Discussion in 'Real Estate - Individual Project Threads' started by someMidTowner, Oct 6, 2014.
Thread for those interested in purchasing at 5959 Yonge Street
Based on all the indications 5959 is dead, especially there is not disclosure between The City and the developer. This is their deal. What imagination it can be?!
I will not be easy to make the deal dead. Class action will be waiting for the developer.
I feel the developer is very well protected due to the contract agreement. I also don’t think the project is dead yet. They will hopefully make a decision by the end of the year. I doubt that the developer enjoys wasting time if there was no potential.
so they say tentative move in is July 2019? How is that possible? no zoning permit yet more realistic is another 2.5 - 3 years
I am pretty sure they can cancel the project give deposits back and that is it like they did in cosmos vaughan
This project is kind of different from cosmos. All depends whether the developer acted in good faith.
I believe they did act in good faith. They had no idea that it would be this difficult to get this permit, otherwise they would have cancelled the project already.
I do not understand on what basis your believe was established.
I believe that they thought they would obtain a permit which is why they continued to sell. I do not understand why you would think it was in bad faith. The developer would have no reason to procrastinate this project because each day they keep losing money and time.
Really? The developer keep losing money everyday? Do u know what kind of permit the builder is seeking for? Do u know how many buildings the project consists? How many amendments the developer have made? From what you said, it seems that you represent the builder and test the public response.
all Of the information is readily available to you on OMB site. I also care very little about how the public is taking this. The project is essentially sold out, so at this point the only thing left to do is wait to see if they get a permit or not. You also sound very upset by how everything is turning out with this project, but do understand that people who buy into a preconstruction are taking on a significant risk with their money.
what is the logic behind buying pre construction nowadays? so many unknowns: permit issues, delays, you buy blueprint and etc . Just buy resale. At least you see what you get.
I doubt that occupancy will be july 2019 and that is more than 4 years since they started selling.
The developer is unable to obtain the zoning approval for sure until today, also there is no sign that they have or will have settlement with The City, so the appeal moved to OMB and get stuck there. Both of them just keep quite: no comments to the buyers and the public!