High Park Lofts Condos (Stinson Properties) - Real Estate -

Discussion in 'Real Estate - Individual Project Threads' started by badgeruk, Aug 27, 2007.

  1. badgeruk

    badgeruk New Member

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    Firstly, apologies if this is the wrong place for this message, mods feel free to relocate as necessary...

    Basically i'm looking for anyone else in the same situation as me - being a purchaser of one of the units in HPL.

    As you may or may not know, Harry Stinson was bankrupted this weekend, and my (our) move is in limbo.

    I was originally scheduled to move in at the end of July. Had no problem with the delay in occupancy, as I have my rental leased until the end of August. However, as time has dragged on, things have got increasingly more panicky. Stinson Developments assured me that if we were to be made homeless, then we would be put up at 1 King West. In the last two weeks or so, info has been very hard to come by, and this move at the weekend means that our backup plan has now been eradicated and as of Friday midnight I will be homeless.

    I went to visit the sales office today and the only person there isn't even sure if they should be working there anymore. Stinson himself is non contactable, his admin assistants have resigned/been made redundant and even the HPL sales team don't know what's going on. I believe the receiver hasn't appointed someone in charge of the HPL project yet so i'm totally stuck as what to do.

    It was mentioned that there is a term in the contract that we'll be covered up to $5k of costs in the event of homelessness, but it still doesn't help that I have 3 days to find a short-term rental and/or some storage at the very least.

    It's all very up in the air at the moment. HPL sales suggest that Anthony (last name I forget) - who has bankrolled this project will likely take control in some aspect, but who knows when that will be or what terms and conditions will change if any.

    So I want to make contact with the other purchasers and get our minds together, see what can be done, strength in numbers, etc.

    Please email me through the forum, I am set up to receive emails from forum users, or at andygarner at hotmail dot co dot uk.

    Thanks

    Andrew
     
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  2. ShonTron

    ShonTron Moderator

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    Posts of this nature are welcome at UT, but should go into the Real Estate forum.

    That said, that is very interesting about HPL. I hope for your's and the other buyers' sakes, that this is resolved soon.
     
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  3. Hydrogen

    Hydrogen post-young

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    badegeruk,

    It is probably much to ask of you during these troubling times, but could you please keep us up to date as to how things are proceeding for you. It will probably be quite informative.

    Beyond that, sorry to hear about your situation. I can imagine that it is a tense situation to be in.
     
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  4. badgeruk

    badgeruk New Member

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    Thanks Sean...

    I believe that there are at least another 15 of the 70 unit owners in my situation - I have personally spoken to some who are (were?) resident at 1KW at the "grand opening" 2 weeks ago. Shame I didn't get their details...

    Not sure if they've been evicted or what, but speaking for myself, i'm in a real bind right now. I live in Guelph and have to commute every day to Toronto, my gf has just got a new job downtown so we were all prepared for the move.

    The only positives I can take from this are:

    1) The building is past the point of no return, indeed my unit is complete bar the PDI and is totally habitable - so I can't see us losing out.

    2) Stinson is no longer in charge. If the investor does indeed take over, he won't piss about like the previous regime did, he'll get things moving, people moved in and get the place registered ASAP to get so he can finally get his return.

    3) Stinson's name going forward won't be associated with the project so the value of the investment should at least remain intact and grow with the rest of the neighbourhood.
     
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  5. badgeruk

    badgeruk New Member

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    Hydrogen - absolutely i'll keep you guys informed. A problem shared and all that :)
     
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  6. GovernorARNOLD

    GovernorARNOLD New Member

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    wow, it amazing how many folks Stinson has screwed!
     
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  7. Quasi_modem

    Quasi_modem New Member

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    Hi,

    I understand the situation. I put my things in storage and gave my rental notice when first given the letter that said I would have occupancy in March.

    My things are in storage as well...sigh...and have been living with relatives and on vacation for as long.

    Mickey
     
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  8. Edward

    Edward Senior Member

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    What a mess he created. Are his commercials still running?
     
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  9. vultur

    vultur Active Member

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    Saw this train wreck coming from 100 miles away. Look at the man's track record! His failure was inevitable and I do sympathize with anyone who purchased a new home for themselves and are now in limbo but the investors in 1KW certainly got what they deserved by buying into the Enron-math that he sold them on. Anyone else recall the infomercials and the 'can't lose' 20%+ guaranteed return? Two words- CAVEAT EMPTOR.

    This should be a lesson to the spec investor crowd as well- look what can and does happen. The same fate will befall other projects across town as the worldwide credit crunch limits the availability of high ratio mortgage financing.

    Stinson was just the tip...
     
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  10. Hydrogen

    Hydrogen post-young

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    Care to make any more predictions about the future - but tell us now?
     
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  11. rbt

    rbt Senior Member

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    Units in 1 King are currently listing for just shy of $300k.

    I've actually considered buying one (since Stinson has been removed, didn't consider it an option before) as I probably won't be living in Toronto for the next couple of years but intend to visit regularly.

    Does anybody know what kind of revenue the leasing pool currently makes? If 1 King prices drop 15% I might look into it further.

    High maintenance fees (~$1.20/sqft)...

    What does Stinson have to do with high-ratio mortgage financing? Nothing Stinson did was standard, and high-ratio mortgages are pretty standard fare; perhaps not smart, but standard.
     
    #11
  12. vultur

    vultur Active Member

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    My apologies RB- I'm suggesting that 1K was doomed from the start due to the developer's incompetency, but that it became a financial disaster as a result of the inability to generate the kind of sales that he projected. The credit crunch with make it more difficult and more costly for specuvestors (such as the 50%+ of them in the Concord ghetto) to purchase units and sales will dramatically fall out, in my opinion.
     
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  13. rbt

    rbt Senior Member

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    I see. That makes sense.

    Thanks for taking the time to explain your thoughts.
     
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  14. alklay

    alklay Senior Member

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    rbt - do some real good research before you buy into 1K. There appear to be a host of problems including tax status for the units. Personally, I would be very very very reluctant to buy into this project when there is so much other stock of apartments in the city.
     
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  15. AndreaPalladio

    AndreaPalladio Senior Member

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    Also, the apartments are tiny, and who knows what amount of litigation the owners will have to pay for in the short to medium turn. Special assessments, anyone?
     
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