karledice
Active Member
If you buy under a company, you walk away from deposit and can declare bankruptcy to the company.
Toronto 252 Church | 166.1m | 52s | CentreCourt | Arcadis
- Thread starter Marcanadian
- Start date
ImmenselyMental
Active Member
Considering this thread started in March 2020, this project went up quite quickly, as with other CentreCourt projects. Here is a photo from the northeast corner of Church and Richmond today:
To me, the perspective of this photo resembles the cover art for this song I have been listening to for the past week:
genius.com
To me, the perspective of this photo resembles the cover art for this song I have been listening to for the past week:
David Guetta & Alesso (Ft. Madison Love) – Never Going Home Tonight
[Verse 1] / Heatwave state of mind / Said DJ play that sad song one more time / After afterparty high / I keep searching for the signs in the neon light / [Pre-Chorus] / We're
genius.com
Cladding the mechanical penthouse
ProjectEnd
Superstar
Is FOMO a legal term? To be clear, you're certainly on the right track here, but you've lost the plot. As @innsertnamehere has correctly stated: nobody forced anyone to sign the contract. Purchasers, dumb as they might be, did that of their own volition and when (not if, when) CentreCourt takes them to court, they will be made to pay.
We will sue you. CentreCourt is in proceedings with like a quarter of the 'buyers' in this building.
Jesus Christ, dude. Again, you're right on most of the facts, but that's quite an opening sentence there...
Then we sue the company and its directors. The system isn't set up to enable purchasers to do this kind of thing.
Northern Light
Superstar
Northern Light
Superstar
As to the investment-related discussion above...........while most of statements are substantially or entirely correct as far as they go.....
It really brings me back to the idea that I don't like pre-con financing at all; in part because its gone from primarily end-user (resident) buyers to majority investors who intend to rent, short-term rent, and/or flip.
This drives the situation we find ourselves in with inordinate numbers of studios as well as nominally larger apartments that have the ft2 of a studio from 20 years ago.
I realize it would turn the market upside down, but I"d like to see buildings of multi-res forced to sell a completed product to the end customer.
Aside from kiboshing the current sales regime, I would eliminate the primary residence capital gains exemption, and/or cap it, such that flipping was not profitable for most people.
I also maintain a strong desire to see minimum unit sizes mandates.
****
Once we've addressed the above, we have to address the not unique to Kingsett who have it down to an art zone and flip that spikes real estate values irrationally that then have to be baked into end price.
While many would groan, I'd like to just abolish the OLT entirely; or failing that reform it so that it serves it originally intended purpose (as the OMB et al.) which was to be check against corruption/extraction of bribes/kickbacks, or decisions/indecisions of Council(s) that are inconsistent with due process of law.
****
Finally, I'd like to see investors better protected from themselves by not allowing the kind of leverage we see in the market today.
Instead of forcing you to buy mortgage insurance if you have less than 20% down payment, I would simply require every purchaser to have a 20% down payment.
I'd also like to see variable rate mortgages outlawed, and terms can only be under 10 years if the debt will be fully paid within that period.
You must also have sufficient resources that a 10-year mortgage will pay off no less than 50% of the principle. This more or less prevents people from ending up 'under water', since
they would be a 60% owner (minimum) when their mortgage comes up for renewal.
It really brings me back to the idea that I don't like pre-con financing at all; in part because its gone from primarily end-user (resident) buyers to majority investors who intend to rent, short-term rent, and/or flip.
This drives the situation we find ourselves in with inordinate numbers of studios as well as nominally larger apartments that have the ft2 of a studio from 20 years ago.
I realize it would turn the market upside down, but I"d like to see buildings of multi-res forced to sell a completed product to the end customer.
Aside from kiboshing the current sales regime, I would eliminate the primary residence capital gains exemption, and/or cap it, such that flipping was not profitable for most people.
I also maintain a strong desire to see minimum unit sizes mandates.
****
Once we've addressed the above, we have to address the not unique to Kingsett who have it down to an art zone and flip that spikes real estate values irrationally that then have to be baked into end price.
While many would groan, I'd like to just abolish the OLT entirely; or failing that reform it so that it serves it originally intended purpose (as the OMB et al.) which was to be check against corruption/extraction of bribes/kickbacks, or decisions/indecisions of Council(s) that are inconsistent with due process of law.
****
Finally, I'd like to see investors better protected from themselves by not allowing the kind of leverage we see in the market today.
Instead of forcing you to buy mortgage insurance if you have less than 20% down payment, I would simply require every purchaser to have a 20% down payment.
I'd also like to see variable rate mortgages outlawed, and terms can only be under 10 years if the debt will be fully paid within that period.
You must also have sufficient resources that a 10-year mortgage will pay off no less than 50% of the principle. This more or less prevents people from ending up 'under water', since
they would be a 60% owner (minimum) when their mortgage comes up for renewal.