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.