30-40 Margaret Ave | 6 fl | Planned

[panamaniac]

I think it’s not that common for people to try to negotiate amendments to pre-build purchase agreements, or even to offer less than the asking price, even though there’s no rule against it, or even a downside (the worst they can say is “no”). In any event, there’s usually very little to prevent the developer from pulling the plug at any time. I sometimes wonder how many pre-buyers really understand what they’ve signed for.

[taylortbb]

I think it’s not that common for people to try to negotiate amendments to pre-build purchase agreements, or even to offer less than the asking price, even though there’s no rule against it, or even a downside (the worst they can say is “no”).

I wouldn't call it rare either. I know a few other people that bought Momentum units, and we all managed to negotiate stuff like free upgrades, waived assignment fees, etc. Momentum certainly didn't seem to find anything unusual about negotiating over details of the agreement. These weren't on units that had been stuck around unsold or anything either, though I doubt one could get modifications on launch night where there's tons of other buyers.

[ijmorlan]

I think it’s not that common for people to try to negotiate amendments to pre-build purchase agreements, or even to offer less than the asking price, even though there’s no rule against it, or even a downside (the worst they can say is “no”).

I wouldn't call it rare either. I know a few other people that bought Momentum units, and we all managed to negotiate stuff like free upgrades, waived assignment fees, etc. Momentum certainly didn't seem to find anything unusual about negotiating over details of the agreement. These weren't on units that had been stuck around unsold or anything either, though I doubt one could get modifications on launch night where there's tons of other buyers.

My guess is that they would not be willing to negotiate on the provisions (or lack thereof) in the contract which allow them to pull the described scam of cancelling the whole deal and then trying again with higher prices. The stuff you describe is just noise around the edges of the deal; I’m sure their budgets and business plans assume that those sorts of changes will happen.

[danbrotherston]

I wouldn't call it rare either. I know a few other people that bought Momentum units, and we all managed to negotiate stuff like free upgrades, waived assignment fees, etc. Momentum certainly didn't seem to find anything unusual about negotiating over details of the agreement. These weren't on units that had been stuck around unsold or anything either, though I doubt one could get modifications on launch night where there's tons of other buyers.

My guess is that they would not be willing to negotiate on the provisions (or lack thereof) in the contract which allow them to pull the described scam of cancelling the whole deal and then trying again with higher prices. The stuff you describe is just noise around the edges of the deal; I’m sure their budgets and business plans assume that those sorts of changes will happen.

^^^ This.

[tomh009]

I wouldn't call it rare either. I know a few other people that bought Momentum units, and we all managed to negotiate stuff like free upgrades, waived assignment fees, etc. Momentum certainly didn't seem to find anything unusual about negotiating over details of the agreement. These weren't on units that had been stuck around unsold or anything either, though I doubt one could get modifications on launch night where there's tons of other buyers.

My guess is that they would not be willing to negotiate on the provisions (or lack thereof) in the contract which allow them to pull the described scam of cancelling the whole deal and then trying again with higher prices. The stuff you describe is just noise around the edges of the deal; I’m sure their budgets and business plans assume that those sorts of changes will happen.

Agreed. Extremely unlikely that you can negotiate a change to the contract language. So it's buyer beware: read the contract carefully, and the same with the declaration, because those are the things that you are buying so you should understand what it is you are getting.

As for negotiating on the price, my impression is that most developers don't want to drop the selling price (because it'll be visible to agents on the MLS) so getting extras for free or fees waived is a much more fruitful approach than trying to actually change the selling price.

[taylortbb]

I wouldn't call it rare either. I know a few other people that bought Momentum units, and we all managed to negotiate stuff like free upgrades, waived assignment fees, etc. Momentum certainly didn't seem to find anything unusual about negotiating over details of the agreement. These weren't on units that had been stuck around unsold or anything either, though I doubt one could get modifications on launch night where there's tons of other buyers.

My guess is that they would not be willing to negotiate on the provisions (or lack thereof) in the contract which allow them to pull the described scam of cancelling the whole deal and then trying again with higher prices. The stuff you describe is just noise around the edges of the deal; I’m sure their budgets and business plans assume that those sorts of changes will happen.

For sure, they're not going to waive the ability to cancel the project. But the post I was replying to suggested people never negotiate on price, while my experience was that almost everyone does (in free upgrades, but that's still a form of price unless one was planning on the most basic unit).

[tomh009]

This appears to now have been resurrected as a 48-unit townhouse development. Given the developer and the location, I am expecting high-end townhouses, probably condo rather than freehold (and not rental).

[KaiserWilhelmsBust]

This appears to now have been resurrected as a 48-unit townhouse development. Given the developer and the location, I am expecting high-end townhouses, probably condo rather than freehold (and not rental).

Wow! With how much they paid for the land (and spent on the previous design) I would be shocked if they could make any money on 48 townhomes.

[Rainrider22]

Disappointing

[westwardloo]

Disappointing, I really liked the design of these buildings. Hopefully the town houses are designed with front doors facing Margaret similar to these from toronto. 

https://www.google.ca/maps/@43.6561082,-...8192?hl=en

I really hope they do not turn out like the townhouse at 28 Mansion.

[ijmorlan]

I really hope they do not turn out like the townhouse at 28 Mansion.

Ironic to have townhouses on a street called Mansion.

[SF22]

Seems like a shame to only have 48 units on a site that could have had 230+ under a different plan. Kind of feels like it'll end up with a bunch of surface parking, doesn't it?

[tomh009]

This appears to now have been resurrected as a 48-unit townhouse development. Given the developer and the location, I am expecting high-end townhouses, probably condo rather than freehold (and not rental).

Wow! With how much they paid for the land (and spent on the previous design) I would be shocked if they could make any money on 48 townhomes.

If you value the property at, say, $15M (which may still be high as you wouldn't be able to get it zoned for a 30+ storey building) that works out to about $300K per townhouse, not unreasonable for what I expect will be luxury units selling for $1M+.

The money spent on the previous project is a sunk cost. No one will pay anything for it, and the results aren't worth anything. Their goal will be to make money on the new project.

[ac3r]

This news is very on brand for Waterloo Region.

[Momo26]

Let's see designs before passing judgement. $1M+ for new high end townhomes? Is Kit there yet? That still seems 20% high. I know the original condos weren't cheap though...something like 750/sqft back in like 2019 even.

Need density. I don't know if this satisfies that.

Also only because of NIMBY and it being nestled more in a neighborhood the reason a highrise wouldn't be approved?