I checked with the builder and was told they were discussing the blanket appraisal program with the banks, hope the appraisal amount is equal to the purchase amount.
 
If this property can be closed at the original listed price (the developer has to honor that right?), does it mean immediate profits?
 
hw621 said:
If this property can be closed at the original listed price (the developer has to honor that right?), does it mean immediate profits?
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No and no.

The developer can change the contract at any time. Add in a looming recession and condo prices tanking, and this project feels risky. And let’s be real. This won’t be a money-maker anytime soon. If anything, once built, buyers should expect to sit on it without seeing a return for a very long time.
 
TheSix said:
No and no.

The developer can change the contract at any time. Add in a looming recession and condo prices tanking, and this project feels risky. And let’s be real. This won’t be a money-maker anytime soon. If anything, once built, buyers should expect to sit on it without seeing a return for a very long time.
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holy $hit!

It feels fundamentally unfair that condo developers can include clauses in the purchase agreement that allow them to walk away from a signed deal—sometimes under vague reasons like “market conditions” or “construction cost increases”—only to turn around and relist the same units at higher prices.

Buyers, on the other hand, are locked in once the 10-day cooling-off period ends. We’re expected to commit our life savings, secure financing, and plan years ahead for a home we don’t even get to inspect. Yet developers, who are corporations with legal teams and experience, can sometimes back out of the agreement and leave buyers with nothing but frustration and lost time.

If a signed Agreement of Purchase and Sale doesn’t guarantee the price, what’s the point of signing at all?
 
hw621 said:
holy $hit!

It feels fundamentally unfair that condo developers can include clauses in the purchase agreement that allow them to walk away from a signed deal—sometimes under vague reasons like “market conditions” or “construction cost increases”—only to turn around and relist the same units at higher prices.

Buyers, on the other hand, are locked in once the 10-day cooling-off period ends. We’re expected to commit our life savings, secure financing, and plan years ahead for a home we don’t even get to inspect. Yet developers, who are corporations with legal teams and experience, can sometimes back out of the agreement and leave buyers with nothing but frustration and lost time.

If a signed Agreement of Purchase and Sale doesn’t guarantee the price, what’s the point of signing at all?
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The Agreement presumably notes these possibilities so they should not take you by surprise - though I can understand why you think it's not fair.
 
DSCToronto said:
The Agreement presumably notes these possibilities so they should not take you by surprise - though I can understand why you think it's not fair.
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Does the Agreement include such clauses already? There are so many things in it that I am completely lost. If the developer is making price adjustments, when are they obligated to inform us? I haven't received any notifications.
 
hw621 said:
Does the Agreement include such clauses already? There are so many things in it that I am completely lost. If the developer is making price adjustments, when are they obligated to inform us? I haven't received any notifications.
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You need to read your Agreement to see exactly what the obligations are. If you consulted with a lawyer before signing (and its a good thing to do!!) ask them
 
hw621 said:
holy $hit!

It feels fundamentally unfair that condo developers can include clauses in the purchase agreement that allow them to walk away from a signed deal—sometimes under vague reasons like “market conditions” or “construction cost increases”—only to turn around and relist the same units at higher prices.

Buyers, on the other hand, are locked in once the 10-day cooling-off period ends. We’re expected to commit our life savings, secure financing, and plan years ahead for a home we don’t even get to inspect. Yet developers, who are corporations with legal teams and experience, can sometimes back out of the agreement and leave buyers with nothing but frustration and lost time.

If a signed Agreement of Purchase and Sale doesn’t guarantee the price, what’s the point of signing at all?
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It’s right there in the contract. If you signed it without reading or getting proper legal advice, that’s on you. I’m always shocked when buyers complain it’s unfair when they’re the ones who agreed to the terms in the first place. If you don't like the terms, don't drop your lifesavings into it. Simply buy resale.
 
TheSix said:
It’s right there in the contract. If you signed it without reading or getting proper legal advice, that’s on you. I’m always shocked when buyers complain it’s unfair when they’re the ones who agreed to the terms in the first place. If you don't like the terms, don't drop your lifesavings into it. Simply buy resale.
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Yes, it is really horrifying to see posts here that seem to show people have bought the most expensive thing they have ever bought with no professional advice! (And, no, I am NOT a real estate lawyer!!)-
 
DSCToronto said:
Yes, it is really horrifying to see posts here that seem to show people have bought the most expensive thing they have ever bought with no professional advice! (And, no, I am NOT a real estate lawyer!!)-
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Exactly.

A lot of people think real estate is a guaranteed money-maker. But it’s really not. It’s an investment (or more importantly, a place to live, a home). Just like the stock market, sometimes it pays off, other times not so much. But it should always be seem as a long-term investment vs. short-term gains. Markets go up and down, and real estate is no different.

It’s not a shortcut to wealth.
 
Most of us, including myself, were simply deceived by real estate agents who seemed to us to be decent people, but turned out to be ordinary crooks. They made money on each sale, assuring us that this was a profitable purchase. As it turned out a bit later, it was already clear at the time of purchase, that the prices for these new condos were inflated. About 15 years ago, buying a new preconstruction condos was really a good deal, but when we bought these ones, this was no longer the case. We were simply deceived by hollow agents.
 
Any estimation on the occupancy date for Sky suite, the one with 54 storys? The builder will not inform us the firm occupancy date till 2-3 months before the actual occupancy date.
 
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