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.
March 31st, 2008 at 2:45 pm
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?
March 31st, 2008 at 4:31 pm
Gruv in Whalley Surrey
and/or
Norfolk Terrace in Burnaby
Thanks!
You can email me at soxsquares@yahoo.com
March 31st, 2008 at 7:08 pm
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,”
March 31st, 2008 at 7:31 pm
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 respect of cultural freedom.
Inventory:Inventory is something that is available in stock but what was the problem in usa they have had huge inventory in advance but before the buyers reach up to there market crashed.
In Vancouver most buildings are sold and over 80% sold so we don’t have big chunk of inventory, if you have read those comments from “ANTI PESTO”we get around 6,000 people every year in downtown mostly there are 350 units per tower in 1/36 floor tower, we need atleast 15 towers every year to accomodate percentage of buyers out of 6,000. how many towers are being built if you look at last post about Vancouver magazine, I have mentioned how many more Parking lots are left to develop?.
The last demographia report has mention about Vancouver need to creat more land from parks or green zones which means this city have stress to develop more land.
In Result your bank balance(money)have no value to buy a house in Vancouver.Vancouver is priceless so do not count your bucks just put them in to work for you.
March 31st, 2008 at 7:32 pm
March 31st, 2008 at 8:19 pm
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.
March 31st, 2008 at 9:01 pm
http://paul-northvancouverhomes.blogspot.com/
March 31st, 2008 at 9:06 pm
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?
April 1st, 2008 at 7:20 am
April 1st, 2008 at 8:32 am
http://www.greaterfool.ca/category/book-updates/
April 1st, 2008 at 12:32 pm
2008-03-31 19:32:31
Software Default
Is there any doubt left that Krrish is a bot?
April 1st, 2008 at 12:56 pm
It can’t actually comprehend what’s written it just replies with the same diarrhea over and over again.
April 1st, 2008 at 8:58 pm
April 1st, 2008 at 9:00 pm
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.