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Originally Posted by esquire
^ Very perplexing approach by Sandhu. Although you have to wonder, if there was any uncertainty about the rest of the project, why go to the trouble and expense of getting a crane and building the base?
I wonder how the people who have put money down feel about this? I have to say, given all the negative stories I've heard from people who pre-bought units in condo blocks, I honestly wonder if it's EVER a good idea, at least in this city. As much as I'd love to see more condo towers rise, I certainly wouldn't plunk down the cash for a unit in a building that isn't finished, especially if I actually intended to live in it.
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Short answer - Optics. Generate the perception of a project moving ahead with the hope of getting further sales.
WRT buying presales - It's a little sad to see that we want to have more towers go up but aren't necessarily prepared to support said towers - however, I wouldn't throw the baby out with the bathwater.
Yes, there may be certain risks in buying presale but there are also many benefits. At the end of the day, you, as a purchaser need to do your due diligence on the developer - track record/ability in the category of building you are contemplating i.e. hi-rise vs low rise, quality of prior buildings, speak to previous purchasers on their experiences etc., etc. If you look at Sandhu against this elementary checklist - they don't meet any one of the criteria.
Winnipeg is a bit of the wild west in terms of condo development with a lot of inexperience jumping into the market with underpowered proformas - I think this will get better as the market matures and condo requirements get further refined.
The influence of out of town developers will also potentially help move condo development forward...
Hopefully. Perhaps. Maybe.
BTW I've never seen a lawyer endorse a developers contract ;-)