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+--- Thread: Weber Yards (1333 Weber St E) (nee Elevate Condos) | 15, 15, 12 & 12 fl | U/C (/showthread.php?tid=539)
RE: Elevate Condos (1333 Weber St E) | 15, 15, 12 & 12 fl | U/C - tomh009 - 10-05-2024
(10-04-2024, 08:57 PM)Rainrider22 Wrote: Sure, unless your the person losing your built up equity on what you thought was a good investment at the time with yoir hard earned money. Easy statement to make if you don't have any skin in the game.
Almost all of our statements on this forum as similarly easy to make.
The buyers were arguably at risk of losing some or all of their deposits in the bankruptcy. Having the option of either getting a full refund or paying a somewhat higher price--after four years of significant construction price inflation--is far from being the worst possible outcome.
The reality is that investments are not risk-free.
RE: Elevate Condos (1333 Weber St E) | 15, 15, 12 & 12 fl | U/C - panamaniac - 10-05-2024
(10-05-2024, 03:40 PM)tomh009 Wrote:(10-04-2024, 08:57 PM)Rainrider22 Wrote: Sure, unless your the person losing your built up equity on what you thought was a good investment at the time with yoir hard earned money. Easy statement to make if you don't have any skin in the game.
Almost all of our statements on this forum as similarly easy to make.
The buyers were arguably at risk of losing some or all of their deposits in the bankruptcy. Having the option of either getting a full refund or paying a somewhat higher price--after four years of significant construction price inflation--is far from being the worst possible outcome.
The reality is that investments are not risk-free.
Were they? Surely deposit funds are held in trust, arent' they?
RE: Elevate Condos (1333 Weber St E) | 15, 15, 12 & 12 fl | U/C - tomh009 - 10-05-2024
(10-05-2024, 04:48 PM)panamaniac Wrote:(10-05-2024, 03:40 PM)tomh009 Wrote: The buyers were arguably at risk of losing some or all of their deposits in the bankruptcy.
Were they? Surely deposit funds are held in trust, arent' they?
Are they? I don't know. But even if they are, the buyers are no worse off than in the case of bankruptcy as they can get their deposits back.
RE: Elevate Condos (1333 Weber St E) | 15, 15, 12 & 12 fl | U/C - panamaniac - 10-05-2024
(10-05-2024, 07:01 PM)tomh009 Wrote:(10-05-2024, 04:48 PM)panamaniac Wrote: Were they? Surely deposit funds are held in trust, arent' they?
Are they? I don't know. But even if they are, the buyers are no worse off than in the case of bankruptcy as they can get their deposits back.
Return of deposit, without interest. Given the last four years, that is a significant hit, although better than nothing.
RE: Elevate Condos (1333 Weber St E) | 15, 15, 12 & 12 fl | U/C - tomh009 - 10-06-2024
(10-05-2024, 08:29 PM)panamaniac Wrote:(10-05-2024, 07:01 PM)tomh009 Wrote: Are they? I don't know. But even if they are, the buyers are no worse off than in the case of bankruptcy as they can get their deposits back.
Return of deposit, without interest. Given the last four years, that is a significant hit, although better than nothing.
Sometimes you invest in stocks or real estate, you don't even get your principal back. Too many people are overconfident that the markets always continue to go up and are then shocked (or worse) when that doesn't happen.
RE: Elevate Condos (1333 Weber St E) | 15, 15, 12 & 12 fl | U/C - ac3r - 11-04-2024
There's currently a crane being assembled at this site.
RE: Elevate Condos (1333 Weber St E) | 15, 15, 12 & 12 fl | U/C - Rainrider22 - 11-05-2024
They have been delivering supplies like crazy, lots and lots of drywall too.
RE: Elevate Condos (1333 Weber St E) | 15, 15, 12 & 12 fl | U/C - Kodra24 - 11-05-2024
Sounds like it's back underway, glad to hear it
RE: Elevate Condos (1333 Weber St E) | 15, 15, 12 & 12 fl | U/C - ac3r - 11-05-2024
The For Sale sign was still up when I went past the other day, but I guess someone took the baton and is restarting the project.
RE: Elevate Condos (1333 Weber St E) | 15, 15, 12 & 12 fl | U/C - ZEBuilder - 11-05-2024
(11-05-2024, 03:07 PM)Kodra24 Wrote: Sounds like it's back underway, glad to hear it
The permit situation hasn't changed yet, they still only have foundation permits for B/C so there won't be any other above raft slab work unless there is a conditional balance of construction permit issued.
RE: Elevate Condos (1333 Weber St E) | 15, 15, 12 & 12 fl | U/C - Rainrider22 - 11-06-2024
The crane is up and already working They have a lot of people on site. I would say they are starting the next tower as they finish the first one.
RE: Elevate Condos (1333 Weber St E) | 15, 15, 12 & 12 fl | U/C - mastermind - 11-07-2024
(11-05-2024, 06:42 PM)ZEBuilder Wrote:(11-05-2024, 03:07 PM)Kodra24 Wrote: Sounds like it's back underway, glad to hear it
The permit situation hasn't changed yet, they still only have foundation permits for B/C so there won't be any other above raft slab work unless there is a conditional balance of construction permit issued.
Foundation permit often includes the underground parking levels, up to grade
RE: Elevate Condos (1333 Weber St E) | 15, 15, 12 & 12 fl | U/C - ZEBuilder - 11-08-2024
(11-07-2024, 10:39 PM)mastermind Wrote:(11-05-2024, 06:42 PM)ZEBuilder Wrote: The permit situation hasn't changed yet, they still only have foundation permits for B/C so there won't be any other above raft slab work unless there is a conditional balance of construction permit issued.
Foundation permit often includes the underground parking levels, up to grade
It's not a standard foundation permit that they have, normally a foundation permit will say something along the lines of "permit is for foundation, under ground plumbing and site services", the permits for Building B and C say "Permit is for shoring and raft slab for ground water and soil stabilization", every other apartment from around the time they got those permits have the typical wording which does allow underground parking. The issue is the fact that the wording is so explicit about just the raft slab that it doesn't seem like a typical foundation permit.
RE: Elevate Condos (1333 Weber St E) | 15, 15, 12 & 12 fl | U/C - mastermind - 11-09-2024
Yeah that's interesting wording... then I agree with you in that it doesn't sound like they can go much further.
RE: Elevate Condos (1333 Weber St E) | 15, 15, 12 & 12 fl | U/C - Square - 05-10-2025
I just drove by today what the heck happened to the second crane ?didn't they bring it back now they took it away again?