Modern Condos, The (Empire Communities) - Real Estate -

I was told that the dates will change and final letters will be sent out in August. Did anyone else hear anything similar or different?
 
I was told by the staff at the living centre that the days are set in stone since the inspectors have been booked. Therefore it would take a significant delay in construction for them hold up. Who knows though.
 
Once again a delayed occupancy date for the 15th floor. Now its mid April.
I m extremly dissapointed with Empire. So far the only letter I recived from them are regarding delays!
I WOULD NEVER BUY AGAIN WITH EMPIRE! STAY AWAY FROM THEM!
 
DKB said:
Once again a delayed occupancy date for the 15th floor. Now its mid April.
I m extremly dissapointed with Empire. So far the only letter I recived from them are regarding delays!
I WOULD NEVER BUY AGAIN WITH EMPIRE! STAY AWAY FROM THEM!
Click to expand...

That's one of the risks with buying off floor plans. On the other hand it's been almost 2 years since your purchase so it must have increased in value.
 
MarcFromOttawa said:
That's one of the risks with buying off floor plans. On the other hand it's been almost 2 years since your purchase so it must have increased in value.
Click to expand...


both rebuttals are ridiculous.

if developers promised realistic occupancy/completion dates instead of always understating (notice I didn't say 'underestimate') the times, then buyers wouldn't be so frustrated. unfortunately, one should almost add 2 years to every project's deadlines.

what does any increase in values have anything to do with the delays?

any appreciation is on paper and fictional as he doesn't own (ie. have title) it yet, and
if prices went down by the time he occupied, would you still bring up the same argument ?!?
 
cdr108 said:
both rebuttals are ridiculous.

if developers promised realistic occupancy/completion dates instead of always understating (notice I didn't say 'underestimate') the times, then buyers wouldn't be so frustrated. unfortunately, one should almost add 2 years to every project's deadlines.

what does any increase in values have anything to do with the delays?

any appreciation is on paper and fictional as he doesn't own (ie. have title) it yet, and
if prices went down by the time he occupied, would you still bring up the same argument ?!?
Click to expand...

When you spend hundreds of thousands of dollars for a promise to buy a concrete box in the sky you have to understand all the risks before you make your decision (including possible delays). I'm sorry about the pee in your cornflakes.
 
I agree with DKB.
I purchased a unit at "Beyond the sea". There was no updates from Empire besides only delay letters. I phoned them and asked why so many delays. The lady from Empire could not give me an answers. after I asked several times, she just hung up, which pissed me more off then the delay
Great Customer Service!!!
 
MarcFromOttawa said:
That's one of the risks with buying off floor plans. On the other hand it's been almost 2 years since your purchase so it must have increased in value.
Click to expand...

Meh, so have property prices for all already built homes/condos. I took occupancy of my condo just this year which I bought off plan in early 2007. Sure it's 'value' has gone up quite considerably, but so too have all the places which we looked at back in 2007. Unless you plan on selling and perhaps renting, the gains aren't really anything to get excited about IMO. Also consider that I had to put 25% down and received no interest on that money.

Note that I'm not against buying pre-construction (this was in fact my third such condo and I have a house currently being built that's also pre-construction).
 
TheProfessor said:
Meh, so have property prices for all already built homes/condos. I took occupancy of my condo just this year which I bought off plan in early 2007. Sure it's 'value' has gone up quite considerably, but so too have all the places which we looked at back in 2007. Unless you plan on selling and perhaps renting, the gains aren't really anything to get excited about IMO. Also consider that I had to put 25% down and received no interest on that money.

Note that I'm not against buying pre-construction (this was in fact my third such condo and I have a house currently being built that's also pre-construction).
Click to expand...

You are supposed to receive interest on your deposit....
 
TheProfessor said:
True, but the rate is set by them from what I'm told.
Click to expand...

Indeed ... and there's a clause in the APS which reads something like "where posted interest rate is less than 2%, no interest shall be paid ..."
 
Solaris said:
Indeed ... and there's a clause in the APS which reads something like "where posted interest rate is less than 2%, no interest shall be paid ..."
Click to expand...

True. But that's in the Condo Act, so it's not just this builder, it's all builders. During these times of rock bottom interest rates and growing sales of pre-con condos, purchasers are earning zero interest on their collective millions. Scary times.
 
I Talked with a security guy who told me, the The first owners will move in mid or end of January.
 
You must log in or register to post here.

Back
Top