Issues w/Cresford Development HQ

[Yossi Kaplan MBA]

wow. I just called Cresford, identified myelf as "Yossi Kaplan of Harvey Kalles Real Estate" and asked to speak with the person dealing with contract and assignments. The receptionist did not understand what I was talking about at all. So far, that's understandable.

I was transferred to "assistant sales manager" which did not answer the phone. I pressed "0" and asked to speak to someone that is currently at the office. The receptionist said there is no one available to speak with me and she already sent me to the right person. She was getting abrupt and ruder. I asked if there is anyone at the office but she keeps beating around the bush and hung up on me.

So I called again and no longer then 20 seconds into the conversation got hung up on again. She would not even give me her name just said "it's not important".

The third time I called the receptionist did not even picked up the phone. Yes I know it's Friday towards 5pm - wouldn't you expect a company at the size of Cresford to give a better customer service to the Realtors who are selling their product?

If anyone had issues with Cresford please share them. Note that the sales centre always picks up the phone - you can never get to sales people they are always busy, but they do get back to you.

If anyone else had issues w/Cresford head office please share your experience. I find it hard to believe that a company that size would treat me as such... hopefully it is that individual and not the entire company... Guess we'll know better from their response (or lack thereof).

YK

 

[dventura]

Yes, I had issues although not as bad when I bought my unit at CASA. I bought a Milano unit for $307K, at the time that I bought they were selling the Napoli unit for I beleive $356K. During my 10 day period they raised the prices of the Milano to I beleive $343K and the Napoli to $378K. A $49K increase on my unit and a $22K raise on the Napoli. I may be off by a few K but my point remains, I changed my mind and thought I'd rather have the 2 bedroom and asked them the day after they bumped the rates if I could have the Napoli for $356K and give up my Milano that they now had less of than Napoli's and had just raised by over 40K. They told me at the sales office that they couldn't so I tried to call Cresford and left a message with whoever had any authority over that and I never even got a call back. I would have thought it would make business sense for them to switch me to a unit that they thought they could get $22K difference more on.

 

[SpadinaBus]

Yossi,
I am worried. You are supposed to be representing clients and supposedly in the know on whom to watch out for in the development world. There is a reason why Cresford didn't pay up this year to be in the JD Powers survey. Why pay to be told you are at the bottom of the heap once again?

For those of you reading this who are doing business with Cresford, document everything in writing, do not assume that they will do the right thing, do not assume that a "business decision" will be made because that makes sense. Nothing makes sense with Cresford.

For those doing PDI's, do not accept any verbal promises, do not let them write down items vaguely in the PDI that you don't agree with, expect that they will manipulate Tarion reps in their favour if you have any complaints, EXPECT THE WORST right off the bat so that you won't be disappointed.

 

[Josef]

My partner had many problems with a Cresford's Windermere by the lake condo. Items were still not addressed even after living there for over a year. I urge anyone interested in their projects to reconsider.

 

[dt_toronto_geek]

Yossi,
I am worried. You are supposed to be representing clients and supposedly in the know on whom to watch out for in the development world. There is a reason why Cresford didn't pay up this year to be in the JD Powers survey. Why pay to be told you are at the bottom of the heap once again?

For those of you reading this who are doing business with Cresford, document everything in writing, do not assume that they will do the right thing, do not assume that a "business decision" will be made because that makes sense. Nothing makes sense with Cresford.

For those doing PDI's, do not accept any verbal promises, do not let them write down items vaguely in the PDI that you don't agree with, expect that they will manipulate Tarion reps in their favour if you have any complaints, EXPECT THE WORST right off the bat so that you won't be disappointed.

I'm not so sure about manipulating Tarion's reps. but having been through this process myself several times I can attest to the rest of SpadinaBus's excellent advice for any developer.

I'd like add, don't let them rush you through your PDI, bring a camera and photograph anything of concern and note every minor defect, scratch etc. that you notice, as insignificant as it may seem at the time. Bring a second set of eyes, like a family member or friend who won't be as overwhelmed as you will be when you walk into your new home for the first time.

 

[maestro]

bring a highly recommended home inspector. (although maybe not as needed with condos)

 

[izomax]

The price of CASA has already dropped in the resale market

I've seen investor trying to unload the unit for 250K

 

[cdr108]

The price of CASA has already dropped in the resale market

I've seen investor trying to unload the unit for 250K

what model/size?

 

[safeashouses]

The price of CASA has already dropped in the resale market

I've seen investor trying to unload the unit for 250K

It's not just the CASA friends...the speculative bubble in pre-constructions units all across the GTA is quickly coming unwound...

See the following chart for evidence of 9% drop in the Cityplace and Fort York through the first 8 months of 2009 over 2008:

http://www.theglobeandmail.com/real-estate/a-swift-turnaround-in-resale-housing/article1300300/

 

[MadMax]

It's not just the CASA friends...the speculative bubble in pre-constructions units all across the GTA is quickly coming unwound...

See the following chart for evidence of 9% drop in the Cityplace and Fort York through the first 8 months of 2009 over 2008:

http://www.theglobeandmail.com/real-estate/a-swift-turnaround-in-resale-housing/article1300300/

And what's your point here? The financial district is up 11%, Moss Park up 16%, and the Distillery District up 23%....some places are up and some are down, big deal...

 

[cdr108]

It's not just the CASA friends...the speculative bubble in pre-constructions units all across the GTA is quickly coming unwound...

See the following chart for evidence of 9% drop in the Cityplace and Fort York through the first 8 months of 2009 over 2008:

http://www.theglobeandmail.com/real-estate/a-swift-turnaround-in-resale-housing/article1300300/

what are you basing that statement on?
i haven't seen/heard any pre-construction giving major discounts to entice buyers since spring.

CP and Fort York is understandable ... too many units/density and average finishes for most of the projects there.

 

[safeashouses]

what are you basing that statement on?
i haven't seen/heard any pre-construction giving major discounts to entice buyers since spring.

CP and Fort York is understandable ... too many units/density and average finishes for most of the projects there.

Lenders are finally tightening up. Check out the Globe...

 

[Xenosblitz]

I'm interested in whether the average size of the houses/condos being compared year over year are the same. It seems logical to me that if there happened to be one or two expensive houses/condos being sold in the same period the previous year, it will skew the average a bit. Even if there are no outliers, there can be a general trend towards the selling of smaller units or larger units, which will also distort the picture.

I think the best comparison would be houses sold on the same street and the same condition/size being compared year over year. But this could be wishful thinking to get detailed stats like this.

 

[cdr108]

I'm interested in whether the average size of the houses/condos being compared year over year are the same. It seems logical to me that if there happened to be one or two expensive houses/condos being sold in the same period the previous year, it will skew the average a bit. Even if there are no outliers, there can be a general trend towards the selling of smaller units or larger units, which will also distort the picture.

I think the best comparison would be houses sold on the same street and the same condition/size being compared year over year. But this could be wishful thinking to get detailed stats like this.

Canada's closest measure to the US's Case-Shiller index is National Bank Teranet Index.

 

[Yossi Kaplan MBA]

Yossi,
I am worried. You are supposed to be representing clients and supposedly in the know on whom to watch out for in the development world. There is a reason why Cresford didn't pay up this year to be in the JD Powers survey. Why pay to be told you are at the bottom of the heap once again?

The issue was with the receptionist at HQ. We did not have issues with the sales centre as described in my post and we are still representing clients at both Casa and BSN.

Think of a large bank - you still have your account with them even if you had an issue. If the issue repeats then it's time to call the person at the top floor.

YK.