396 replies to this topic

[RockFormation]

Hey,
Thanks Mike K. If any one has any new pics, please post. Thanks all.

Rockformation
in Edmonton

[skaalster]

Rockformation, send me your email address to dskaalrud@hotmail.com and I will send you some updated pictures of the rooftop and progress around the site, heck send me your condo number and I will try to get some piks of it as well. Sorry, I have tried to post here but am having no luck, won't alllow me, if anyone has any ideas on posting pictures please let me know.

Cheers

[Holden West]

Get a free photo hosting account at Photobucket.com. Upload photos and paste the resulting code into your post. Presto.

[victoriacarpenter]

So now at reflections, they will give you $20k to put in an RRSP to use as your down payment and then $1,300 month gets you into your new home......you are going to see a lot of this sort of thing in the coming months!

[Nparker]

So now at Reflections, they will give you $20k to put in an RRSP to use as your down payment and then $1,300/month gets you into your new home...

OK I don't get this scheme at all. Why not just reduce the sale price by $20K? How does this assist the developer in selling the units while still making a profit? I guess I will never understand the weird and wonderful world of real estate.

[G-Man]

It allows those that would not normally qualify for a home to qualify. CMHC allows you to take money out of your RRSP and use as a downpayment and not pay tax on it so long as you pay it back into your RRSP within a certain timeframe. I can't remember exactly how long it is. Anyways 20k added to your equity helps you qualify far easier than a 20k price reduction and it costs the developer the same, so long as they have the money to cover all the payments.

[Nparker]

I understand how the RRSP homebuyer plan works, as I have used it myself. The payback period is (or at least used to be) 15 years, starting 18 months after the initial withdrawl period.

And although a creative way to sell property, I am not sure it is financially prudent to reward those unable to save for an RRSP on their own this way. In this case, and this case only, I tend to feel that this sort of financial manipulation to get people who otherwise would not qualify, into the buyer's market is only looking for trouble.

[G-Man]

^ I agree.

[victoriacarpenter]

Exactly and next their will be free trips to Mexico, Hawaii and even Downtown Detroit! What it says is we cant sell them to people with money so we will give you some money so you can have one. Wait I have 4,000 condos to choose from.......how will I choose? Look for furnished units, free vacations, free cars and more to come over the next few months as all these developers realize these condos are worthless.....

[G-Man]

I think worthless is a bit of a stretch.

[aastra]

A condo in Saskatoon would be so much nicer.

[LJ]

It allows those that would not normally qualify for a home to qualify. CMHC allows you to take money out of your RRSP and use as a downpayment and not pay tax on it so long as you pay it back into your RRSP within a certain timeframe. I can't remember exactly how long it is. Anyways 20k added to your equity helps you qualify far easier than a 20k price reduction and it costs the developer the same, so long as they have the money to cover all the payments.

Can you say "sub-prime"?

This could get messy down the road. But on the other hand could provide some nice investment properties a few years down the road.

[victoriacarpenter]

What and maybe go back to the days when a condo or town home was a good investment cause the mortgage-taxes-insurance costs could be met or even exceeded by the rental income????? Ahhhhh remember those days a long time ago in a galaxy far, far away.......

[snub]

Does anyone have any updated pics on the construction progress (especially the tower). Thanks for the previous pics. I currently live in Edmonton so it's a little difficult to pop on by to check it out.

Thanks a lot.

Pictures taken Sat. Sep.20/08.








I'm curious to know if they promised you a date that you can move in by. The tower is nowhere near finished. They have put up a fence around the wood frame part of the project in hopes of getting an occupancy permit for the "cheap seats". The large banner proclaiming " Completion Summer 2008" has come down.






















The Urban Garden...needs a few finishing touches.






Well, what's this? Someone working on Reflections? Maybe just wandering around.

[snub]

The very closest surrounding area is pretty rundown and obviously quite poor/young people live in the nearby houses so either this will clean up the area or it will conform to it's surroundings.

If you go to the 'Presentation Center' on Wagar Ave. they have a model of Reflections set up there. On the backside of the model the "rundown" houses no longer exist. They have been replaced with grass and trees. I would have used the term "Greenspace", but that is gay. When you ask the nice lady standing behind the model " What is to become of these hideous tar paper shacks" she will inform you that " They will eventually be gone".

Yes, I didn't quote her. Just trying to convey the explanation that you would be given. Eventually these old houses will be gone. Just don't hold your breath.

[Mike K.]

I'm amazed this thing was built given all the trouble it went through.

Nice looking building.

[aastra]

On the backside of the model the "rundown" houses no longer exist. They have been replaced with grass and trees.

That's interesting, but then again, we've seen developers do the same thing with projects in town so maybe we shouldn't make too much of it. Bayview and Town & Country come immediately to mind.

[concorde]

The owner is really disappointed (and I'm phrasing it nicely) with JDM Alliance, the construction manager, to the point they have not and will not be paid any management fees as of several months ago until the job is finished because they are so far behind schedule.

JDM now has a house builder superintendent from Saturna Island, running the job.

[snub]

Saturday Sept.27 2008


A little ashphalt needed...



Close up of the "Tower". Long ways to go.







The sign went up this week...



Jacked up pickup trucks won't fit. Clearance is about 7 feet.




I can't believe it. These people were actually moving their furniture into the building!

[Savannah]

I noticed last night that exterior lights were on and up. I noticed one of them was crooked.