Harry Stinson was run out of town. His principal investor lost a fortune and his reputation was tarnished. And his losses were a fraction of this one. The building had structural issues for years after it was completed.

This one will be an order of magnitude worse all around, I predict, based on what I’ve been reading and hearing.

Carry on fanboys. You’re all correct I’m merely stating my opinion based on the facts I’ve read and will refrain from further comments unless new facts are presented.

Enjoy the fireworks and hope everyone stays safe and happy.
 
Tesla said:
Harry Stinson was run out of town. His principal investor lost a fortune and his reputation was tarnished. And his losses were a fraction of this one. The building had structural issues for years after it was completed.

This one will be an order of magnitude worse all around, I predict, based on what I’ve been reading and hearing.

Carry on fanboys. You’re all correct I’m merely stating my opinion based on the facts I’ve read and will refrain from further comments unless new facts are presented.

Enjoy the fireworks and hope everyone stays safe and happy.
Click to expand...


Great! But 1 King West is still there, still a nice prestigious building and a great addition to our skyline.

Yes, maybe this will happen to Mizrahi but most of us don't care about that. We're interested in the building itself. I'm glad you've decided to move on and stop speculating about possible structural issues this building might have when it's complete. In two years you can come back and tell us all how you knew Mizrahi would be living in a basement apartment and you called this, but we'll still be looking at the building with admiration and be happy it's part of our skyline.
 
For anyone that hasn't gone through the condo buying process... purchasers are putting up 20% of their purchase price in a deposit structure within the first couple years of purchasing. The other 80% of the purchase price isn't paid to the developer until the building is registered. Additionally (and while there might be some legal way to get around it, especially considering the receivership aspect of this particular building) if a project is cancelled deposits are paid back to purchasers.

That is why the math is better for all involved to finish constructing this building, even if at a loss for investors because stopping the project means everyone is out all the money already spent on the project. At least if they build it, occupy and register the building they can get all the money flowing in from purchasers and potentially have the change to break even, which is a heck of a lot better than the guaranteed loss that results if they stop the project now.
 
They are pouring the columns and walls today:

20231113_155444.jpg
 
fatboy said:
Wow, Toronto Star story…must be true
Click to expand...
This isn't new news. The assignment market is a shambles. The recent string of condos failing to launch is solid proof that the flippers are either drowning or sitting on the bleachers.
You may say "great I hope the flippers get busted they're all greedy etc" and that's fine. But real estate is a massive part of Canadian economy.
 
AdamS said:
This isn't new news. The assignment market is a shambles. The recent string of condos failing to launch is solid proof that the flippers are either drowning or sitting on the bleachers.
You may say "great I hope the flippers get busted they're all greedy etc" and that's fine. But real estate is a massive part of Canadian economy.
Click to expand...
I think one could argue that real estate plays an oversized role in the Canadian economy and diminishing that role is a positive thing, generally.
 
Tesla said:
Harry Stinson was run out of town. His principal investor lost a fortune and his reputation was tarnished. And his losses were a fraction of this one. The building had structural issues for years after it was completed.

This one will be an order of magnitude worse all around, I predict, based on what I’ve been reading and hearing.

Carry on fanboys. You’re all correct I’m merely stating my opinion based on the facts I’ve read and will refrain from further comments unless new facts are presented.

Enjoy the fireworks and hope everyone stays safe and happy.
Click to expand...
You are correct, Harry and David Mirvish lost a fortune, but as an original and current owner of a suite in One King, I can tell you it has turned into a fabulous investment. The crazy part is that I am a pre-construction buyer in the One as well. I must be a curse to developers lol. I hope they honour our contracts because I am quite comfortable with the price I paid 6 years ago, even in this current downturn. Getting back to the purpose of this forum, watching and following our great City rise, I believe this building will be completed, there is no turning back. It is all about minimizing losses for lenders at this point.
 
fatboy said:
Wow, Toronto Star story…must be true
Click to expand...
Off-topically: To be fair, this is more of an analyses than news. That is, it's more of a summery of events that maybe trending towards something. There's nothing wrong with that...I just wish ToStar, et al would label it more as such.
 
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