Union Margo (Aspen Ridge) - Real Estate -

[Nathan75]

Have people emailed for the additional benefits yet?

Anyone go to their lawyer before emailing them or is that pointless?

They are offering a lumpsum amount on top of the interest to avoid any potential lawsuit. Don't know if anyone is willing to move forward with a lawsuit.

 

[toronto647]

They are offering a lumpsum amount on top of the interest to avoid any potential lawsuit. Don't know if anyone is willing to move forward with a lawsuit.

How much is the lump sum of the deposit? Are they matching the deposit at least?

 

[MDF]

Spoke to Tarion and they indicated that when they Aspen Ridge sent the unavoidable delay notice back in 2020 they paused the critical dates in the tarion docs. Therefore protecting them from proceeding with the project. This worked to their favour because of Covid and city delays due to secondary plan changes. The city of Markham put a hold on all permits back in late 2019 until the secondary plans would be completed. The city is finalizing the mount Joy secondary review in the next couple months the builder terminating original APS and most likely launching a new project in the near future at higher Psft.

 

[toronto647]

Spoke to Tarion and they indicated that when they Aspen Ridge sent the unavoidable delay notice back in 2020 they paused the critical dates in the tarion docs. Therefore protecting them from proceeding with the project. This worked to their favour because of Covid and city delays due to secondary plan changes. The city of Markham put a hold on all permits back in late 2019 until the secondary plans would be completed. The city is finalizing the mount Joy secondary review in the next couple months the builder terminating original APS and most likely launching a new project in the near future at higher Psft.

So basically Aspen Ridge screwed the investors.. They could have waited a few more months and just built the same building or given the same units again and just added more floors if they really wanted to. Where is CBC and CP24 news lol

 

[Solaris]

Cash incentive offered in addition to the interest and the amount may vary on the deposit structure I guess. They offer this to save their reputation and to avoid any potential lawsuits.

I'm quite certain there are no grounds for lawsuits ... please talk to your condo lawyer and review your Purchase Sale Agreement ... its iron clad (just in case issues like this happen)

good luck to all of us purchasers

 

[ssinvestments]

I'm quite certain there are no grounds for lawsuits ... please talk to your condo lawyer and review your Purchase Sale Agreement ... its iron clad (just in case issues like this happen)

good luck to all of us purchasers

Yeah I can't think of a reason for grounds for a lawsuit from the other thread someone apparently spoke to Tarion about this and seems like they protected themselves with the unavoidable delay status. I mean I am not surprised they did that mostly coming from a big builder so I am guessing our best bet is to accept the cash incentive than walk away with nothing?

 

[Solaris]

Yeah I can't think of a reason for grounds for a lawsuit from the other thread someone apparently spoke to Tarion about this and seems like they protected themselves with the unavoidable delay status. I mean I am not surprised they did that mostly coming from a big builder so I am guessing our best bet is to accept the cash incentive than walk away with nothing?

compared to other cancelled projects (ie: Cosmo/Icona) i believe Aspen Ridge is the only one to offer cash incentive payment as a good will gesture for purchaser PR ... which legally they don't have to i think

I know the $10k + that we purchasers receive is nothing compared to the $100k + property value appreciation (had Margo been built), but it is certainly not 'nothing' ... by my rough calcs, the incentive payment will cost Aspen Ridge somewhere around $10 million given the size of this project

 

[MDF]

Aspen ridge could have given the owners the choice if they wanted a refund of their original deposits or to keep the deal with new dates for expected occupancy. They will know shortly what is happening in the area with the city new secondary plan. The builder could of waited and submitted a application for permit and the city would of approved their application i can’t see the city not grant them the permit. They could of sent out new dates once they knew they had the permit in hand . I guess WHY would they do that if they can relaunch the units from 800$ psft to over 1000$ psft do the math they would probably break even at 800$ psft. Lesson learned if a builder hasn’t obtained zoning approval when your considering buying their unit your gambling. Very disappointed and nothing surprises me anymore especially when they say that builder wants to protect their reputation they want to protect their coffers at the expense if their customers. Bad business !!!!!!!!

 

[Joyce Yang]

10k x 120 ish unit is not 10million

 

[toronto647]

Aspen ridge could have given the owners the choice if they wanted a refund of their original deposits or to keep the deal with new dates for expected occupancy. They will know shortly what is happening in the area with the city new secondary plan. The builder could of waited and submitted a application for permit and the city would of approved their application i can’t see the city not grant them the permit. They could of sent out new dates once they knew they had the permit in hand . I guess WHY would they do that if they can relaunch the units from 800$ psft to over 1000$ psft do the math they would probably break even at 800$ psft. Lesson learned if a builder hasn’t obtained zoning approval when your considering buying their unit your gambling. Very disappointed and nothing surprises me anymore especially when they say that builder wants to protect their reputation they want to protect their coffers at the expense if their customers. Bad business !!!!!!!!

Big time class action law suit by the investors is what I am predicting... Even tho the Agreement of Purchase document may be iron clad, it doesn't mean purchasers can't sue Aspen Ridge. There is no way Aspen Ridge would want to see this spill over in a public court setting especially in front of CBC and CP24 news... Them showing they are willing to pay some sort of cash is an indication they are likely to settle rather than court. So I am sure we will see many buyers headed to court to squeeze more out of Aspen Ridge right before trial. If this goes to Trial then Aspen Ridge would have to disclose evidence and internal non-privledged communication. I am pretty sure Aspen Ridge doesn't want that shown which may potentially show they are doing this likely to make more $.

Bottom line - Legally what Aspen Ridge may be correct but in the court of public opinion they are absolutely wrong. Who ever pursues legal action will likely settle prior to trial for more than the $ they are offering now since Aspen Ridge will want to avoid a public spillage of this.

^ this is just my personal opinion tbh... seek personal legal guidance before doing anything

 

[toronto647]

I'm quite certain there are no grounds for lawsuits ... please talk to your condo lawyer and review your Purchase Sale Agreement ... its iron clad (just in case issues like this happen)

good luck to all of us purchasers

Big time class action law suit by the investors is what I am predicting... Even tho the Agreement of Purchase document may be iron clad, it doesn't mean purchasers can't sue Aspen Ridge. There is no way Aspen Ridge would want to see this spill over in a public court setting especially in front of CBC and CP24 news... Them showing they are willing to pay some sort of cash is an indication they are likely to settle rather than court. So I am sure we will see many buyers headed to court to squeeze more out of Aspen Ridge right before trial. If this goes to Trial then Aspen Ridge would have to disclose evidence and internal non-privledged communication. I am pretty sure Aspen Ridge doesn't want that shown which may potentially show they are doing this likely to make more $.

Bottom line - Legally what Aspen Ridge may be correct but in the court of public opinion they are absolutely wrong. Who ever pursues legal action will likely settle prior to trial for more than the $ they are offering now since Aspen Ridge will want to avoid a public spillage of this.

^ this is just my personal opinion tbh... seek personal legal guidance before doing anything.

 

[Solaris]

10k x 120 ish unit is not 10million

pretty sure the MARGO project is more than 200 unit

just count the number of units on the lower typical floor x 5 levels ... plus number of units on upper typical floor x 14 levels

 

[Solaris]

Aspen ridge could have given the owners the choice if they wanted a refund of their original deposits or to keep the deal with new dates for expected occupancy. They will know shortly what is happening in the area with the city new secondary plan. The builder could of waited and submitted a application for permit and the city would of approved their application i can’t see the city not grant them the permit. They could of sent out new dates once they knew they had the permit in hand . I guess WHY would they do that if they can relaunch the units from 800$ psft to over 1000$ psft do the math they would probably break even at 800$ psft. Lesson learned if a builder hasn’t obtained zoning approval when your considering buying their unit your gambling. Very disappointed and nothing surprises me anymore especially when they say that builder wants to protect their reputation they want to protect their coffers at the expense if their customers. Bad business !!!!!!!!

you are definitely correct regarding risk "buying before zoning in place" ... but that is a norm commonly seen in most precon development sales, that's why there are vendor's conditional clauses in the APS

again it's surely not good outcome for us as purchasers, but frankly it is nothing new

 

[WislaHD]

I guess WHY would they do that if they can relaunch the units from 800$ psft to over 1000$ psft do the math they would probably break even at 800$ psft

Few if any projects are profitable at $800 psf in the GTHA these days. Labour and material costs have increased significantly in a short time.

Aspen Ridge were likely banking on selling units within the height increase to salvage the project and save face to their brand while eating some loss. Approvals did not come, costs continued to increase, so here we are.

 

[LOMA]

Developer blames city for cancellation of Toronto-area condo - Ontario News

Renderings of the Union Margo condominium building in Markham, Ontario. Aspen Ridge Homes

canadatoday.news