Posts: 10,833
Threads: 67
Joined: Sep 2014
Reputation:
392
(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.
Posts: 6,692
Threads: 38
Joined: Aug 2014
Reputation:
118
(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?
Posts: 10,833
Threads: 67
Joined: Sep 2014
Reputation:
392
(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.
Posts: 6,692
Threads: 38
Joined: Aug 2014
Reputation:
118
(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.
Posts: 10,833
Threads: 67
Joined: Sep 2014
Reputation:
392
(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.
Posts: 4,308
Threads: 65
Joined: Jul 2015
Reputation:
250
There's currently a crane being assembled at this site.
Posts: 1,844
Threads: 3
Joined: Oct 2014
Reputation:
162
They have been delivering supplies like crazy, lots and lots of drywall too.
Posts: 150
Threads: 1
Joined: Apr 2021
Reputation:
30
Sounds like it's back underway, glad to hear it
Posts: 4,308
Threads: 65
Joined: Jul 2015
Reputation:
250
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.
Posts: 913
Threads: 31
Joined: Apr 2019
Reputation:
227
(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.
Posts: 1,844
Threads: 3
Joined: Oct 2014
Reputation:
162
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.
Posts: 304
Threads: 0
Joined: Mar 2016
Reputation:
22
(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
Posts: 913
Threads: 31
Joined: Apr 2019
Reputation:
227
(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.
Posts: 304
Threads: 0
Joined: Mar 2016
Reputation:
22
Yeah that's interesting wording... then I agree with you in that it doesn't sound like they can go much further.
Posts: 779
Threads: 2
Joined: Oct 2014
Reputation:
44
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?
|
