Winnipeg |390 on the river (d Condo) | ~81M | 24F | U/C - Page 43

robertocarlos · #**841** Posted **Feb 18, 2018, 7:12 PM**

Quote:

Originally Posted by blueasajewel

Believe those are the original buyers who have been given an option to buy again at a significantly higher price or walk from their original purchase and deposit.

Why do they not get their deposit back?

cllew · #**842** Posted **Feb 18, 2018, 10:29 PM**

Quote:

Originally Posted by robertocarlos

Why do they not get their deposit back?

From the PWC receivers web site on the project.

Second Report of the receiver dated 2017-06-13

https://www.pwc.com/ca/en/car/390/as...021_061417.pdf

bottom of page 28 through page 29.

As I read that section it appears the deposits were released to the developer and spent on the project and were not insured as required. Any claims for the deposit money fall below money owed to the lender in priority so there will probably be no money left to be paid out to them.

wags_in_the_peg · #**843** Posted **Feb 19, 2018, 7:27 PM**

new website up and we have a name change required on this site. no more D CONDO, it's now 390 On the River.
https://390ontheriver.com/

Roger Strong · #**844** Posted **Feb 19, 2018, 8:01 PM**

It'll always be d Condo in our hearts.

And in the courts for the next decade.

And in the Capital Pointe sized holes in the savings of those who made deposits on condos there.

wags_in_the_peg · #**845** Posted **Feb 19, 2018, 8:55 PM**

Quote:

Originally Posted by Roger Strong

It'll always be d Condo in our hearts.

And in the courts for the next decade.

And in the Capital Pointe sized holes in the savings of those who made deposits on condos there.

are you confusing D Condo with Fortress mess "Sky City"?

Roger Strong · #**846** Posted **Feb 19, 2018, 9:31 PM**

Quote:

Originally Posted by wags_in_the_peg

are you confusing D Condo with Fortress mess "Sky City"?

Nope:

Quote:

Originally Posted by cllew

From the Second Report of the receiver dated 2017-06-13
https://www.pwc.com/ca/en/car/390/as...021_061417.pdf
bottom of page 28 through page 29.

As I read that section it appears the deposits were released to the developer and spent on the project and were not insured as required. Any claims for the deposit money fall below money owed to the lender in priority so there will probably be no money left to be paid out to them.

If this is true, the court battles will just be getting started.

esquire · #**847** Posted **Feb 19, 2018, 10:48 PM**

^ That's depressing if true... it won't do much to encourage people to throw down money on new condo developments.

blueasajewel · #**848** Posted **Feb 20, 2018, 2:55 AM**

Quote:

Originally Posted by esquire

^ That's depressing if true... it won't do much to encourage people to throw down money on new condo developments.

True. Unfortunately, unlike Ontario and BC deposit insurance is not mandatory in Manitoba. Purchasers need to do their due diligence to ensure the developer they are considering has it.

Honestly, they shouldn't have to.

buzzg · #**849** Posted **Feb 20, 2018, 4:09 AM**

Quote:

Originally Posted by esquire

^ That's depressing if true... it won't do much to encourage people to throw down money on new condo developments.

It may to some, hopefully not and most people know the issue was developers with no experience with a project of this scale. It's unfortunate what happened with two of the more prominent developments here (this and SkyCity) that it was just issues with the developers and not as much the game/market.

esquire · #**850** Posted **Feb 20, 2018, 3:00 PM**

Quote:

Originally Posted by buzzg

It may to some, hopefully not and most people know the issue was developers with no experience with a project of this scale. It's unfortunate what happened with two of the more prominent developments here (this and SkyCity) that it was just issues with the developers and not as much the game/market.

If what cllew is saying is true (I don't know, I haven't looked at the documents he linked to), I think it could put a chill on the new condo market in this city. Once the media latches on and interviews a few people who are out however many thousands of dollars, I'm sure other prospective buyers will think twice as a new condo purchase is effectively betting the deposit that the developer can get it done.

I have to admit I soured on the idea of ever buying a new condo years ago when the construction of that building on Academy across from St. Mary's Academy was delayed by something like a year... I had already purchased the old condo of someone moving into that building and she had to rent a temporary residence for almost a year while they finished her condo. What a PITA.

Roger Strong · #**851** Posted **Feb 20, 2018, 3:36 PM**

Quote:

Originally Posted by esquire

What a PITA.

Everyone raise your hands if you've suddenly changed your mind about lunch at Pita Pit.

buzzg · #**852** Posted **Mar 2, 2018, 5:03 PM**

Now that most of the tower finishings are done – it looks awweeeesomee! Honestly it reminds me of a Miami tower with all the white and aqua-coloured glass. I love it. Such a nice departure for this city.

rkspec · #**853** Posted **Mar 2, 2018, 5:56 PM**

anyone close enough to grab some pics?

cheswick · #**854** Posted **Mar 2, 2018, 6:41 PM**

Quote:

Originally Posted by rkspec

anyone close enough to grab some pics?

You're welcome

rkspec · #**855** Posted **Mar 2, 2018, 7:07 PM**

esquire · #**856** Posted **Mar 2, 2018, 7:33 PM**

Yeah, I like it a lot too. It makes the biggest skyline splash from south of downtown.

DLLB · #**857** Posted **Mar 3, 2018, 2:17 AM**

Quote:

Originally Posted by cheswick

You're welcome

Like it. Thanks!

Flatland Metropolis · #**858** Posted **Mar 4, 2018, 7:24 AM**

I hope they finish selling soon. Assiniboine could use 2-3 more of these

ywgwalk · #**859** Posted **Mar 5, 2018, 3:19 AM**

Here's a photo of mine from today (click to view in instagram):

If someone could remind me how to resize images in bbcode it would be appreciated.

I'm rypinion from long time ago, btw - lost access to my account years ago and have just been lurking since.

Urban recluse · #**860** Posted **Mar 5, 2018, 3:26 AM**

Beautiful. Portage Ave, Princess, Main, Broadway, etc need several of these.