Another lower mainland condo project in trouble, this one in New West. Story at the CBC:
United Properties, the developer behind The Anvil in New Westminster, has run out money, and that means pre-sale buyers are being asked to pay an additional $20,00 to $40,00 if they want to keep their condos.
Pre-sale buyers have received letters from the developer saying they have 14 days to decide whether they want to pull out and get their deposit back or pay the additional costs. The project needs an additional $4 million to meet its financial obligations.
“Development is a tough game and United Properties has been at it for some time, so it is quite unique to have such a developer run into this kind of difficulty,” said real estate lawyer Ron Usher.
Apparently the Anvil is currently 18 months behind schedule. Insert appropriate Wile E. Coyote comment here.
Thanks to Macchiato and Exx for the story link.