Emerald City Condos (ELAD Canada) - Real Estate -

I don't think they send out or have sent out any notice in regards to the delays. The only things that I have received from them were notices/receipt that they cashed my cheques. LOL

I don't know. I might just wait it out and see. We'll see.
 
owner has come to contractual disagreement w/ preferred builder, definitly good potential for additional delay.
 
Last edited:
The Insider,
Thank you for the update... any way you could tell us anything else about that or more details? I'm dreading this now :(
 
Ancea said:
The Insider,
Thank you for the update... any way you could tell us anything else about that or more details? I'm dreading this now :(
Click to expand...

I cant say much, but good business practice suggest they would have a plan B, otherwise starting over with another builder could add time just to sign up trades, cross t's and dot i's.

Further to this, i believe they have used up all extensions to Tarion Warranty, so they have to deliver the units by a certain date now, simply put.
 
Last edited:
The Insider,
Thanks you anyways. I hope this won't add too long. I think in the contract it says that they can add up to 4 years to the estimated time without any consequences to them.
 
The Insider said:
in terms of schedule, phased occupancy was to start Feb 2013 and substantial completion June 2013.
Click to expand...

Where did you get the update from, Insider? Do you have the website link?

The First Tentative Date is Dec. 15th, 2011.

The Outside Occupancy Date, which the latest date by which the Vendor agress to provide Occupancy is Dec. 13th, 2013.

Notice of delay beyond the First Tentative Date must be given no later than: Sept. 15th, 2011, or else the First Tentative Occupancy Date automatically becomes the Firm Occupancy Date.

If the condominium is not complete by the Outside Occupancy Date (Dec. 13th, 2013), and the Vendor and the Purchaser have not otherwise agreed, then the Purchaser can terminate the transacation during a period of 30 days thereafter, which period could end as late as Jan. 14th, 2014.

It also says that the Purchaser entitles to get all the monies back plus interest. How much interest we will be getting if we get the money back?
 
Last edited:
The Insider said:
in terms of schedule, phased occupancy was to start Feb 2013 and substantial completion June 2013.
Click to expand...

Where did you get the update from, Insider? Do you have the website link?

The First Tentative Date is Dec. 15th, 2011.

The Outside Occupancy Date, which the latest date by which the Vendor agress to provide Occupancy is Dec. 13th, 2013.

Notice of delay beyond the First Tentative Date must be given no later than: Sept. 15th, 2011, or else the First Tentative Occupancy Date automatically becomes the Firm Occupancy Date.

If the condominium is not complete by the Outside Occupancy Date (Dec. 13th, 2013), and the Vendor and the Purchaser have not otherwise agreed, then the Purchaser can terminate the transacation during a period of 30 days thereafter, which period could end as late as Jan. 14th, 2014.
 
newbuyer ... I think it is pretty clear the 'tentative' occupancy date of December 2011 is completely impossible ... just wait to receive your notice of delay letter ~
 
I know, Solaris. It's impossible. This is just sucks. Do you know how to assign the condo to someone else if I want to get out from it? Do I need to find the buyer myself or the vendor will find it for me and I just pay the assignment fee?
 
you'll have to find a buyer of your assignment unit yourself (or get a agent to do it for you)
 
Solaris said:
you'll have to find a buyer of your assignment unit yourself (or get a agent to do it for you)
Click to expand...

I see.

How do you find out about the current selling/market price for a particular unit that has been sold out by the developer? I need to know what is the current market price for my unit.
 
newbuyer said:
I see.

How do you find out about the current selling/market price for a particular unit that has been sold out by the developer? I need to know what is the current market price for my unit.
Click to expand...

There is no real way to know what your specific unit has sales for, as most deals are not registered under the MLS system at this stage.

The best way to sell an assignment is to find out what the area is selling for, and market your property less then that. You need to give people a reason to buy your assignment that may not close for a few years, versus resale that they can close generally soon.

On top of that, you need to agressively market it. There are ways. PM me if you want more specific information.
 
DCN Report has Owner acting as the Construction Manager, ie they are acting as the developer and the builder, good luck to them!!!

For a Point of reference, Tridel has their construction Arm Deltera, Great Gulf has their construction arm Tucker HiRise,

ELAD Canada has ELAD Canada, would imagine they are going to be doing some hiring, thats for sure.

http://www.dailycommercialnews.ca/cgi-bin/top10.pl?rm=show_top10_project&id=8940bef91873b51439d13dc3f0e31f9364885692&projectid=9073704&region=ontario
 
The Insider said:
DCN Report has Owner acting as the Construction Manager, ie they are acting as the developer and the builder, good luck to them!!!

For a Point of reference, Tridel has their construction Arm Deltera, Great Gulf has their construction arm Tucker HiRise,

ELAD Canada has ELAD Canada, would imagine they are going to be doing some hiring, thats for sure.

http://www.dailycommercialnews.ca/cgi-bin/top10.pl?rm=show_top10_project&id=8940bef91873b51439d13dc3f0e31f9364885692&projectid=9073704&region=ontario
Click to expand...

Isn't the original builder Lewis Builds? I remembered Lewis Builds built the two rental replacement buildings http://www.urbandb.com/company/lewis-builds/

And now the owner is acting on the construction side too, what does it mean?
 
You must log in or register to post here.

Back
Top