Another BANKRUPT Condo Developer? Buyer's Search for Answers.
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- Опубликовано: 27 авг 2024
- Construction at the Stanley District Condo development in Niagara Falls, Ontario suddenly stopped a few months ago and the pre-construction buyers are searching for answers. All that remains is a big mud hole, all construction equipment is gone and no workers anywhere to be seen. What has happened to the buyers deposits and has the developer actually gone bankrupt or have they sold the development to someone else? We will continue to follow this news. #realestateinvesting #broke #receivership #presalecondos #realestatecrash #jonflynn #canadianrealestate #homebuyer
Links/references:
www.ksvadvisor...
lapueinternati...
Wonder what percentage of that building were speculator and airbnb investors? I bet you most of it.
makes no difference, they have they money in the project
All the johnny come latelys that say negative cash flow is good
100 percent, bro. No locals in Niagara Falls can afford these prices.
Exactly just a pie in the sky investment in the midst of plummeting values. Dumb money.
Most likely 100% Investor.
A market crash is inevitable when speculator greed is replaced by fear.
Greed is fine. It's innate and natural. The real problem is the Central Banking Politburo that dictates the nations interest rates by decree/artificial demand with printed money.
Kiss your deposit goodbye
Thankfully there is depositor protection
There is no depositer protection. You are the last in "creditor " line.
@@dutchgirl7603 Pre-sale deposit are supposit to held in trust account and developer cannot touch them!
@@dutchgirl7603correct and the pickings will be slime to none!
Ontario real estate is screwed.
can u elaborate thats a big statement
"3 star hotel charging 5 star prices" GTA
make that Canadian, and Quebec!
Good luck getting any of your deposit back.
I'm hoping there will be a housing crisis so I can buy cheaply when I sell a few houses in 2025. As a backup plan, I've been thinking about purchasing stocks. What advice do you have for choosing the best buying time? On the one hand, I continue to read and see trading earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?
Investing in real estate and stocks might be a wise choice, particularly if you have a sound trading plan that can get you through profitable days.
You're not doing anything wrong; you simply lack the expertise necessary to make money in a bad market. In these difficult circumstances, only really skilled experts who witnessed the 2008 financial crisis can expect to generate a large wage.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
My CFA, Desiree Ruth Hoffman, is a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thank you for this tip. I must say, Desiree appears to be quite knowledgeable. After coming across her online page, I thoroughly went through her resume, and I must say, it was quite impressive. I reached out to her, and I have booked a session with her.
The Canadian economy is in deep shit.
wait the developer pulled funds from a client's bank account? they set up pre-authorized debit to take payments? that's ludicrous
How stupid can one be?
It's been vacant for awhile.. I was there till January this year.. nothing going on then.. I'm not surprised. They put it in a bad place.. Niagara is a foreign country now
The entire country of Canada is a foreign country now.
Are you saying it's like downtown Toronto? I left a job at the Metro Convention Center and I was the only white guy on the street. Blew my mind.
@@glengarbera7367 niagara has a lot of hotels. They have been using them to keep asylum seekers in. It's pretty much filled with east indians, Pakistani, Turkish etc
@@glengarbera7367 My family are one of the only perhaps 10 white families in a white uptown neighborhood and we get dirty looks for living in our hometown. Apparently, you can't find a job in the GTA if you are white - you get told that "they" have to prioritise minorities and better luck next time. Trudeau sold our country's soul to the devil with all this woke BS.
Yup First Nations felt the same way before their lands were stolen by foreigners
Oh no, the consequences of peoples own actionsssss
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+1304
"LA PUE" says it all
Who buys anything from a company called “La pu”… just silly!
Thanks for the update John!
You bet
Notice no equipment on site....that is a sure sign of the company going bankrupt (They move the equipment to another project o hide it from receivers)
Yep
It is not likely that the developer owns the machinery. The construction contractor would pull off the site if he is not getting paid.
Can't say for sure.
Thank you Jon! Great video.
Love your boots-on-the-ground vids!
Sucks buying or deposit on something that doesn't exits, just buy an existing real house or Condo that already exists
It sucks, but that is how new constructions are financed.
Buying pre construction anything seems like complete insanity, esepcially these days.
what a mess. The Trustee should be the point of contact here. Their job is to manage an orderly process, so these concerns should be brought to them, not the developers.
The heart of the city looks like a big parking lot. Cool water fall tho.
Paved paradise...
The proposed 85 storey building near Yonge & Bloor “The One” entered receivership it’s now sitting half built
Yeah heard about that
I had a similar situation happen to me with a smaller low-rise pre-construction condo development in Toronto in 2019. Developer went bankrupt. Got back my deposit luckily but as my first ever purchase I swore off pre-construction. Not worth it unless you buy from a big developer like Mattamy, green park, lindvest etc
You were lucky. There are lots of horror stories out there.
Not to worry! Ontario has a (cough) bullet proof system to recover your deposit! *
* Tarion:
Your deposit is protected by the trust provisions of the Condominium Act. Under the Act, your builder must hold your deposit money in a trust account. As a second level of protection, if for some reason your deposit was not placed in trust, the new home warranty provides protection for up to $20,000.
Thank God. 20,000 😅
@@rally_chroniclesI know! It’s next level (of stupid). Here in BC a lawyer holds the deposit:
The deposit is held in a trust account, which is typically held by either the developer’s lawyer or the developer’s realtor’s brokerage.
The developer does not gain access to your deposit until the construction is complete, and in the event that the developer declares bankruptcy or has a major issues that restrains them from completing the project that your deposit will be returned to you.
Apparently they just sold via receivership to Lakeshore Luxe Design & Build Group
Yeah, I saw that too on the article
Going to be LOTS more of these..... and even the developments that are close to completion are going to forward LOTS of extra final closing costs upon buyers..... who may wish to pursue later in Court, albeit, in the interim will still be required to satisy financially.
This almost happened to me with Pace from Barrie. I knew it was too good to be true so i went back for my money. The developer yelled @ me, wrote me a cheque & told me to F-off. Now there on the news & homeowners are out of 250$m.
Smart move
I’d be interested in any consignment sales of this condo .
So if there is no free money, people declare bankruptcy?
Yep
Housing starts will come to a full STOP in the coming months/year.
All 3 levels of government must come up with $2.3 TRILLION to finance 3.9 million shoebox-sized rental units across Canada.
Private sector/ developers won't invest even a PENNY on the national housing project in order to keep the home inventories LOW and Home Prices HIGH.
Sounds like Mega City One from Judge Dredd
Government cost to build will be over $2500 per sq ft. Lots of pockets getting lined with taxpayers money.
Zero Canadians...
Can't tell if someone is Canadian by their name bud.
The name and the grammar are dead ringers lol
All immigrants if not native 🤔🤔🙄
@@KamikazeTj10I was born here but not native what does that make me ..?
@@Andrico77 Ask a native
They should have been 3D Printing the joint! These poured foundations are from the 40s! LABOUR INTENSIVE THOUGH!!!!
This Project was Shady From the Get Go .
Some Schmuck from Woodbridge supposedly was the Salesman .
How Do you Sell a condo project with no sales office.?
Their Company was a 1 man Company typical of a shell company.
Other than some funny business with peoples money this was no genuine Bankruptcy.
@CrawfordDalee Ye who the hell is Pawel Fugiel ?
All they have done is a bunch of rezoning none of there projects have ever taken off .
I was in Ottawa recently and saw lots of cranes not moving and sites with little to no activity.
Trudeau's Canada.
Greed
Greed
Greed!
MONEY LAUNDERING!
MONEY LAUNDERING!!
MONEY LAUNDERING $$$$$$$$$$$$$
Same situation on the corner of Jefferson and Young St in Richmond Hill. Town house development that's about 70 percent complete but suddenly all work stopped. A Google search reveals that they have filed for bankruptcy. I feel bad for the people who put money into that
The snow ball has been released at the top of the mountain.
The snow is packing snow and conditions are ideal .
It’ll be the biggest snow ball ever seen in Canadian history.
Unless you’ve realestate is located in the Mediterranean or somewhere nice like Switzerland you’ll get played buy wanna be Tom Vu’s
Who would buy one of these in these times?
Naive buyers who are oblivious to the current state we’re in
Because people are stupid
I'm no lawyer but I am pretty certain deposit money will be moved to the front of the line in the receivership process. "Pre-construction" deposits seem very Chinese to me thats not done much in the USA. I would never.
Precon deposits are normal here
Your deposits are gone 😂😂😂 I would never buy a pre-construction condo or house unless I'm paying a builder to build if for me😮😅
They should be the first people paid back... assuming there is any money.
hmmmm....sounds like fraud.
They can kiss their deposit good bye cause most developers spend all the money prior to a receivership! My experience. Buyers beware purchasing newly built homes always, it's a risk.
People bought few houses of Covid relief money of CRA as investors. There is no housing shortage. I know friends having ten condos.
Did you try to contact the mayor or city hall for info he has to know what's going on
Never buy anything for some shill whose name has the word Gold in it! 😂😂😂
Easy on the anti-semitism bro.
Goldbricking good comment!
More like don’t buy anything from Tonny Macaroni as the seller .
The Gold guy is not the developer just a receivership company.
Those deposits were put towards the [owner's] twenty-four-year-old Chinese mistress to install new wheels on her Ferrari from the curb rash she done and a few Gucci handbags in order to keep her trap shut from telling [his] wife he's got a hot Asian side piece that is excellent in every position and then some. That's where those deposits went.
Lol 🤣 that's the raw truth. 💯 Fun times 😅💯💯🤯🏌️
@@LuckyCabezonFish-mn9nm Anything even remotely close to real estate in Canada is a scam. End of story, period that RIP. Cheers!
This is what happened in China , people put deposits on housing , no house and cannot get deposits back !
A condo developer in Kitchener went bankrupt in the middle of building. It's been sitting for about a year. Poor people who already gave money.
That’s very good STOP build anything. Is enough construction development in Toronto and Vancouver area.
Great news
Between Niagara Falls to Hamilton there is over 30billion$ worth of buildings on the books to be built….. hardly see any condos going up at the moment seems like the majority of builders are waiting to see wht happens with interest rates and Canadas economy
It is hard to enjoy life on King’s Money.
Don't buy in Toronto or GTA... PRICES WILL GO DOWN SIGNIFICANTLY
Yikes 😮
Just by looking at the surroundings there's no way they can build a condo there. That's only a hotel possibility and it's too far from the falls
Its called Fraud not Bankruptcy
Developments everywhere are failing.... we have an affordability crisis, not a home crisis. The price of land, development fees and construction costs has passed the point where any profit can be made.... do you think many of the 2 million canadians whove recently entered the country and drove prices through the roof can afford million dollar mortgages? The fraud going on in lending has been unprecedented and banks appear to be bracing for the crash.
I called this over 6 months ago when the liberals announced funding for multi-family developments. I said the developers would take these grants and then disappear with projects partially finished.
Expect many more of these, and the tax payers will be stuck with the bill.
What the hell,didn't Trudeau just give a few billion to help the housing problem 🤔 Well I guess the developer has made his money ,time to move onto the next scam.
I thought all deposits are safely deposited into escrow account
Say thankyou to Trudeau.
No one ever reads the contracts that they sign, oops.
Pure Greed and now they are baggies.
The last posting on Facebook was December 21st all right... 2022 !
Did the realtors who represented the condo Corp give back their commission?
I wonder if the contractors got paid. That excavation wasn't cheap.
That’s what I was thinking. How many construction liens are registered
Bubble crash sell
Terrible
Good, i hope they lose their shirts...
Cause no one wants there 15 minutes housing control
⭐️⭐️⭐️⭐️⭐️
Calgary is booming.
Looks that way
Deposits are gone.
Buyers are probably paying interest on credit lines they used to fund their deposit
@@jonflynn Yep HELOC s are the real problem. Investing for the hard-of-thinking.
Atlas Shrugged
How much longer can the entire Province of Ontario stay solvent again? Who even *LOANS* all of Canada *ANYTHING* at the moment? #pontiac_rumors
Just a presale SCAM!!!
this kind of thing is more and more common
More Will Come. Developers will take DEPOSITS = RUN RUN RUN $0.⁰000000000000
Niagara falls for whatever reason has always been trash
Did any Canadians buy these lol
The Canadians that you have in mind are either really well off or are complaining about different ethnicities from their trailer . It depends who you call a Canadian.
Yaa an new doggy poop park
G M E to the moon
A Chinese developer?
Pepe Le Pew
Yup
There a group of people in Brampton that smells like doo doo
Another company will buy out that land and build condos eventually. Definitely, building condos is better than suburban hell sprawl with only single detached houses
Yes, having neighbors on the other side of the wall and over your head and under your feet and having no yard of your own is much better than having a house.
@@HeatherRose_ yes. Take a look at single detached neighbourhoods. There is literally nothing. You can’t just walk to shops, restaurants, dentists, parks e.t.c. Your kids have no access to public transit and are confined to your neighbourhood. Literally, no freedom
I hope all you indian investors double your money!
Lol
Condos with motels and retail? no wonder no is buying, the resale on those units will be horrible
keep voting liberals lol
Good sign, when building has stopped..... things have gone to shit!