396 replies to this topic

[snub]

^I was told that Andrew Khoo is the son of a developer with deep pockets, and that this was Andrews first project.

I will be watching to see how this lawsuit plays out. It seems to me that if this project was completed on schedule, that the speculators wouldn't have needed to walk away from their deposits.

I am guessing that a lot of the pre sale buyers were trying to get out when Khoo enforced his "force majeur" clause.

[VicHockeyFan]

^I was told that Andrew Khoo is the son of a developer with deep pockets, and that this was Andrews first project.

I will be watching to see how this lawsuit plays out. It seems to me that if this project was completed on schedule, that the speculators wouldn't have needed to walk away from their deposits.

I am guessing that a lot of the pre sale buyers were trying to get out when Khoo enforced his "force majeur" clause.

The developer wins many of these when they do it, and rightfully so.

[snub]

^ Rightfully so??


I will be back later to finish my witty reply, but right now I have to pour another drink.

[LJ]

Now there's a leap of logic. You've heard it here first folks, have no fear if you bought and occupied a condo in this boom, you haven't lost value because the developer is going to sue! I'm thinking that the "half-brained investors" who bought thinking they couldn't lose are smarter than the half-brained developer who "thinks" suing the walk-aways equates to propping up the market. How do these people get financing for projects like this?

I'm not sure if he is trying to say that the original purchasers won't lose value. I think maybe he is saying more along the lines of don't fret over the thought that you paid too much as the people that walked away are going to be sued for the difference, so take some comfort in that. JMO

[househuntvictoria]

I'm not sure if he is trying to say that the original purchasers won't lose value. I think maybe he is saying more along the lines of don't fret over the thought that you paid too much as the people that walked away are going to be sued for the difference, so take some comfort in that. JMO

Whatever he was trying to say, he didn't say well. Which seems to be a trend with Reflections: wrong building, wrong location, wrong timing, wrong sales volume, wrong price, wrong sales incentives, wrong auction tactic, wrong liquidation tactic and questionable quality.

Owners of Reflections should take comfort in the fact that this developer will do everything in his power to make sure that all past and current owners are equally f'd, not just the ones who honour their contracts/payments. I don't blame the developer only: he'd never have been able to pull this sad sh&tshow off if it hadn't been for the 60-odd fools who agreed to buy pre-sales at ridiculous prices to qualify him for development financing.

And to think I almost jumped when I could get a $20K credit for my RRSP if I agreed to immediately withdraw it for my down payment! Or when I was given the opportunity to only pay half of my own mortgage for a year, because hey, that was cheaper than renting! I could have even used that $1K per month as a credit at the Brick to go buy a pleather couch, new bed and flat screen TV! What was I thinking? I could have been robbed from my home and my retirement all in one fell swoop! (yes, that is a hint of sarcasm you detected)

[concorde]

Well said and since the developer usually writes the sales contract it is written in the developers favour, not the buyers.

I would expect the developer will be suing all presale purchasers who walked away for the difference between actual sale price vs what the contract stated plus legal fees, interest, etc, etc. If I were a person who walked away, they should have a good lawyer on retainer.

[spanky123]

Of course we are taking the developer at his word that the reason why so many units are unsold is that purchasers have walked away from their deals.

I don't know one way or another, but if you do the math, 70% pre-sales still leaves almost 40 units to sell afterwards.

[rjag]

Of course we are taking the developer at his word that the reason why so many units are unsold is that purchasers have walked away from their deals.

I don't know one way or another, but if you do the math, 70% pre-sales still leaves almost 40 units to sell afterwards.

Thats probably a fair number as projects such as this need x% of presales as a requirement for financing.

[Deegrandmaster]

Hey I just wanted to say I was wrong for calling anyone an idiot......that really isn't very nice..........my apologies...........I will keep name calling out of this ..........most people know what they are.

[spanky123]

Well said and since the developer usually writes the sales contract it is written in the developers favour, not the buyers.

I would expect the developer will be suing all presale purchasers who walked away for the difference between actual sale price vs what the contract stated plus legal fees, interest, etc, etc. If I were a person who walked away, they should have a good lawyer on retainer.

The Vancouver Sun had an article on this in the business section on Saturday.

Purchaser has to be careful when they walk away fom a deal but by no means a slam dunk for the developer.

[concorde]

The Vancouver Sun had an article on this in the business section on Saturday.

Purchaser has to be careful when they walk away fom a deal but by no means a slam dunk for the developer.

I agree, developers can't get blood out of a stone

[snub]

^ Rightfully so??


I will be back later to finish my witty reply, but right now I have to pour another drink.

Finished my drink, so now I'm back.


http://www.thetrac.c...ct Language.pdf

[Deegrandmaster]

just wanted to give you sleeping bears an update. All is well and happy at the new center of the universe in Langford.

[Mike K.]

Can someone living in Reflections take photos of downtown Langford from atop the building?

[VicDuck]

Drove by it the other day and saw that some of the retail space has yet to be occupied.

[snub]

just wanted to give you sleeping bears an update. All is well and happy at the new center of the universe in Langford.

Since the other owners at Reflections have abandoned this site, perhaps you could tell me what this is?

[snub]

These pre-sale purchasers signed, legal lawful contracts for purchase, and were not under duress to sign them.

Perhaps they didn't read the fine print, or couldn't because it was written sideways and was almost unreadable. Did they do this because they ran out of room on the page? I'm calling bullshit on this one.





If someone can read what is is in the fine print, please let me know. My head doesn't rotate like Beetlejuice.

[G-Man]

That structure is the elevator mechanical housing.

[seymour201]

Perhaps they didn't read the fine print, or couldn't because it was written sideways and was almost unreadable. Did they do this because they ran out of room on the page? I'm calling bullshit on this one.





If someone can read what is is in the fine print, please let me know. My head doesn't rotate like Beetlejuice.

"The developer reserves the right to make modifications and changes to the information relating to this project. Dimensions, sizes, specifications, layouts and materials are subject to change without notice"

Its a standard line they put on all drawings.