Posts Tagged ‘mortgage’

Just as I suggested in previous posts…it looks like the whole plan behind the “calling in” of the loan is an attempt by the land lenders to pick up the prime piece of real estate and build a 1Bloor of their own. At least that’s what Michael Gold believes. The latest press release came just before a 10am court hearing which the Toronto Star reported here.

If in fact the group behind the land loan does have plans to build another tower I think they should take a step back and look at the whole picture.  We have a building that people already believe in and bought into. Unlike other condo’s in the city, it’s not an issue of sales but rather one of securing financing. Do these lenders/developers really think the same people would line up again for their version of 1 Bloor? 

Another press release I read from Vicki Griffiths of Vicbar Marketing Limited stated: “As further proof of Bazis’ commitment, Mr. Gold points out that on July 13, 2009 the company paid the City more than $1 million cash to acquire the Hayden Street lane at the southern border of the site. This lane is required in order to complete the project. “You don’t spend $1 million on something like that if you are not committed,” Mr. Gold says.

That would have happened last Monday, just days before the final deadline for them to cancel the project! Another interesting tidbit that came out of the release was Mr. Golds mention of a Sofitel five-star world-hotel being used in the tower! It was rumored before that they would be used and now it looks like this was in fact true.  The Star article left off with a delay in the court hearing as lawyers for Bazis were called into a meeting room…

I’ve been updating this story as it evolves.  Check out my latest updates by clicking here!!
As soon as I get any other info…you’ll be able to read it here!!

Another day another update…well several by the newspapers accounts!
The Toronto Star ran a front page article revealing new twists and turns in the story of 1Bloor. If you haven’t already read it, check it out here. (wow!)

Where to begin…well for starters, the problems listed in the Star article are not related to the ones mentioned in the past. Thus adding a whole new level of complexity to the matter.  Originally everyone was waiting on Bazis to secure financing for the construction of the tower.  Now there’s also the threat of the land financing being pulled!  From the sounds of it, a  Toronto group that took over the lending commitments to Bazis will be filling actions that could put the project into receivership.  They lent Bazis the money and they want to be paid back…I get that, but to do a more modest project sounds like more of a tactic to obtain the land and build their own project as Bazis sorts through their current situation. To borrow from the article: “Now, the group wants to be paid out, or to be allowed to buy the property with an eye to building a more modest project.” (side note: nothing modest should be put on the most on one of the most recognizable corners in the City, be it a tower or any other use.)

If anything good did come out of this ordeal, it’s that Michael Gold responded to The Star, something we haven’t seen much of in the past.  In regards to the latest situation he had this to say:

“Bazis International Inc. is vigorously opposing the receivership proceedings and fully intends to honour all agreements and to complete the development as planned on schedule,” Gold said in a written response to a request for an interview. (Quote can be found in Toronto Star article by Kevin Donovan)

That’s probably the biggest statement thus far as to their plans to finish the project.  It echoes previous reports that project is a go; but as to when, how, and at what opportunity cost is still unknown. As a realtor it’s frustrating to hear so little from the developer. A few buyers/readers that emailed me said they don’t mind waiting for the project to be complete as long as they know it will in fact happen. Talks of receivership can tie up the project for a substantial amount of time or worse, cancel it all together! With 3 other Bazis projects in different stages of development, the silence is hurting consumer confidence towards those sites as well. I’m sure we’ll be hearing more in the coming days and hopefully with all the attention from the media more statements will be given from Bazis as well. 

I’ve been updating this story as it evolves.  Check out my latest updates by clicking here!!
Thanks to all the readers that have been calling and emailing me with comments on the project.  If Sunday isn’t too busy, I might do a post with some of the questions readers have asked. It should be an interesting week ahead of us to say the least!!

The much anticipated deadline for the fate of 1Bloor has come and gone with very little official news being released.  I along with many others were hoping for a some sort of a release from Bazis as to whether or not they’d continue with the project.  Unofficially what I’ve heard is the project is a go, but very few other details are known.  There’s also a story about the tower being reduced in size, yet no one knows exactly by how much. 

It was also brought to my attention that the lastest time frame, required Bazis to notify buyers only if the project was’nt a go. As of Friday July 17th, I haven’t heard from anyone who has received such notice.  And so we wait, just as we have for the past 31 days…with still not enough answers and even more questions. 

I’ve been updating this story as it evolves.  Check out my latest updates by clicking here!!
As soon as anymore info is known, I’ll be posting it online so check back often.

Whether you’ve bought into 1Bloor or not, it seems like everyone wants to know if it will ever get built. It’s been the hot topic of discussion amongst those in the condo community for almost a year now! Whenever I’m asked (at least 3 times a week) my answer is always the same “We’ll have to wait on Bazis to publicly announce their plans” and that day my friends is coming VERRRY soon! Reason being, Bazis is about to reach a crucial due date. One in which they’ll have 3 choices: Build, Not build or Ask for another extension from buyers (the last scenario also gives purchasers the option of backing out). The internet chat boards have been flowing with rumours (and a few facts) about the fate of the project. It’s appropriate to state from the start the purpose of this post is to share the stories I’ve heard and that I in no way know what the actual outcome will be… the only person who does know is Michael Gold, the developer. Ladies and gentlemen I present to you the story of 1Bloor…

Thanks to everyone who has asked me about 1Bloor.  I’ve posted an update which can be read here.It was fall of 07 and the corner of Yonge and Bloor was covered for days with realtors lined up at Toronto’s newest gem known simply as 1Bloor. It was to be built by Kazakhstan developer Bazis and designed by Roy Varacalli (the same people behind Crystal Blubeing built around the corner). The 81 story building was slated to be the new anchor for the popular Yonge and Bloor corner. For months prices were advertised to start at $300,000, garnering the interest of many and attracting them to live at the centre of the city. I remember telling clients how amazing these prices were for a project of this stature. Some believed, but most shrugged it off as just another condo. Sure enough on the day of the brokers VIP, a man in a ‘cherry picker’ went in front of an anxious crowd and plastered a new price over the existing. The new sign now read “starting at $500,000″!! (Side note: after all the media coverage at the event, the phone was ringing off the hook with buyers trying to get in…Even with the increase)

Read the rest of this entry »

Hey Toronaaaah!  Check out my first video blog above…It’s no “Gone With the Wind” but like fine wine, it will get better in time!

Enjoy

One of the top posts driving traffic to my blog was the piece I did on CREA‘s “How Realtors Help” Commercial.  Unfortunately, all I had on the blog was a pic of “Dave” being rudely awoken by a plane flying over his house. 

Due to popular demand I’ve decided to re post the topic with a special treat to my reader’s. I’ve found the second commercial that shows the poor lady trying to figure out ”how to fill in those ridiculously complicated documents”

Disclaimer: I do not encourage this kind of behaviour and would rather see you save your furniture :)  Don’t be like Dave (pictured above).  Use a Realtor (Me)…we can save you time, money, and a lot of broken furniture.  Best of all, our services are free for buyers! AND one more thing, I personally explain every contract for every client!

Shortly after the Liberals slammed Ontarians with their HARMonized tax plan, they’ve followed their act with another “real-estate-specific” cost.  This time it’s their Home Energy Audits.  In a nut shell, any person in Ontario selling their home would have to provide the buyer with a MANDATORY home energy audit. (the cost of said audit, $300 and up)

Those with less than ideal energy audit ratings will face pressure from home buyers to either spend thousands of dollars to improve the energy rating of their home or lower their sale price.

Another big issue with the mandatory audit is; who will be administering it, and how qualified are they? An investigative report prepared by the Toronto Star on home energy audits, received three different lists of recommended retrofit renovations, ranging from $3,000 – $25,000 on the same home. Similarly, home energy audits rely on the skill of the auditor to ensure that the finished report is an accurate description of the energy efficiency of the home.

Seniors, who’ve lived in their homes for long period of times often don’t have the money to keep up with energy efficiency.  If Bill 150 is passed, they’ll be forced to comply and potentially loose thousands in built up equity when selling their home.

I personally don’t support this AT ALL as a mandatory action.  It’s being rushed along too quickly with many grey areas left unanswered.  Now is not the time to add another expense to the already growing list of associated closing costs!

I like keeping my posts short, so for those who’d like to read the Ontario Real Estate Association stance (which I %100 support) click here.