toronto647
Active Member
Any update if occupancy is coming any closure or how construction is going at this site?
Union Margo (Aspen Ridge) - Real Estate -
- Thread starter toronto647
- Start date
StealthyArrow
Active Member
Unfortunately, I have no idea. I can tell you that as of July 2021 no progress has happened, and you cannot find this project anywhere on Aspen Ridge's website, but there's also still Aspen Ridge signage on site so i'm not sure if a sale of the lands have happened or if there was permit/application problems/etc. As of May 2020, this was recommended for approval so I assume it was approved, although Markham development applications are awful to sort through.
Nathan75
New Member
I spoke to the City of Markham in Dec 2021 and I was told that the plan is still under review and approval. The builder has submitted for an amendment to facilitate the construction of 20 storey building (The original plan was not for 20 storeys). The city official told me that they are likely to make a decision by Feb/Mar 2022. I did a follow-up today with them and will share if I receive any updates. Meantime, I have reached Aspen Ridge for the latest updates. At this time point we just have to hope for the best. The prices have already skyrocketed
and not sure what the builder may decide.
The site remains the same as the above pictures. No sign of any construction as of today.
The site remains the same as the above pictures. No sign of any construction as of today.
toronto647
Active Member
Do you think they would take back the units and sell them again at market price? Or can you explain what you're trying to say? (I am bit new to this..)
Nathan75
New Member
Since the base materials price have increased a lot, the builder may find it difficult to complete the project within the original cost, so they may drop this project and sell the land to someone else (It happened in the past with other builders) and return our deposits with interest or they may demand more money (Happened in Barrie recently) or they could build it.
Here is what I have received from Aspenridge yesterday.
Good afternoon,
Thank you for your email. Construction has not started yet.
Margo Purchasers were sent the Tarion Statement of Unavoidable Delay as a result of the pandemic, and at this time, we do not have an updated Occupancy date set.
Please wait for official correspondence from the Vendor that will advise of the revised dates.
On another question to the builder regarding why Margo project is not on their website, they responded 'It was removed, as we are sold out"
PS: I am fairly new to this as well.
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toronto647
Active Member
Since the base materials price have increased a lot, the builder may find it difficult to complete the project within the original cost, so they may drop this project and sell the land to someone else (It happened in the past with other builders) and return our deposits with interest or they may demand more money (Happened in Barrie recently) or they could build it.
Here is what I have received from Aspenridge yesterday.
Good afternoon,
Thank you for your email. Construction has not started yet.
Margo Purchasers were sent the Tarion Statement of Unavoidable Delay as a result of the pandemic, and at this time, we do not have an updated Occupancy date set.
Please wait for official correspondence from the Vendor that will advise of the revised dates.
On another question to the builder regarding why Margo project is not on their website, they responded 'It was removed, as we are sold out"
PS: I am fairly new to this as well.
Isn't Aspen Ridge a well known company and a name branded one? You think they would screw up the current buyers? They would ruin there reputation completely. I believe pre sales were in early 2019 same time as their crosstown development and thats much larger. I wonder if construction has started there?
Nathan75
New Member
Yes, their reputation is the only positive hope we have for now. Crosstown still shows on their website but Margo is not which makes bit worrying.
toronto647
Active Member
I spoke to Aspen Ridge this evening and they indicated the shoring has already commenced on their first 4 condos at the crosstown property. The first 2 buildings are sold out but are still on the website. I asked them why and they said cause the podium and penthouses are still to be launched. Idk if that helps in any way but just fyi
Nathan75
New Member
Thanks for the update. I am more interested to learn more about the Margo condo
toronto647
Active Member
Fair enough, do we know if shoring or excavation has started at Margo?Thanks for the update. I am more interested to learn more about the Margo condo
Nathan75
New Member
Nope, nothing as of today. They are yet to get approval from the City of Markham.
Message from Aspen Ridge customer care.
Thank you for your email. Construction has not started yet; the Vendor is working closely with the City of Markham to get authorization to start construction.
toronto647
Active Member
Just an FYI I received an update from senior levels of Aspen Ridge that the development at Margo will proceed and there will be no cancellations as Aspen Ridge's reputation is on the line. In regards to timelines that is very fluid based on covid and city approvals.
For anyone who bought here think about it this way... you are going to grow your equity significantly more with they delay of the project so you are only winning (only if you wanted to move in or need cash asap your kind of in a weird situation) so in a way congrats to the investors here! longer the better as they say in the pre-con game
For anyone who bought here think about it this way... you are going to grow your equity significantly more with they delay of the project so you are only winning (only if you wanted to move in or need cash asap your kind of in a weird situation) so in a way congrats to the investors here! longer the better as they say in the pre-con game
Nathan75
New Member
Let's hope for the best. It's a waiting game for now.
skhau
New Member
Did they mention when will be the approximate move in year?
toronto647
Active Member
Unfortunately no... Bet I am sure we can all sit here and make a good educated guess. Assuming permits and approvals have not been met we would be looking at at least 3 more years. So 2025 at the earliest. Just a guess tho!