Toronto SIX50 King West | ?m | 16s | Freed | Core Architects

There is no question that this project appears to be a big question mark right now. If they had the ability to start construction, they most certainly would have started it already. Delay costs them money. Dont expect any answers from the sales centre. They have been telling me for over a year that construction was going to start any day. In fact, they said that as far back as when the building on King Street was demolished, which I believe was the summer of 2008 as I recall. Obviously not true. Then when the hoarding went up, they said the same thing to me. The developer is now pushing the deadline for completion as far away as he legally can, and there is question if they can even finish construction in that time.
 
Relax, it'll probably start as soon as they're done with 550 Wellington.

They have a deadline to complete that project for Thompson Hotels, so it's logical that they would focus their attention on it rather than starting a third project with two already underway and close to completion.

Also, welcome to the chorus of thousands of condo buyers who complain about delayed start/move-in dates and not getting straight answers from the sales office. This happens everywhere. Check any other condo thread on this forum if you don't believe me. There is nothing unusual about this.
 
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That doesnt change the fact that if the project ever starts, it will not be until spring 2010 at the earlist, and it will take them a minimum 2 years to build from that date. it has taken them longer than 2 years to build other projects. Its also not logical that construction be put off until after 550 wellington is completed. they are separate projects with separate financing.
 
I sympathize if you haven't made other housing arrangements for this (extremely common) contingency, but it's generally not wise to base decisions on construction dates provided by sales people. I agree that this is a problem and it's frustrating when developers won't give customers more realistic timelines.
 
Thanks, I made alternate plans a while ago because it was obviously not happening here. I dont believe that the sales staff were just misinformed. It seems blantantly misleading when they told people a long time ago that construction was going to start any day, when it it is over a year later now and it still hasnt started. They have personally told me this twice. They also advertised quite some time ago that over 80% of the units were sold, which I highly doubt because the financing would have been in place back then. When purchasers put a lot of money and emotion into a purchase, they deserve to be told the truth.
 
Sorry I do not mean to sound like I am arguing with you if I came across like that. I agree with everything you have said and understand that delays are common. However, being lied to is another thing.
 
grey said:
Relax, it'll probably start as soon as they're done with 550 Wellington.

They have a deadline to complete that project for Thompson Hotels, so it's logical that they would focus their attention on it rather than starting a third project with two already underway and close to completion.

Also, welcome to the chorus of thousands of condo buyers who complain about delayed start/move-in dates and not getting straight answers from the sales office. This happens everywhere. Check any other condo thread on this forum if you don't believe me. There is nothing unusual about this.
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the hotel will not be completed until late spring/early summer 2010...at least that's what I've been told by those working at FREED
 
iggypop said:
Thanks, I made alternate plans a while ago because it was obviously not happening here. I dont believe that the sales staff were just misinformed. It seems blantantly misleading when they told people a long time ago that construction was going to start any day, when it it is over a year later now and it still hasnt started. They have personally told me this twice. They also advertised quite some time ago that over 80% of the units were sold, which I highly doubt because the financing would have been in place back then. When purchasers put a lot of money and emotion into a purchase, they deserve to be told the truth.
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You think that's misleading? Wait until you see what your unit looks like in 2013 when it's finally completed, looks nothing like you expected and probably worth 20% less than you paid!

I sympathize with you Igg, but this is why I always tell people not to buy pre-construction. Would you buy a pre-construction vehicle for 1/10 the price without seeing a demo or taking a test drive?

Common sense to me....
 
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safeashouses said:
You think that's misleading? Wait until you see what your unit looks like in 2013 when it's finally completed, looks nothing like you expected and probably worth 20% less than you paid!

I sympathize with you Igg, but this is why I also tell people not to buy pre-construction. Would you buy a pre-construction vehicle for 1/10 the price without seeing a demo or taking a test drive?

Common sense to me....
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What makes you think it won't look as the buyer expects and why do you think it will be worth 20% less?
 
I agree...it is likely worth considerably more now (if it was built) than what I paid. The market could change of course, but right now its red hot and prices are higher than ever. He may be right about how long it takes to build, but the final layout should be what I agreed to. Of course, there are cases when people do not get what they asked for, and there are remedies that one can take in that situation. I have seen Freed's other buildings and was really impressed with them, which I why I bought into this one. I think he is the best builder on King West for the style that I like. Unfortunately, this project is delayed, but in the end hopefuly things will work out.

Buying pre-sale can be a huge benefit if it works out in the end. I know many people that made a lot of money by buying pre-construction. If it is your primary residence and it increases in value, then the increase is tax free so that is a benefit that cannot be beat, unlike a car since it does not increase in value. Real estate is obviously tricky at times depending on the market and interest rates, but in the end, its usually the best investment by far. This property is also in a great, high demand location. Although I am frustrated with the delay, there is still reason to believe that this will be an amazing building when it is done, and that the value of it will be signifcantly higher than what I paid.
 
iggypop said:
There is no question that this project appears to be a big question mark right now. If they had the ability to start construction, they most certainly would have started it already. Delay costs them money. Dont expect any answers from the sales centre. They have been telling me for over a year that construction was going to start any day. In fact, they said that as far back as when the building on King Street was demolished, which I believe was the summer of 2008 as I recall. Obviously not true. Then when the hoarding went up, they said the same thing to me. The developer is now pushing the deadline for completion as far away as he legally can, and there is question if they can even finish construction in that time.
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That part about the developer pushing back the deadline as far as he legally can...does anyone know when that might be? I'm just wondering how much longer this could stretch out for. 'Frusterated' is an understatement because the letter I received said I'd be able to move in in January 2012 (which is over 4 years since I signed). This is obviously b/s (for so many reasons!), but I'm just curious if anyone has any legal insight to how much longer we're stuck in this situation? I can't rely on these letters as any indication of truth or accuracy, but I would like to know a legal date so at least I can look forward to that.

Thanks
 
Check your Agreement of Purchase and Sale and see how many months they can extend the EV condition. After that final date (say 24 months from original EV date), you can pull the plug and get your deposit plus interest back.
 
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