans)Arrested development (National Post)Canadian Building Permits Mark Fourth Straight Month [...]

]]> By: capital http://www2.macleans.ca/2009/03/04/attack-of-the-condo-craters/comment-page-1/#comment-92629 capital Sat, 07 Mar 2009 21:56:51 +0000 http://tearsheet.ca/dev/?p=2173#comment-92629 You don't see the any holes in Ottawa's market. All projects are still moving forward and sales are stable. An O-Train subway tunel to be built over the next few years will also boost downtown development. You don’t see the any holes in Ottawa’s market. All projects are still moving forward and sales are stable. An O-Train subway tunel to be built over the next few years will also boost downtown development.

]]> By: Chilled http://www2.macleans.ca/2009/03/04/attack-of-the-condo-craters/comment-page-1/#comment-92628 Chilled Fri, 06 Mar 2009 20:24:31 +0000 http://tearsheet.ca/dev/?p=2173#comment-92628 Vancouver can use the holes to bury dead gangsters. Now Toronto, that's another story. Vancouver can use the holes to bury dead gangsters. Now Toronto, that’s another story.

]]> By: MIcarGI http://www2.macleans.ca/2009/03/04/attack-of-the-condo-craters/comment-page-1/#comment-92627 MIcarGI Fri, 06 Mar 2009 17:50:05 +0000 http://tearsheet.ca/dev/?p=2173#comment-92627 brilliant article. it's true, cities will be left with these craters, and the developers couldn't care less, it's just something to note on their taxes. brilliant article. it’s true, cities will be left with these craters, and the developers couldn’t care less, it’s just something to note on their taxes.

]]> By: john http://www2.macleans.ca/2009/03/04/attack-of-the-condo-craters/comment-page-1/#comment-92626 john Thu, 05 Mar 2009 19:35:51 +0000 http://tearsheet.ca/dev/?p=2173#comment-92626 A lot of speculation with the Toronto examples. The only concrete example was Pinnacle and the small development on King. This article doesn't mention the plethora of projects currently still moving ahead. Toronto has a slew buildings which will continue to rise in the next few years which should soften the blow. Besides, all of those people who purchased pre-built condos are likely looking to move somewhere. As soon as they get their money back I am sure they will be looking for units somewhere in the core. Smart investors, the ones who have built this city so far and weathered the 90's recession, will know the cycles by now. Only the weak condo builders will fall in this environment due to their greed. A lot of speculation with the Toronto examples. The only concrete example was Pinnacle and the small development on King. This article doesn’t mention the plethora of projects currently still moving ahead. Toronto has a slew buildings which will continue to rise in the next few years which should soften the blow. Besides, all of those people who purchased pre-built condos are likely looking to move somewhere. As soon as they get their money back I am sure they will be looking for units somewhere in the core.

Smart investors, the ones who have built this city so far and weathered the 90′s recession, will know the cycles by now. Only the weak condo builders will fall in this environment due to their greed.

]]> By: Attack of the condo craters · Real-Estate.ExplainedHere.Com http://www2.macleans.ca/2009/03/04/attack-of-the-condo-craters/comment-page-1/#comment-92625 Attack of the condo craters · Real-Estate.ExplainedHere.Com Thu, 05 Mar 2009 01:44:23 +0000 http://tearsheet.ca/dev/?p=2173#comment-92625 [...] Original post by Jason Kirby [...] [...] Original post by Jason Kirby [...]

]]> By: The shocking truth about the value of your home - Business - Macleans.ca http://www2.macleans.ca/2009/03/04/attack-of-the-condo-craters/comment-page-1/#comment-92624 The shocking truth about the value of your home - Business - Macleans.ca Wed, 04 Mar 2009 23:43:55 +0000 http://tearsheet.ca/dev/?p=2173#comment-92624 [...] Attack of the condo craters Wednesday, March 4, 2009 17:30 - 1 Comment [...] [...] Attack of the condo craters Wednesday, March 4, 2009 17:30 – 1 Comment [...]

]]> By: Attack of the condo craters · Invest-In-Real-Estate.ExplainedOnline.Net http://www2.macleans.ca/2009/03/04/attack-of-the-condo-craters/comment-page-1/#comment-92623 Attack of the condo craters · Invest-In-Real-Estate.ExplainedOnline.Net Wed, 04 Mar 2009 23:39:30 +0000 http://tearsheet.ca/dev/?p=2173#comment-92623 [...] Original post by Jason Kirby [...] [...] Original post by Jason Kirby [...]

]]> By: Attack of the condo craters « Vicky Chou http://www2.macleans.ca/2009/03/04/attack-of-the-condo-craters/comment-page-1/#comment-92622 Attack of the condo craters « Vicky Chou Wed, 04 Mar 2009 23:31:24 +0000 http://tearsheet.ca/dev/?p=2173#comment-92622 [...] Attack of the condo craters Published March 4, 2009 1 Mar 4, 2009 by Jason Kirby [...] [...] Attack of the condo craters Published March 4, 2009 1 Mar 4, 2009 by Jason Kirby [...]

]]> By: Attack of the condo craters · Real-Estate-Investing.ExplainedOnline.Net http://www2.macleans.ca/2009/03/04/attack-of-the-condo-craters/comment-page-1/#comment-92621 Attack of the condo craters · Real-Estate-Investing.ExplainedOnline.Net Wed, 04 Mar 2009 23:21:22 +0000 http://tearsheet.ca/dev/?p=2173#comment-92621 [...] Original post by Jason Kirby [...] [...] Original post by Jason Kirby [...]

]]> By: Attack of the condo craters · Real-Estate.ExplainedOnline.Net http://www2.macleans.ca/2009/03/04/attack-of-the-condo-craters/comment-page-1/#comment-92620 Attack of the condo craters · Real-Estate.ExplainedOnline.Net Wed, 04 Mar 2009 23:10:33 +0000 http://tearsheet.ca/dev/?p=2173#comment-92620 [...] Original post by Jason Kirby [...] [...] Original post by Jason Kirby [...]

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