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  #141  
Old Posted Jul 3, 2018, 6:59 PM
fizzle fizzle is offline
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Originally Posted by fizzle View Post
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.
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  #142  
Old Posted Jul 3, 2018, 11:34 PM
Dr Awesomesauce's Avatar
Dr Awesomesauce Dr Awesomesauce is offline
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^Jeez.

He shouldn't be allowed anywhere near a project...or anyone's money!
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  #143  
Old Posted Jul 12, 2018, 4:28 PM
Zmonkey Zmonkey is offline
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Originally Posted by fizzle View Post
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.
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  #144  
Old Posted Sep 18, 2018, 4:50 PM
drpgq drpgq is offline
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Anyone heard anything about this project lately? I've heard some rumours recently plus Murdoch Mysteries has been filming there for quite a while.
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