Sophia Condo development update

The Bowra group has started sorting through which presales buyers are willing to pay more to keep their condo units:

Their options are to agree to pay a price that is 90 per cent of current market value for their units, which in some cases is more than $100,000 higher than initial pre-sale contract prices they signed in late 2005 and 2006, or take their deposits back and walk away.

British Columbia Supreme Court Judge Grant Burnyeat, last week, issued an order of foreclosure on the project for Bancorp Growth Mortgage Fund Ltd. and a second order authorizing receiver David Bowra to get the 85-per-cent complete development back into construction. That included offering pre-sale buyers the option to still claim their units, but at higher prices.

Buyers can take their deposits back if they want, but the order authorizes Bowra to cancel contracts and sell units at current market prices if necessary.

Developer Bill Eden turned the project over to receivership at the end of February when some $4 million in cost overruns threatened to sink the 81-unit development.

Previous related stories:

-Financing difficulty cancels Vancouver condo projects
-Eden group Sophia goes into receivership
-Receivers report for Eden Sophia
-2 more local condos run into financing problems.

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crabman
12 years ago

LOL ulsterman!

We should all make a pact. It's ok to goof on you-know-who, but we can't address him directly. Like he's a ghost in the room that can hear us, but we can't see him. Fitting analogy since he haunts the Van RE blogs.

Anonymous
Anonymous
12 years ago

Judgeburnyeat, nicest guy of all time.

bdk
bdk
12 years ago

Krissh is totally a spam bot.

It can't actually comprehend what's written it just replies with the same diarrhea over and over again.

Deliverator
Deliverator
12 years ago

Comment by Krrish2

2008-03-31 19:32:31

Software Default

Is there any doubt left that Krrish is a bot?

Re-diculous
Re-diculous
12 years ago

Check out "Vexed in Vancouver" book update to Greater Fool

http://www.greaterfool.ca/category/book-updates/

Tony Danza
Tony Danza
12 years ago

Spain is such a beautiful country, too bad all the Northerners and greedy locals tried to play RE lotto there. I have a feeling this could set Spain back to it's quasi third world country days.

ulsterman
12 years ago

You have to be a complete moron or a self-deluded condo flipper to use the above facts as proof that Vancouver is a better place to invest in RE than the US

You also have to be a glutton for punishment to keep on responding to Krrish2-like postings and adding fuel to the fire. For God's sake can people please ignore him/them. Taking shots at people like Krrish may make you feel all smart and fuzzy, but it is so easy how can you continue to feel like it's a worthwhile way to spend your time?

paul
12 years ago

I have posted inventory month ends if you are interested.

http://paul-northvancouverhomes.blogspot.com/

Anonymous
Anonymous
12 years ago

Vancouver – $503,400 – 8.4x median income

Seattle – $377,500 – 5.7x

Portland – $290, 500 – 5.0x –

You have to be a complete moron or a self-deluded condo flipper to use the above facts as proof that Vancouver is a better place to invest in RE than the US.

Krrish2
Krrish2
12 years ago

Software Default

Anonymous
Anonymous
12 years ago

"Sophia" The verdict is same as expected similar to the riverband project sad but rules are there in the contract,I always wish the genuine buyers get no trouble lots of developers are good to keep their promises but can't say much.O.T. Here is a response to Crabman's Demographia challenge from the back page… Vancouver – $503,400 – 8.4x median income Seattle – $377,500 – 5.7x Portland – $290, 500 – 5.0x – Crabman, This figure shows that Vancouver is one of Canadian city with ability to go up FOREVER and Seattle,Portland are American cities where buyers are searching the bottom of the market with flood lights. In my opinion in USA there is no future of their properties because of the multiple problem but Vancouver is in situation to invite the world and make them live in best communities with… Read more »

blueskies
blueskies
12 years ago

the pain in spain falls mainly on the vain… 🙂

http://tinyurl.com/2cfq8w

"We have to accept this is not a gentle correction, but a full-blown crisis. We can only hope it will be sharp and short,"

please help?
please help?
12 years ago

I am an investor in a company that is building condos in Burnaby and Surrey. I am not from anywhere near either of these places and I can't find anything but spin online regarding the projects. Can anyone on this site give me any real time information (maybe pictures or something) about the following developments:

Gruv in Whalley Surrey

and/or

Norfolk Terrace in Burnaby

Thanks!

You can email me at soxsquares@yahoo.com

jesse
jesse
12 years ago

"Buyers can take their deposits back if they want, but the order authorizes Bowra to cancel contracts and sell units at current market prices if necessary."

I don't know much about receivership proceedings. Who would get the excess profits or who would cover the shortfall if re-selling the units generates more or less cash than the actual cost to finish construction?