The receivers report for the Eden Sophia condo development has just been released. Pre-sales buyers now know how much extra they’re likely going to have to pay for their units. Article from the CBC:
According to the report by the receiver, The Bowra Group, which was filed in the B.C. Supreme Court on March 11, it will cost $9.2 million to complete construction, if and when work on the building resumes.
In order to fund the construction process, it is suggested in the report that the pre-sale price paid by condominium purchasers, from January 2005 to November 2006, be increased to 90 per cent of the current market value of the building units.
Due to soaring real estate prices, the buyers will have to come up with an average of $84,600 more than they originally paid to keep their homes, the report recommends.
The full receivers report in PDF format can be found here.
On a side note, prices may be going up at the Sophia, but ‘Interested Observer’ writes in to say that prices are going down at ‘the Duke’. The following is an excerpt from the email pitch for that project:
I wanted you to be among the first to know that Duke on Dunbar’s prestigious suite #307 has now been reduced to $999,900! This 1,034 square foot two bedroom, two bathroom home includes lavish finishes and features and breathtaking city, ocean and mountain views and a beautiful, private 468 square foot balcony complete with an indoor/outdoor fireplace to ensure enjoyment year round.
This information will hit MLS late this week so I wanted you to have an opportunity to take advantage of this offer first. If you would like to book an appointment or have any questions, please do not hesitate to call.
Prices up, prices down, who can keep track!