Gibson School Lofts | ?m | 4 fl | Proposed - Page 8

fizzle · #**141** Posted **Jul 3, 2018, 6:59 PM**

Quote:

Originally Posted by fizzle

This dude, with a straight face, is telling people to transfer their investments from RRSPs into this thing. And his reasoning? Your RRSP is making you "0.5 to 1%" annually, versus the "10 to 12% or more" you'll make off this project.

Listen, you can call me a hater or whatever. This dude is a snake oil salesman. The ENTIRE premise of this builder buyback thing is that he will be able to flip units after construction for more than what they're listed at today. And he'll do it within 3 years.

This could conceivably work in a market like downtown Toronto where there would be incredible demand for a loft condo like Gibson - but there's the rub - a loft condo like Gibson wouldn't need this type of scheme to get off the ground in the first place because banks would lend that money in a heartbeat for a project like it in a good location.

I also am a big believer in prior experience driving future predicition - did this 'post-construction' appreciate happen at Stinson School Lofts? Absolutely not. In fact, there are still lofts for sale FROM THE BUILDER at Stinson School Lofts. I wrote a post a while ago about how disastrous that entire pricing structure was.

And now he's using 3 years as a timeline for construction when the last project went what, 5 years? What happens when in order to make his 3 year timeline so he doesn't have to pay annualized 10% borrowing costs to investors, he rushes the whole thing and you end up with a shi

Essentially this dude keep referencing success he had 20 years ago with The Candy Factory lofts like it's easily repeatable in any city (which wasn't just his own doing anyways), which in retrospect seems like it would have happened to ANYONE developing that building/area in Toronto.

And he wants you to lend him money essentially because the banks aren't. And he wants you to trust his post-construction resale story, even though his last project, in an arguably better development, hasn't borne such fruit.

Ugh. I'm so annoyed.

I've said it once and I'll say it again- giving him your money for '3 years' is a fools game. And it bothers me that he's targeting RRSPs and investors and possibly bilking people out of retirement savings. But whatever.

It's been 3 1/2 years and unfortunately everything I wrote here has come to pass. Not even close to finishing, and in an unexpected but not surprising twist, people who paid for upper floor units aren't going to get anything at all.

I don't understand how anyone will ever give this guy money again.

Dr Awesomesauce · #**142** Posted **Jul 3, 2018, 11:34 PM**

^Jeez.

He shouldn't be allowed anywhere near a project...or anyone's money!

Zmonkey · #**143** Posted **Jul 12, 2018, 4:28 PM**

Quote:

Originally Posted by fizzle

It's been 3 1/2 years and unfortunately everything I wrote here has come to pass. Not even close to finishing, and in an unexpected but not surprising twist, people who paid for upper floor units aren't going to get anything at all.

I don't understand how anyone will ever give this guy money again.

Now not that anyone should buy from Stinson, they shouldn't.

But there was a large increase in prices pre sale to financal construction at Stinson.

I bought for $139,000, about 900 square feet and sold it 2 years after completion for $355,000. Stinson was a good initial project since it was so cheap. Gibson is not.

drpgq · #**144** Posted **Sep 18, 2018, 4:50 PM**

Anyone heard anything about this project lately? I've heard some rumours recently plus Murdoch Mysteries has been filming there for quite a while.

drpgq · #**145** Posted **Oct 31, 2018, 4:17 PM**

Was at the Barton BIA general meeting last night. Harry was there and said that he's switching to some sort of live/work lofts project instead, like the Candy Factory.

hamilton23 · #**146** Posted **Oct 31, 2018, 5:06 PM**

Quote:

Originally Posted by drpgq

Was at the Barton BIA general meeting last night. Harry was there and said that he's switching to some sort of live/work lofts project instead, like the Candy Factory.

Will there ever be a concrete plan set for this? Or...

I've talked to a few groups of people who purchased at one point or another from there and the consensus is that they grew frustrated with the constant changes in the plans for the building and the lack of any sort of progress.

It will be interesting if this ever actually happens. I'm not sure live/work lofts work great in that area.

DDP · #**147** Posted **Feb 19, 2019, 8:16 PM**

So apparently Gibson is dead, and Stinson will turn the project into rentals/hotel.

Doubt that will ever go through.

King&James · #**148** Posted **Feb 19, 2019, 9:58 PM**

Why do I click on this link, wonder if there is a category that this could be better suited ... Train Wrecks, perhaps...

Chronamut · #**149** Posted **Feb 19, 2019, 10:22 PM**

Quote:

Originally Posted by King&James

Why do I click on this link, wonder if there is a category that this could be better suited ... Train Wrecks, perhaps...

Stinsons name and train wrecks are pretty synonymous at this point.

On the plus side the building got a nice powerwashing to strip off the coal era soot from it

movingtohamilton · #**150** Posted **Mar 8, 2019, 2:10 PM**

Gibson Lofts is now being developed as rental units.

Have a look here: http://gibsonloftrentals.com/

ChildishGavino · #**151** Posted **Mar 8, 2019, 2:15 PM**

Oh how I wish they'd remove that disguisting gym addition.

realcity · #**152** Posted **Mar 8, 2019, 4:42 PM**

I think it's good these will be rentals, that's what is needed. You're right that gym is ugly.

Chronamut · #**153** Posted **Mar 8, 2019, 4:46 PM**

Quote:

Originally Posted by realcity

I think it's good these will be rentals, that's what is needed. You're right that gym is ugly.

Maybe it needs to have an "accident"

Berklon · #**154** Posted **Mar 8, 2019, 6:15 PM**

Rentals makes much more sense.

I just can't see many people spending that much money on a condo in that neighborhood.

King&James · #**155** Posted **Mar 8, 2019, 10:11 PM**

Well all the best to Stinson. Maybe he can get his financing in order and make this one happen.

Dr Awesomesauce · #**156** Posted **Mar 8, 2019, 11:20 PM**

Re the Gibson School website

Gibson School Loft Rentals
*picture of a downtown Manhattan loft*

Snake oil salesman...

Chronamut · #**157** Posted **Mar 9, 2019, 12:35 AM**

Quote:

Originally Posted by Dr Awesomesauce

Re the Gibson School website

Gibson School Loft Rentals
*picture of a downtown Manhattan loft*

Snake oil salesman...

Yeah I noticed that too haha..

Berklon · #**158** Posted **Mar 10, 2019, 12:14 AM**

Quote:

Originally Posted by Dr Awesomesauce

Re the Gibson School website

Gibson School Loft Rentals
*picture of a downtown Manhattan loft*

Snake oil salesman...

You figure he'd used a shot from the Stinson lofts since it has a similar interior look (minus the view), is more honest/comparable and could help sell some Stinson units.

drpgq · #**159** Posted **Mar 10, 2019, 1:37 PM**

Quote:

Originally Posted by ChildishGavino

Oh how I wish they'd remove that disguisting gym addition.

I heard Harry speaking about that at a Barton Village BIA meeting and that it was just too much square footage to give up to get rid of it.

TheRitsman · #**160** Posted **Mar 10, 2019, 4:31 PM**

Quote:

Originally Posted by drpgq

I heard Harry speaking about that at a Barton Village BIA meeting and that it was just too much square footage to give up to get rid of it.

Well maybe they can do something interesting with it. Leaving it as is, is an eye sore.