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1 Bloor East, DEAD AND BURIED (Bazis, -2s, Varacalli)

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adma said:
Hey, "rock field". There's an idea. Stage concerts there. The House Of Lords can sponsor them
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Wow House of Lords are they still around.Havent been there since i was a hippie.Visions of getting my hair trimmed while listening to Led Zeppelin and Deep Purple at 180 decibels.
 
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Yes, the House Of Lords is still there, and still has the same atmosphere. It's a Toronto landmark, if you ask me. As for 1BE, it would take an awful lot for it NOT to get built. I mean, they've got city backing (nevermind permit delays, which are typical), they've pre-sold 80-85% of the units (and more importantly, they sold them at 800-1,000 psf during the condo frenzy at the end of 2007), and regardless of global economic uncertainty, they are at Yonge and Bloor, which is the epicentre of Toronto's subway transit and commercial activity. The Bloor Street 'beautification' plan is being implemented; CASA, BSN, Uptown, X, and Crystal Blu (also by BAZIS) are going up regardless of all the turmoil (also having substantially pre-sold). The big hiccup and most serious problem was the failure of Lehman Brothers, which was providing financing for the project. However, this has been addressed, with a European pension fund SUPPOSEDLY on board. And I say supposedly, because the deal appears to have not been finalized yet. However, given the rest of the facts about this project and location, I believe this final hurdle will be overcome by March. There is too much at stake for BAZIS to abandon ship now. By the time 1BE is topped out in 2014, the recession/financial armageddon/end of the world hysteria will be long over. My new mantra is: there are 6 1/2 billion people in the world, and they all have to live somewhere :)
 
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how could a unit owner 'pull' a deposit? The deposits are held in trust by the builder...As a buyer, once you have signed a contract, you break it, you lose your deposit....


By the time 1BE is topped out in 2014, the recession/financial armageddon/end of the world hysteria will be long over
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Good point...with some of these large projects, the recession could be long over before they are completed..
 
Deposits can't be "pulled", but I think he may have meant that purchasers can walk away from the deal, forfeiting the deposit. It would be a worst-case scenario that this would happen, in significant numbers, and I certainly don't think it will.

Archetype has reiterated some good points, which should not be lost sight of in the current negative atmosphere. Of course it's a tough time in the economy generally, and the real estate market in particular. Real estate tends to lag other sectors of the economy to some extent. But we've seen this before, and have come through it.
 
the only thing different in particular and unique to 1BE is that ......... there is a extremely HIGH % of investors in the 1BE purchasers (as reported in media) .... which tend to freak out much more than your typical condo end-user who is more likely to purchase buildings in BSN, Casa, Uptown, CrystalBlu, 18 Yorkville, Milan, 1 Bedford etc
 
rather_draconian said:
It would be so sad if it got cancelled....they've destroyed Roy Square and we'll be left with an ugly rock field for a while :(
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I'll take the ugly rock field over that building... In a year or so, when the economy bounces back, we'll have a second chance to develope that corner the right way.

Observer Walt said:
Deposits can't be "pulled", but I think he may have meant that purchasers can walk away from the deal, forfeiting the deposit.
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Forfeiting your deposit exposes you to a potential lawsuit by the builder for damages and breach of contract. This is more likely with condition of the economy as the builder will not be able to command the same price or sell the unit as quickly... so you may end up losing more than your down payment
 
If Bazis continues to extend their EV date beyond the extensions allowed in the contract (usually 6-12 months), then all the purchasers would have the option of pulling out and Bazis would have to return their deposit to them (plus interest) which would make this project fall apart pretty quickly. So if nothing happens by Dec.15/09 at the latest (which is a lot of time to find financing anyway) all the purchasers would be entitled to walk away.
 
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simuls said:
If Bazis continues to extend their EV date beyond the extensions allowed in the contract (usually 6-12 months), then all the purchasers would have the option of pulling out and Bazis would have to return their deposit to them (plus interest) which would make this project fall apart pretty quickly. So if nothing happens by Dec.15/09 at the latest (which is a lot of time to find financing anyway) all the purchasers would be entitled to walk away.
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Those purchasers/speculators will thank their lucky stars if that happens !
 
24 December 2008 photo update

What does this site need the most? A building...or a skating rink?

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If there's a significant delay, they're certainly going to have to find something to do with the space (parking lot would just be wrong). A skating rink would be kind of cool for the winter months. I don't know what they could do in the summer though..
 
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