Brampton UPtowns at Heart Lake | ?m | 4s | VANDYK

Deanfeb said:
Noo .. just need out of that project
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Spoke with KSV.

Notes:
- uptown’s won’t be sold, they are managing the project, nor will it be cancelled
- the lenders are determining if they need more money out of the project
- currently nothing is changed
- ultimately: it can continue as is, or more money will be asked
- if more money is asked, we will have the opportunity to back out and get deposits back
- if money is not asked, then purchase agreement remains in tact and we cannot back out
- I understand it’s moving fast, so we will likely know what is going by May, possible even April
 
jbaa1 said:
Spoke with KSV.

Notes:
- uptown’s won’t be sold, they are managing the project, nor will it be cancelled
- the lenders are determining if they need more money out of the project
- currently nothing is changed
- ultimately: it can continue as is, or more money will be asked
- if more money is asked, we will have the opportunity to back out and get deposits back
- if money is not asked, then purchase agreement remains in tact and we cannot back out
- I understand it’s moving fast, so we will likely know what is going by May, possible even April
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- if more money is asked, we will have the opportunity to back out and get deposits back. In this case, there will be amendment in the contract. for sure they will change the dates as well. I will decline the offer.
 
SRAMP said:
- if more money is asked, we will have the opportunity to back out and get deposits back. In this case, there will be amendment in the contract. for sure they will change the dates as well. I will decline the offer.
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I’m on your side here.

If even any change is made : time or money … I’m out. And I believe many feel the same.
 
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jbaa1 said:
Spoke with KSV.

Notes:
- uptown’s won’t be sold, they are managing the project, nor will it be cancelled
- the lenders are determining if they need more money out of the project
- currently nothing is changed
- ultimately: it can continue as is, or more money will be asked
- if more money is asked, we will have the opportunity to back out and get deposits back
- if money is not asked, then purchase agreement remains in tact and we cannot back out
- I understand it’s moving fast, so we will likely know what is going by May, possible even April
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just curious If uptowns is not sold, who would oversee the construction process. will it be Vandyk or KSV? but, It seems like Vandyk is totally out of business.
 
Deanfeb said:
The docs say KSV will oversee , Vandyk is history!
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Yep!

Externally, lenders may also be making claims and have lawsuits outside of Uptowns, targeting personal and other business assets of VANDYK; in and out of Canada. Cash, assets, bank, investments, estate, family, etc.

I think Uptowns project is just one piece of this entire equation re VANDYK.
 
@jbaa1 Just for laughs...Still calculating your Oasis investment. Let say they don't ask for more money (I doubt) and assuming you can close. You bought at $570k. For simplicity, Development charges assuming you capped at $10k. Other closing cost at $15k. Total cost $595k. FMV is $720K. Forget about occupancy fee being crazy atm. You rent it out and pray the market becomes better. But New CG tax ain't encouraging.

If you sell the assignment. Purchased at $570k, assuming you sell at $700k assignment. Realtor cost $35k (5%), assignment fee $5k, flipper tax on 100% of your net profit.

It's crazy to be an investor in real estate at this time.

I'm sure you were drooling over your estimated profit during the pandemic when similar properties was selling for $850 to $900k and no flippers tax 😁
 
gquest said:
@jbaa1 Just for laughs...Still calculating your Oasis investment. Let say they don't ask for more money (I doubt) and assuming you can close. You bought at $570k. For simplicity, Development charges assuming you capped at $10k. Other closing cost at $15k. Total cost $595k. FMV is $720K. Forget about occupancy fee being crazy atm. You rent it out and pray the market becomes better. But New CG tax ain't encouraging.

If you sell the assignment. Purchased at $570k, assuming you sell at $700k assignment. Realtor cost $35k (5%), assignment fee $5k, flipper tax on 100% of your net profit.

It's crazy to be an investor in real estate at this time.

I'm sure you were drooling over your estimated profit during the pandemic when similar properties was selling for $850 to $900k and no flippers tax 😁
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Haha tbh I remained grounded because I knew the project (best case scenario) would be delayed until at least 2023. With interest going to basically 0%, it was pretty obvious what was going to happen lol. I did think the prices would come back down to 700k range. And I was actually aiming to close and hold onto the project.

Since all of this craziness though, I’m just trying to get out asap - factoring VANDYK, project, other directions I decided to go since. I will either cancel the contract and get my deposit back if terms change, assign sale, or close and sell. Either way I’m out lol.

Plus this market is so whack with interest rates, newly implemented changes, insane inflation, etc.
 
Thanks for all the updates everyone! I am definitely waiting to take all of our down payment back & not choosing any other option!
 
Guys, all things considered - do you think I should hold on and wait given the option? I am a FTHB and I bought Oasis at 570k in '18. I was pretty young at the time so I didn't mind the wait until 2023 so it's been bonus up until now, but I've been renting since Sept '23 waiting for further direction from KSV. If I take the deposit back, even with my additional savings I'm priced out of similar units in today's market. Even if they ask for more money, I'm not getting much in the GTA for even 620k. It's really tempting to just bite the bullet since I've already waited this long, are there any fatal flaws you guys foresee that justify taking the money and running, or do you guys think based on my life situation that I should just hold on and see this thing through until closing? Either way I won't be able to buy sh*t within the next year.
 
athundo said:
Guys, all things considered - do you think I should hold on and wait given the option? I am a FTHB and I bought Oasis at 570k in '18. I was pretty young at the time so I didn't mind the wait until 2023 so it's been bonus up until now, but I've been renting since Sept '23 waiting for further direction from KSV. If I take the deposit back, even with my additional savings I'm priced out of similar units in today's market. Even if they ask for more money, I'm not getting much in the GTA for even 620k. It's really tempting to just bite the bullet since I've already waited this long, are there any fatal flaws you guys foresee that justify taking the money and running, or do you guys think based on my life situation that I should just hold on and see this thing through until closing? Either way I won't be able to buy sh*t within the next year.
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I’d recommend closing no matter what, given your scenario.
 
ruru123456 said:
do they have to issue new contracts to everyone regardless of if they increase the price or not?

if they do issue new contracts with no price increase are we able to back out?
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If terms change , yea they will need to - or amendment

If not; then no
 
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