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b_bear
New Member
meh
If your "cooling off" period isn't over concider pulling out! look at some other options.
if you want liberty village (which is a great area), look at buying something already built or look at something else. there are some good projects on the East Side as well.
If you like your floor plan, and the area, and you are patient, then stick it out and good luck to you
If your "cooling off" period isn't over concider pulling out! look at some other options.
if you want liberty village (which is a great area), look at buying something already built or look at something else. there are some good projects on the East Side as well.
If you like your floor plan, and the area, and you are patient, then stick it out and good luck to you
CGM
Active Member
Next couple of days for sure... I'll keep you guys posted
Rory
New Member
Forget it. They are a joke. Not only another economic feasibility extension letter. But they want everyone to waive the 24-month Tarion protection rights. How can they do that? Really thinking about backing out and going with someone else and bad mouthing these guys until they finish their last project (If they can ever get the first one finished HA!).
They should really just give everyone their money back and give up.
They should really just give everyone their money back and give up.
Urban Newbie
Active Member
If CanAlfa can't even get phase one of this uber-hyped project built, it will be a serious black eye for the company. Heck, with this "economic feasability" crap, it's ALREADY a black eye.
Can anyone with expertise in this area translate what specifically Can Alfa means when they extend the "economic feasability period"? Has anyone seen this before? Is it possible that CanAlfa will just cancel the project at this point? Hypothetically, what could that mean to the future of Liberty Village?
Can anyone with expertise in this area translate what specifically Can Alfa means when they extend the "economic feasability period"? Has anyone seen this before? Is it possible that CanAlfa will just cancel the project at this point? Hypothetically, what could that mean to the future of Liberty Village?
Mike in TO
Senior Member
The "economic feasability" extension could mean a couple things - it could mean that construction costs have increased to the point that they can't afford to build the project based on what may have been too low a selling price - essentially that the project may not the economically feasable to go forward in its current form.
It could also mean that there are financing issues and the project can't go forward until those are sorted out. If there are financing issues, that goes back to the first scenario of economic feasability and the banks are essentially nervous about lending money to a project that may take a loss. All the financial institutions have tightened credit over the past several months due to the issues happening south of the border - the spill over effect of that is that it's becoming harder for developers to get financing in Toronto.
Urban Newbie
Active Member
Thanks, Mike.
So, if the problem is indeed that construction costs have increased to the point they can't afford to build because the selling price was too low, CanAlfa may very well be trying to shake the tree - get as many buyers as possible to backout, then resell their units at a higher price (like what was done at the former Westside Lofts, I believe) to bring in more $$. Or is that just me being too cynical?
So, if the problem is indeed that construction costs have increased to the point they can't afford to build because the selling price was too low, CanAlfa may very well be trying to shake the tree - get as many buyers as possible to backout, then resell their units at a higher price (like what was done at the former Westside Lofts, I believe) to bring in more $$. Or is that just me being too cynical?
Mike in TO
Senior Member
It's a possibility... Without knowing the specifics - they may: a) be able to go ahead at some point with the project b) your scenario of reselling some units for a premium if some purchasers back out, or c) cancel the project.
Ca$trO
New Member
I called yesterday and talk to a lady she says that part of the delay was because the proposed direction of bliss was changed then changed back then i guess to cut cost they ended proposing to build the two buildings together instead of one at a time (which indicates to me this IS about construction costs) Also she said they made an error in asking for too short of a period with the last extention but believees they will not need till oct 31 to get this wrapped... she also indicated that its the paperwork blah blah thats holding things up cause of people on vaction etc...now i got a letter for extention but im bliss the LT people have it worse as now they are being asked to waive their Tarion rights which I would love to here what your lawyers say......if someone has good writing skills i would suggest writing to the media(condoguide mag, citytv realestate show,toronto star etc etc.) about this situation to see if we can put the spotlight on Canalfa and get some good info at the sametime... ill probably give this a go but it will take me a lil longer to put together a good letter.
during the whole conversation she insisted that i should not even think about letting my place go cause i stand to loose alot but then again i'm bliss which was sold at market price im sure LT peeps have more to loose if they back out so i suppose she's probably saying something different to those people since most LT people bought in 06.......
I'm just goin to start looking for another place while anticipating Canalfa will pull the plug on this but i would ask those with the tarion issue please keep us posted.......
Ca$trO
New Member
forgot to mentioned she said the other phases are independent of Bliss/LT and could possibly be built before Bliss/LT get off the ground theoretically.Their financing is completely seporate so this is a market value issue in my mind you LT people have a good fight ahead and the out come will affect BLiss peeps one way or the other.........
CGM
Active Member
I visited them today and they pretty much told me the same thing. They told me that there has been four extensions, but reassured me that the project is in no danger of cancelation as it sold "extremely well" ... The delays were because of the direction of the building and combining the construction of LT and Bliss. The new phases are still on schedule to be release in the fall.
As for the Tarion waiver... It's only for a few floors which "may" be completed after the 2 years max delay allowance
b_bear
New Member
Tarrion
this is in response to the Tarrion thing. "they want to waive the Tarrion warrenty"
Dont EVER EVER sign anything like that! you never know what could go wrong, and you can't protect yourself!!! ask yourself... how do I benifit by signing this! you don't!!!
I think it's Rogers TV, they have that "House calls" where you can call in. someone in this building needs to call and ask about waiving Tarrion!
Tarrion has seminars, you people should go to one, VERY educational!
this is in response to the Tarrion thing. "they want to waive the Tarrion warrenty"
Dont EVER EVER sign anything like that! you never know what could go wrong, and you can't protect yourself!!! ask yourself... how do I benifit by signing this! you don't!!!
I think it's Rogers TV, they have that "House calls" where you can call in. someone in this building needs to call and ask about waiving Tarrion!
Tarrion has seminars, you people should go to one, VERY educational!
b_bear
New Member
if anyone decides to pull out, there are great projects on the east side, SO close to down town! right on the streer car line. GREAT VALUE, so don't get too hung up about the equity
yvocam
New Member
I just wanted to clarify on what the letter meant for Liberty Tower purchasers. Tarion has a clause that if your closing date in Section 2(a) of your purchase agreement is more than 24 months to the actual closing date, and you suffered damages as a result of the delay, then you can make a claim of $5,000 maximum from the vendor. This is the part of the agreement that CanAlfa is requesting purchasers to waive so that they will not be liable for the claim up to $5,000.
Refer to Section 14 of the Agreement of Purchase.
Because Bliss purchasers signed their agreement at least a year after LVT went on sale, the 24 month Tarion limit on extension would not have impacted them until sometime in 2009, so the requested waiver was not required of Bliss purchasers.
I also heard from a very reliable source that the economic viability has been satisfied and they are just doing the paper work. Instead of getting the financing from CIBC, they had to go into syndicated borrowing; therefore, much more paperwork and multiple lenders.
Hope that help with your decision making.
Refer to Section 14 of the Agreement of Purchase.
Because Bliss purchasers signed their agreement at least a year after LVT went on sale, the 24 month Tarion limit on extension would not have impacted them until sometime in 2009, so the requested waiver was not required of Bliss purchasers.
I also heard from a very reliable source that the economic viability has been satisfied and they are just doing the paper work. Instead of getting the financing from CIBC, they had to go into syndicated borrowing; therefore, much more paperwork and multiple lenders.
Hope that help with your decision making.
b_bear
New Member
With this project people always "hear this" and "here that" from what ever sources. who knows whats fact and fiction!
I walked by the site today and with all the rain we had it's lake liberty village! that's a fact!
I walked by the site today and with all the rain we had it's lake liberty village! that's a fact!