Stinson School Lofts | ? | 4 fl | Complete - Page 21

Zmonkey · #**401** Posted **Dec 5, 2014, 6:33 PM**

Still lots for sale in building, and few for rent.

Some people were thinking of selling but a little concerned with so many up for sale - still about 1/3 of building never been sold. Starting to be somewhat of a concern. Harry also has a couple units rented to students. - like undergrad students jammed in tight.

Berklon · #**402** Posted **Dec 5, 2014, 7:41 PM**

I noticed that units are no longer listed on MLS.

Maybe Harry's gained some sanity and pulled them and will re-list at lower prices. The market's been telling him that they're over-priced.

DDP · #**403** Posted **Dec 9, 2014, 3:28 PM**

Quote:

Originally Posted by Berklon

I noticed that units are no longer listed on MLS.

Maybe Harry's gained some sanity and pulled them and will re-list at lower prices. The market's been telling him that they're over-priced.

Harry actually hired a realtor, back when units were first being sold and building was complete. He told Harry he had to get the furniture out he placed in (much of it was old, from thirft shops, apparently Harry Thought it added to building charm -yes I'm serious). Realtor came in, tried to stage and market building to attract high end client but wanted to lower prices fairly significantly. I think he closed one or two, but at lower prices. Harry called him incompetent, his staff bad mounted him to every one and he was eventually fired. Harry decided to leave the selling to himself, after about 6-7-8 months very limited progress.

Harry has floated the idea of turning the back parking lot into townhouses of sorts. Who knows what people will say when they have no parking for years while construction happens.

BTW how's the hot water situation?

matt602 · #**404** Posted **Dec 9, 2014, 7:12 PM**

"Can't sell existing units, so I'll just build some more".

The Harry Stinson school of logic.

lucasmascotto · #**405** Posted **Dec 9, 2014, 10:51 PM**

Quote:

Originally Posted by matt602

"Can't sell existing units, so I'll just build some more".

The Harry Stinson school of logic.

That's pretty much every condo developer's mantra in Toronto.
Condo's are nothing more then a tool for market capitalism.

DDP · #**406** Posted **Dec 11, 2014, 12:22 AM**

Quote:

Originally Posted by lucasmascotto

That's pretty much every condo developer's mantra in Toronto.
Condo's are nothing more then a tool for market capitalism.

He wants rip up parking spots, deeded to owners of units and have them park who knows where for the 2-3 construction process.

Harry is a dreamer but needs other people to do the actual work - Stinson still isn't 100% done. Some contractors are being paid out now for work 6 months ago.

fizzle · #**407** Posted **Dec 12, 2014, 8:10 PM**

Quote:

Originally Posted by lucasmascotto

That's pretty much every condo developer's mantra in Toronto.
Condo's are nothing more then a tool for market capitalism.

Except condos like this in Toronto sell out. And quickly. And re-sell for way above market value.

This project depresses me so much.

Let's progress past calling this grown man a 'dreamer' and call a spade a spade- the project has been run into the ground, and the management of it has been incompetent at best.

Anyone who gives him money at this point deserves to lose it. Who the hell would give him money for the Gibson project?

NortheastWind · #**408** Posted **Dec 13, 2014, 4:28 AM**

This is like a reality show LOL

Maybe that should be Harry's next venture.

DDP · #**409** Posted **Dec 13, 2014, 1:14 PM**

Quote:

Originally Posted by fizzle

Except condos like this in Toronto sell out. And quickly. And re-sell for way above market value.

This project depresses me so much.

Let's progress past calling this grown man a 'dreamer' and call a spade a spade- the project has been run into the ground, and the management of it has been incompetent at best.

Anyone who gives him money at this point deserves to lose it. Who the hell would give him money for the Gibson project?

I will be fair, if you were an early investor you are making money, likely in the 75,000 area over past 5 years. Which is a lot - but the headaches and issues and ongoing issues really will come more obvious over time. They really cheaped out in materials and and finishes everywhere. The boiler already has issues and the carpets in hallways may need to be changed next year.

I know an owner there , I know people at Fram (who built it), and know some of the engineers. Things at getting better, and I do hope it turns around. The biggest fear I would have if I was an owner is going improvements because things were not done properly during construction.

DDP · #**410** Posted **Aug 2, 2015, 12:55 PM**

So a homeless man tries to buy Condo here and Harry didn't have an issue with it.

http://www.cbc.ca/news/canada/hamilt...sing-1.3169513

Beedok · #**411** Posted **Aug 2, 2015, 5:02 PM**

Quote:

Originally Posted by fizzle

Except condos like this in Toronto sell out. And quickly. And re-sell for way above market value.

Toronto has a fairly large number of flops each year. It's just a large enough market to attract a higher ratio of competent companies.

ScreamingViking · #**412** Posted **Aug 2, 2015, 6:18 PM**

Quote:

Originally Posted by DDP

So a homeless man tries to buy Condo here and Harry didn't have an issue with it.

http://www.cbc.ca/news/canada/hamilt...sing-1.3169513

From the story:
For his part, Stinson thought the buyer "came across as very credible — very convincing and credible."

Oh, the irony of him saying that

matt602 · #**413** Posted **Aug 2, 2015, 9:32 PM**

I'm glad that they didn't stereotype and judge the man based on his appearance, and instead cut him a break and a bit of faith. There probably should have been some additional financial checks done before the owners moved out of the unit but I guess they were eager and trusting people which is what counts.

fizzle · #**414** Posted **Aug 2, 2015, 10:20 PM**

Quote:

Originally Posted by DDP

So a homeless man tries to buy Condo here and Harry didn't have an issue with it.

http://www.cbc.ca/news/canada/hamilt...sing-1.3169513

Weird shit always follows Mr. Stinson around.

Always.

Is there a single story about this man in regards to real estate that you wouldn't believe at this point?

fizzle · #**415** Posted **Aug 2, 2015, 10:25 PM**

Quote:

Originally Posted by Beedok

Toronto has a fairly large number of flops each year. It's just a large enough market to attract a higher ratio of competent companies.

'Fairly large number'?

No it doesn't. But feel free to name a 'fairly large number' and prove me wrong.

There are certainly projects that never got completed after presale - Giraffe condos at Bloor/Dundas comes to mind immediately (because I'm in that area regularly), but generally speaking, you pays your money for the pre-construction, and within 3-4 years you have your abode plus some nice appreciation.

There are now more than a few nice projects ongoing in Hamilton that giving Mr. Stinson attention for his projects seems counter-productive.

markbarbera · #**416** Posted **Aug 3, 2015, 2:52 AM**

Quote:

Originally Posted by matt602

I'm glad that they didn't stereotype and judge the man based on his appearance, and instead cut him a break and a bit of faith. There probably should have been some additional financial checks done before the owners moved out of the unit but I guess they were eager and trusting people which is what counts.

My thoughts exactly. And, while the dubious 'homeless' buyer disappeared, the realtor had closed the sale of this property to another interested buyer within days of the 'homeless' man's offer falling through.

BCTed · #**417** Posted **Aug 3, 2015, 9:37 PM**

Quote:

Originally Posted by matt602

I'm glad that they didn't stereotype and judge the man based on his appearance, and instead cut him a break and a bit of faith. There probably should have been some additional financial checks done before the owners moved out of the unit but I guess they were eager and trusting people which is what counts.

matt602, I have to disagree a bit with you on this one. I don't know the exact story, but given how major this transaction likely was to the original owners, a big leap of faith was probably not the best idea in this case. Due diligence is generally a pretty good idea, especially when it involves the sale of your (likely) largest asset / roof over your head, whether or not the person you are selling to looks homeless.

HillStreetBlues · #**418** Posted **Aug 4, 2015, 12:36 PM**

Quote:

Originally Posted by fizzle

There are certainly projects that never got completed after presale - Giraffe condos at Bloor/Dundas comes to mind immediately (because I'm in that area regularly), but generally speaking, you pays your money for the pre-construction, and within 3-4 years you have your abode plus some nice appreciation.

And the appreciation will continue forever, right?

I agree with you, in recent history there have not been that many condominium projects that have failed, especially relative to the (enormous) number constructed. Maybe in a couple of years that will no longer be the case. Certainly in the early '90s there were plenty that flopped.

interr0bangr · #**419** Posted **Oct 17, 2015, 5:26 AM**

Who's ready to drop 750,000 to live in Stinson?

http://stinsonmansions.com/

matt602 · #**420** Posted **Oct 17, 2015, 5:30 PM**

I laughed my ass off when I passed that the other day. That house is nowhere near worth that price.