55 replies to this topic

[Mike K.]

Geez Louise, yeah that's not kosher.

 

You're going to be living in that home. You're going to be paying for it. And you're going to to have to make that final decision to pursue the property. Your realtor should keep you from falling down a giant pit and to ensure you've got an ally when negotiations start. That's basically it. But for a realtor to push you into costlier real-estate you don't want or away from pre-sales you're interested in says a great deal about his or her's business practices and ethics.

[moretrain]

Any estimate what the total unit count will be at full build out? 

[Mike K.]

Approximately 900-units.

[davidN]

We are quite interested in this development. It is in the Western Communities which we like BUT I have a question for the more long term posters here. Who is Liberty Ridge Homes? Can you tell me of any other developments that they have done in the Victoria area that we can check out? I have gone on line but can't find them and I am sure that a small one off builder wouldn't be taking on a project of this size and complexity as their first project. Would they???

 

Thanks in advance.

[Mike K.]

It’s an Ontario-based outfit that I don’t think has done any work out here. We’re certainly starting to see more and more firms from across the country zeroing in on Victoria real-estate. Vancouver is entrenched here now, Calgary is developing at Royal Bay and Pacific Landing, you’ve got other Ontario players in the Westshore and there’s even Montreal players out here. International money is also backing some of these projects.

[davidN]

It worries me that I can't even find them on line in Ontario. You would think that if they were solid they would at least have websites and some developments that one could research. Makes me nervous! I have seen developers arrive in towns before then you can't find them if something goes wrong.  Until I find out a lot more about them I would never put any money up. Track records are important. Particulary when I hear that the 15,000 Clubhouse is to be added at a later date (IF they have success in the first phases I would expect). What happens if the market turns? Do they just fold their tents and go back to Ontario and that amenity is never built? I'm feeling a little uneasy on this one.

[Mike K.]

A good chunk of developments are built under one-off company names but it’s the directors of the companies that count. The best thing to do would be to connect with the sales team and ask for more concrete info. I don’t have it, but they will.

[davidN]

We have been trying to contact this developer for Aqua to find out more but they seem like "ghosts" and are very difficult to find so we are gong to pass. Seems fly by night to me.

 

Interestingly enough tho is that have found a lot of Westhills info in that same area of town. We also received flyer in the mail advertising a high-rise that they are going to build. Anyone know about project called Lakepoint Two? And what can you tell me about the possibilities for this development going ahead?

[LJ]

Oh, I am sure Lakepoint 2 will go ahead as soon as Lakepoint 1 is finished. We had an option on a unit in 1, but passed on it, but I think they are sold out or close to it.

[RFS]

Lake point 2 looked awesome from the renderings. Legitimate high rise. Would definitly stand out. I would be very curious about those prices

[Mike K.]

David, you should hold up a little bit for the sales centre to open and for these guys to get established. I imagine the interest in this project is very high and they’re keeping mum until they’re ready to roll.

From what I understand, this is a pretty big machine from Ontario. And just like many developers do locally every project they build has its own outfit.

I’d highly recommend for you to reach out to Langford’s planning department where I’m sure they’ll have info for you, and they’re quite approachable.

[davidN]

Mike,

 

You probably have a way more experience than I in this field but my view is this:

 

In this day of information overload why can't I find a trace of a builder (in his home province) who is supposedly big enough to be building 900 +/- units? Surely this isn't the first project that he has done _ or yikes - is it??

 

You state that from what you understand "this is a pretty big machine from Ontario". Where did you get this information. if you know who they are then please share that info.

 

I talked to Langford as you suggested and they gave me the company name. Which is the same one listed in the article. This means nothing if I can't find them.

 

My fear is the they ride into town, start up a shell company to build, collapse that company when the building(s) are done and then you can't find them and you are on your own. Seems like a gamble to me unless they can provide some solid building history and satisfied customer history I am definitely going to pass. There seems to be a lot of long term developers in Victoria that I would rather take my chances on.

[LJ]

So there you go, you always have that out. Nobody is forcing anybody into buying anything. If there is no information available now either wait or pass on it.

[sdwright.vic]

Alot of developers set up individiual corps for each project the build, making the parent Corp 100% shareholder. If the have set up a BC Corp, do a Corp search, trace the director's and the shareholders.

[Mike K.]

Yeah, I think it’s a little too premature to come to conclusions at this point. This project has only recently been announced and I’d imagine everyone involved is getting their ducks in a row.

[lanforod]

 

My fear is the they ride into town, start up a shell company to build, collapse that company when the building(s) are done and then you can't find them and you are on your own. Seems like a gamble to me unless they can provide some solid building history and satisfied customer history I am definitely going to pass. There seems to be a lot of long term developers in Victoria that I would rather take my chances on.

 

This does happen, unfortunately. IMO, developers need a bond with the home warranty companies to deal with claims in case they skip the province. NHW etc. becomes very reluctant to deal with 2-5-10 warranty claims when the developer basically no longer exists.

[Mike K.]

Many projects are built by companies specific to that one particular project, though, so this scenario exists quite often where the "company" behind the project is a one-off. But there are real people associated with these projects, with real ties to real communities.

 

Take the Sophia and Olivia Residences in Saanich, for example. The project is by Inverness & Glasgow Properties Ltd. This company has not built a single other building prior to Sophia Residences and their second and final building will be Olivia Residences. This type of setup is very, very common.

 

We just need to await more details from the marketing company and the development firm itself. They're coming but we just don't know when. I think the reveal was far more ahead of the project's official marketing launch than we typically see around here.

[MarkoJ]

My fear is the they ride into town, start up a shell company to build, collapse that company when the building(s) are done and then you can't find them and you are on your own. Seems like a gamble to me unless they can provide some solid building history and satisfied customer history I am definitely going to pass. There seems to be a lot of long term developers in Victoria that I would rather take my chances on.

 

You would still have the full 10-5-2 Home Warranty in place. I've seen developers run into financial problems and not build out a multi-building development (i.e. Aquattro, etc.) as promised but have we ever had anyone set up a shell company and flee.

 

Also in B.C., your deposit on a condo is protected.

 

I would have some concerns too if I had never heard of the developer; however, not the concerns you are bringing up.

[lanforod]

From personal experience, home warranty will fight against paying large claims.

[davidN]

Many projects are built by companies specific to that one particular project, though, so this scenario exists quite often where the "company" behind the project is a one-off. But there are real people associated with these projects, with real ties to real communities.

 

Take the Sophia and Olivia Residences in Saanich, for example. The project is by Inverness & Glasgow Properties Ltd. This company has not built a single other building prior to Sophia Residences and their second and final building will be Olivia Residences. This type of setup is very, very common.

 

We just need to await more details from the marketing company and the development firm itself. They're coming but we just don't know when. I think the reveal was far more ahead of the project's official marketing launch than we typically see around here.

Regardless of whether it is common practice or not it makes me uncomfortable. I look at a company like Chard Developments and I see a company that has a track record in the City and a vested interest in maintaining good faith with the public over the long run. I look at a company like this, or others that I can't trace beyond a legal search in the companies office  and I wonder whether they are in it while the going is good and pulling out when the inevitable downturn comes.

 

Up to 900 units for this development means a loooong term comittment and if I can't find them now when the going is good can I find them 10 years from now when there may be problems? Probably not.