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Jameson House buyers want out

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The recent court ruling that enforces Jameson House presales agreements, despite a delayed completion date of May 2011 has some buyers angry and looking to launch an appeal:

“It was called a fairness hearing and I found it to be extremely unfair,” said Becker. “All the rights went to the developer,” she said.

Meanwhile, the real estate market and construction costs have dropped significantly, allowing the developer to use 2007 dollars to build for less in 2009.

“The developer could come out making a profit out of this,” said George Gregory, the lawyer acting for the condo buyers.

Story at the CTV website.

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Zuki

Any one can tell me how to get hold of the lawyer mentioned in this case – George Gregory. I have a girlfriend that is trying to get out of a similar project called Parkside Aviawest in Victoria, BC

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No Longer Looking

Even after this embarrassing error has been up for hours, and its been pointed out in the comments, they still haven't fixed it. Canwest is circling the toilet, folks.

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Sudcouver

The article is priceless! The headline reads that prices are are up 16% from last May, yet the article reads that prices have dropped 6.6% from the same month last year (May)…

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mark downs

rubberduckie: I said the Sun when I meant the Province

You mean there's a difference? 😀

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jesse

beau: "Sales may be up compared to last May, but certainly not ‘prices’."

If you use average prices and only look at certain areas, then it's true. eg On my block last May an old teardown sold for $300K. This May a brand new multi-suite house sold for $600K. Ergo, prices are up 100% YOY.

I agree with whomever said in the previous thread that we should be glad stuff like this is being printed and sales are up. More idiots buying at inflated prices today gives me more selection and less competition in 5 years' time.

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rubberduckie

I just realized I said the Sun when I meant the Province. I think that's ironic or something.

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rubberduckie

WOW! RE: the Sun Article. It's not just misleading, it's completely wrong!

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beau

Province Article Headline:

"Vancouver area prices up 16 per cent over last May"

http://www.theprovince.com/business/House+sales+h…

How does this garbage get printed? Sales may be up compared to last May, but certainly not 'prices'. Unfortunately there's no writer's name attached to this piece of B.S.

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pimpin tom

I have The Wife and I ride a motorcycle. HA!

Anyway, I wonder if those 200 sqft condos were also 7 ft high.

May as well go all the way!

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jesse

realpaul: The reason council approved this motion is because their revenues from permits have dropped like a stone this year. Despearate for cash, they turn to the only ones willing to give it to them without a fight: the developers. No bloody surprise they'll do whatever it takes to get developers to give them that sweet sweet permit money.

The City is addicted to permit revenue just as much as a cracked up DTES crackhead is addicted to crack.

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pricedoutfornow

I agree, the 205sq ft condo idea is completely ridiculous. I heard some "expert" on the radio yesterday talking about this "brilliant" idea. He said "you get all these families who perhaps want to buy a 2 or 3 bedroom place and can't afford it. Now they'll be able to buy that 2 or 3 bedroom place and rent out the extra bedroom" Excuse me sir, don't you think that perhaps that family who want to buy the 2 or 3 bedroom place want it specifically BECAUSE they need the space? What a genius this guy is! And he claims that there are 200sq ft places being rented out near SFU for $800/month. Must have been some naive foreign students who got sucked into that. I happily rent a whopping 640sq ft in New West for $900 a month. What… Read more »

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realpaul

The COV announcement that they will allow 205 sq ft condos to be built has been shut up, literally overnight! It is obvious that the majority of people are outraged by this stupid notion that because the government has desperatley juiced the market with temporary low rates that future generations should suffer in shoeboxes worse than what has already being created by their short sighted greed. The reality is that units are way overpriced and this was just a justification to say" look theres ones that are even smaller so you got a good deal for your 500 sq ft coffin". People are already pissed off over the living conditions in downtown shitholes, personal drug use, violence, depression stats are all skyrocketing in the population of downtown shitboxes. These are all classic signs of extreme stress. Like rats in a… Read more »

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mark downs

BoB: Nothing personal, but I'm curious how do you post to the wrong blog?

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mark downs

What about the rumour this weekend from VanBanker that a majority of buyers in Quattro phase 1 are trying to get out of their contracts. Anyone know anything about that or seen any news? I'm wondering if presale buyers have an argument to be able to escape their contracts or if they're just grumbling.

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Hovering

And once upon another time a guy asked a girl to marry him and she said yes. They had a nice wedding with family and friends, got excellent educations, jobs and 2 beautiful kids. The guy gets fed amazing meals by his wife, has lots of sex and drinks beer whenever he wants. His bank account is twice as big as when he was all alone and gets more fulfillment and love out of being with his wife and kids than he ever got out of riding his motorcycle. As his kids grow they will ride, climb, paddle and golf together. And whenever he farts his kids think it's hysterical.. any hoo.. back to real estate. May housing construction jumps by 17.2 percent (USA) http://finance.yahoo.com/news/May-housing-constru… I'm seeing alot of postive news lately but the articles are never as positive as… Read more »

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Dirt Dog

World's Shortest Fairy Tale

Once upon a time, a guy asked a girl 'Will you marry me?' The girl said, 'NO!' And the guy lived happily ever after and rode motorcycles and went fishing and hunting and played golf a lot and drank beer and scotch and had money in the bank and left the toilet seat up and farted whenever he wanted.

The End

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BoB

sorry… posted the above to the wrong blog…

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BoB

So the govt. manipulates the low rates to goose the economy but they’ll have no control keeping them low in the future? The bears sound like the bulls 12 months ago – very dismissive and absolutely sure they’re correct. If rates skyrocket like people say what does that do for all world economies? Remember despite China and India’s growth they both absolutely depend on the health of the US market. With China holding so much US debt they don’t want, and can influence, higher rates in the US. I don’t think there is much, if any upside, in a real estate purchase today but I also don’t believe it will drop more than 10 – 15% max. Lock into a 5 year rate and you know your payments for the next 5 years and can work on paying it down… Read more »

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patriotzed

“It was called a fairness hearing and I found it to be extremely unfair,” said Becker. “All the rights went to the developer,” she said.

That's because you gave all the rights to the developer when you signed the contract, dumbass. And the law gave you a week to get the contract evaluated by a lawyer and back out without penalty if you wanted.

But I'll bet you didn't, because….

"Real estate always goes up". 🙂

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Anonymous

#8 admitted to being a troll in the last thread (listed all his names). it's kinda of funny though!

Obviously no one is dumb as he pretended to be!

Good luck $10/hr wage persons with 6 condos!

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read on

8 – more retard trolling. yawn.

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Inspiration side kic

I am lucky when I think about it. I could whine about not owning my own home, but how many really do anyways? I am lucky that I am getting hired when so many are getting fired, and with decent pay too. I am lucky that I did not buy in this market. I am lucky that I dont crave luxuries or need to impress – how much money I have saved because of this. I am lucky that I dont have a huge mortgage or any car payments – my old gas mizer works just fine. I am lucky in that I dont have any debts – but that reflects back onto a down to earth and simple lifestyle. I am lucky that I can lay down on the cool grass under a big tree and look at the… Read more »

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browntown

what up nutspanks! remembers they might find a hole in the ground, they might find sid cosby for a handshake but they will not find

"a land making machine"

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asp

So, let me see if I understand. The judge gave the developer more time to find a replacement banker for the project? Or did the developer already find a new banker? Last I heard the project was on hold, because of the collapse of the shadow banking system.

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jesse

“The developer could come out making a profit out of this,”

Heaven forbid. What are the odds they complete on budget by May 2011?

I'm sick and tired of people not reading and understanding contracts they signed feeling short-changed. You played and you lost. Lesson: don't play a game you can't win.

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