Toronto Sugar Wharf Condominiums (Phase 2) | 283.6m | 85s | Menkes | a—A

[Northern Light]

Of course, but they usually need the $$ from the pre-sales to get bank funding to actually build. In the 'olden days' most buildings were only 40-50% sold when completed. My condo building was built in 1981 - when it was registered the developer still owned almost 35% of the Units. They sold them off over the next 2 years - though they did then go bankrupt!

Not everyone learns their lessons, and many do, but eventually forget.............but the banks remembered on that one........for a very long time. ( not unique to your builder)

They, however, neglected to adequately consider, as they were lending, that they were financing both sides...........and while they could protect themselves to a point, on one side, on the other, they remained exposed if property values fell.

They've actually weathered that remarkably well (so far).....but not without some pain and some ongoing risk.

 

[Undead]

They've actually weathered that remarkably well (so far)

Mm, but they're not weathering it. They're "frauding" their way through. The banks are giving people mortgages based on inflated boom time valuations, not the current market price, so precon investors can close.

Real estate developers and one major bank offering blanket appraisals in scramble to save preconstruction deals

Critics say blanket appraisals prop up the market and make purchasers take on more debt with no equity in their property.

www.thestar.com

Same as the extend and pretend they've been doing since interest rates went up and loads of people ended up with LTVs over 100% and negatively amortizing mortgages.

They'll do anything to save the pyramid.

 

[thaivic]

Mm, but they're not weathering it. They're "frauding" their way through. The banks are giving people mortgages based on inflated boom time valuations, not the current market price, so precon investors can close.

Real estate developers and one major bank offering blanket appraisals in scramble to save preconstruction deals

Critics say blanket appraisals prop up the market and make purchasers take on more debt with no equity in their property.

www.thestar.com

Same as the extend and pretend they've been doing since interest rates went up and loads of people ended up with LTVs over 100% and negatively amortizing mortgages.

They'll do anything to save the pyramid.

If they bought the unit for $1,000.000.00 and had a $200,000.00 deposit and the unit is now worth $800,000.00 in my opinion it's better to take the unit instead of losing the $200,000.00 and being sued by the developer.
The ones that are at a higher risk are the Banks if the borrower defaults.
I have been through many real estate corrections and over the long run the values will come up again.
In the late 80s i bought a property in Etobicoke in the low $400s and it then dropped to mid two hundreds and took almost 7 years to recover back to the same value, now that same property is worth over $2.5M plus even in this deflated market.

 

[Strange Advance]

I know I'm begging for a witticism involving Rip Van Winkle, but colloquially wake me up when there's actually some forward movement involving the towers.

 

[interchange42]

Surprise!

Front page story here, DB file updated above with pics like this:

42

 

[daptive]

Surprise!

Front page story here, DB file updated above with pics like this:

42

I mean…

High quality materials could make this tolerable I guess, but who am I kidding we know how this one will end up

 

[Rascacielo]

The Pinnacle development next door may never win the Pritzker Prize, but it's A LOT more imaginative than this pile of sterile towers.

 

[UtakataNoAnnex]

Cold and aloof usually makes for a bad date though...

 

[Skyhighzz]

At least put some colour in those towers. Architects-alliance seems terribly stuck in grey. Renderings are all extremely vague & washed out.
Take your cue from Rushden Station in Danforth Village. Try to stand out & look good, in prime downtown waterfront locale.

 

[TossYourJacket]

Surprise!

Front page story here, DB file updated above with pics like this:

42

That is the most a-A set of towers imaginable. Cold, bland, generic. Hopefully this doesn't move forward for a long time and when it does they hire an architecture firm that can design more than a generic glass box.

 

[christiesplits]

At least put some colour in those towers. Architects-alliance seems terribly stuck in grey. Renderings are all extremely vague & washed out.
Take your cue from Rushden Station in Danforth Village. Try to stand out & look good, in prime downtown waterfront locale.

Agreed. Something like Rushden Station would really help break up the monotony of blue and grey tones in the area.

 

[Amare]

This is so damn cold, generic, bland, sterile, unimaginative, lifeless, soulless, _______insert any other adjective.

Another piece of prime waterfront real estate is about to be wasted by a soul-sucking, washed up development that brings nothing of substantial benefit to the area.

Honestly, this is atrocious.

 

[Rascacielo]

This is so damn cold, generic, bland, sterile, unimaginative, lifeless, soulless, _______insert any other adjective.

Another piece of prime waterfront real estate is about to be wasted by a soul-sucking, washed up development that brings nothing of substantial benefit to the area.

Honestly, this is atrocious.

Let’s not pretend these towers are ‘timeless’ (adjective favored by developers to justify them). In a few decades they’ll age as gracefully as commie blocks.

 

[UtakataNoAnnex]

The injury to insult here is that they removed their only organic featured tower that would of least broke this up to something more interesting.

...and a-A should of really gotten into tombstone and monolith designing business instead. They would of been right at home here. >.<

 

[JayRonto14]

What a huge disappointment. One of the most plain looking rectangular boxes on such a prime location too... They could not make it anymore obvious with the lack of effort of the design here. What a shame this is.