This is why as a contractor I work for small builders, strata's and and homeowners only. Because of this I get paid 99+% of the time. Large builders like the one mentioned in this vid can go belly up at any time then you are dealing with a faceless corporation waiting in line with everyone else to get paid.
Yup my grandfather always said it best, "Pigs eat and Hogs get slaughtered" . They over extended themselves and got caught. Sad that most likely they will get the same soft treatment that others do in bankruptcy and only the buyers will suffer. The only hope is that most of the buyers were speculators looking for a flip and they lose everything.
Hey looking for some advice, I’m about to make an offer on a Vandyk building that’s already been completed (25 Neighborhood - Queens at Backyard Condos). Any risk to me as a buyer? It’s not an assignment, and building has been running since early 2023. should I stay clear or take my chances? are there any risks since it’s not a pre-con?
Hey, with an already complete building the builder’s financial situation doesn’t really matter. Your only concerns should be build quality and the management of the building. I’d recommend checking out the finishes and quality during a showing and doing some research on “Duka Property Management” as they are the active property manager for the building I believe. Vandyk never had many issues with build quality so I imagine that aspect is fine.
@@_TrapCrew not if you are purchasing correctly and have a lawyer. The lawyer will do a title search and make sure the title is free from all liens and encumbrances.
I can’t give legal advice, so check with your lawyer on what it means for you. If the condo corp is in good standing financially the lien shouldn’t be a big deal as I imagine it’s on the building/condo corp and not specific units. If it’s high risk there are plenty of other condos in areas like that for the same $/sq ft. I personally think $1000 a square foot is too much for that building. If you are paying $1000 a square foot or higher, better off getting a nice view at 1926 Lakeshore or Park Lawn/Lakeshore area although it’s more dense there.
French government was building apartments for their immigrants in the 60-70 tiz which l grow up in one of them comfortably with my family of 6 . now 2024, Canada that rely on immigrants for developing the country still dont have a proper accommodation program for their citizens or immigrants .
Workers and independent subcontractors and suppliers should not have to become creditors to these mismanaged companies. Pay them FIRST when things go bad. This should be the LAW
Well it sounds like they're going to have to downgrade and sell some of their property. 😅 do we really care no. Cry Me a damn River there's so many people out here in Canada doesn't even have a house to call their own or live in.
Yes, I believe this needs to happen. Too many developers speculated on housing and went all in. This kind of rinse out/cleansing is healthy at the end of the day.
545 k for a toronto bachekor = rip off
This is why as a contractor I work for small builders, strata's and and homeowners only. Because of this I get paid 99+% of the time. Large builders like the one mentioned in this vid can go belly up at any time then you are dealing with a faceless corporation waiting in line with everyone else to get paid.
Yup my grandfather always said it best, "Pigs eat and Hogs get slaughtered" . They over extended themselves and got caught. Sad that most likely they will get the same soft treatment that others do in bankruptcy and only the buyers will suffer. The only hope is that most of the buyers were speculators looking for a flip and they lose everything.
As a buyer of one of their units under receivership. What is one supposed to do. This is soo frustrating.
Land values are so overinfated. City development charges are also 100-200k per unit. Insane
And the city says its broke. How come?
My new favourite video of yours!
Moral of the story: buy resale. At least, you know exactly what you are getting and no thin air....
Eric da realtor ROCKS!
Thank you!!
Thier is a water sewage plant at lakeshore and dixie those home buyers are in for a rude awakening the smell is next level 😂😂😂
can you explain why?
Smell isn’t so bad at all.
I don’t understand the laughter icons. It is stupid.
Hey looking for some advice, I’m about to make an offer on a Vandyk building that’s already been completed (25 Neighborhood - Queens at Backyard Condos). Any risk to me as a buyer? It’s not an assignment, and building has been running since early 2023. should I stay clear or take my chances? are there any risks since it’s not a pre-con?
Hey, with an already complete building the builder’s financial situation doesn’t really matter. Your only concerns should be build quality and the management of the building. I’d recommend checking out the finishes and quality during a showing and doing some research on “Duka Property Management” as they are the active property manager for the building I believe. Vandyk never had many issues with build quality so I imagine that aspect is fine.
@@EricdRealtorso no risks that a receivership may have put a lien on that property? 25 Neighborhood
@@_TrapCrew not if you are purchasing correctly and have a lawyer. The lawyer will do a title search and make sure the title is free from all liens and encumbrances.
I can’t give legal advice, so check with your lawyer on what it means for you. If the condo corp is in good standing financially the lien shouldn’t be a big deal as I imagine it’s on the building/condo corp and not specific units. If it’s high risk there are plenty of other condos in areas like that for the same $/sq ft. I personally think $1000 a square foot is too much for that building. If you are paying $1000 a square foot or higher, better off getting a nice view at 1926 Lakeshore or Park Lawn/Lakeshore area although it’s more dense there.
@@EricdRealtorour offer was accepted. At $925/sqft.
French government was building apartments for their immigrants in the 60-70 tiz which l grow up in one of them comfortably with my family of 6 . now 2024, Canada that rely on immigrants for developing the country still dont have a proper accommodation program for their citizens or immigrants .
I ❤your Channel
Workers and independent subcontractors and suppliers should not have to become creditors to these mismanaged companies. Pay them FIRST when things go bad. This should be the LAW
More affordable homes please.
How?
Who is going to build it if the developers are bankrupt
Gov
Brampton is for Punjabi.....
We need social Housing!!!
Ya..but anything south of Steels is going to be EXPENSIVE..hence cost per unit is going to limit how many get done.
This is the worst time to buy since 1929. We need some honest bankers and economists (haha) to explain the perils of debt, too much debt!
In other words, if yer payin up front, you might as well kiss it goodbye!!!
No they are not
Sitting here in INDIA - My heart is bleeding and I feel his pain - but not where you think !!!
SADDEST sales pitch I've ever seen in my life!
Zorg Industries !!!!
Well it sounds like they're going to have to downgrade and sell some of their property. 😅 do we really care no.
Cry Me a damn River there's so many people out here in Canada doesn't even have a house to call their own or live in.
Yes, I believe this needs to happen. Too many developers speculated on housing and went all in. This kind of rinse out/cleansing is healthy at the end of the day.
Remember when all the realtors were pushing their clients to buy those places in Vaughan? Lol not such a great deal after all.
This is the beginning as land is cheaper across the border
Which border? Russia on the other side of the arctic?
He made so much money in the past already that it's not z big deal.
Too bad
This will not stop until all weak are out of building
This developer must have read the orange man's book
Give it a rest man. Educate yourself. Right now you are a headline reader and the victim of a smear campaign.
Trump fans encourage enabling clockwork orange authortarianism, even though homelessness frostbite never really produces after lives.@@EddieJarnowski
I guess greed does kill. Toronto is like new york
😂😂😂
Fools borrow money
boo-hoo - if you don't like it then leave.