The Townhouses Burnt Down - Now what?

Last Monday night 56 or 57 townhouses under construction by Dunpar Homes at their Burnhamthorpe and Ponytrail site in Mississauga burned to the ground. This site has had fires before. All are being investigated as arson.

In all, 96 high-end townhouses are under construction at this site, a half-hour drive west of Toronto. Of those damaged, including more than a dozen that burned to the ground. All 57 will likely have to be razed and rebuilt. The remaining stone facades that remained after the fire, were being leveled as I took this picture Thursday morning. (7.02.09) Globe and Mail

The developer, Dunpar Homes, said each unit was worth between $500,000 and $625,000 and that most had already been sold.

"Who is doing this to us?" asked Mark Mintzer, vice-president of marketing for Dunpar Homes, whose original development plans were opposed by residents and the city.

In 2007, when the site held just an empty field, the townhouse complex proposal drew ire from neighbours, who thought the units too dense and too tall. On Monday night, they stood on the sidewalk and watched the units burn. Missisauga News

So what happens Now? Where will you live?

• The Builder, once they have had a few days to regroup from this tragic event will have a number of isssues to decide.
• Are they able to conclude the project at the price, time and material quoted and contracted?
• Will extensions be permitted?
• Will they merely cancell everyone's contract and start reselling the units again?
• I would think that existing contract holders would have the first right on the same unit.

To those that commented about insurance proceeds and profit, that is just silliness. Homes are built when they are contracted for occupancy. That means that someone has bought it. No Builder is erecting dozens of models home on the chance that they will sell.

I would welcome your comments and thoughts on this event in Mississauga.

UPDATE: They found and charged a 19 with this and the previous arson event

http://www.theglobeandmail.com/news/national/toronto/police-make-arson-arrest/article1207400/

Quit work! Kudos to our Police

Second Time Around - Toronto Real Estate

As a current home owner, you remember what it's like being a First Time Buyer. You've been through the process before. But now that you've decided to move, what can you expect as a second time buyer?

One big Advantage to being a second time buyer is increased confidence in steering thru the home buying process. You 've been thru it before and as a result, you know what to expect and will better prepare this time around. This will help ease your stress levels when they might be high.

Many First Time Buyers may have, perhaps due to inexperience or enthusiasm, made a hasty choice to get into the market and purchased a home they are now not happy with. (For this reason reason I offer the "If you're Unhappy Guarantee") Maybe you have purchased more or less space than you required or the nieghbourhood is not what you expected, or the commute to work is gettiong too long. Simply perhaps, your needs have changed.

The difference now as a second time homebuyer, is that you have another difficult decision to make; Do you Buy First or Sell First? If you buy your second home prior to selling your first home, first home, you could be commiting to two mortgage payments for an undetermined period. If you sell your home first, you could be under a tight timeline to find that new home or arrange temporary living accomodations.

It's Now more important than ever to secure professional real estate representation, no matter how confident you feel about your prior experience. Real Estate laws and procedures have changed and the real estate market is completely different (Buyer's Strike or Buyer's Market?) now than it was even 6 months ago, let alone when you last bought possibly 10 years ago.

So take advantage of the current market slide and insecurity to Buy something more suited to your needs today. Use my experience and knowledge of the market to help make your transaction stress free.

Contact david@davidpylyp.com or simply call at 647 218 2414

Condo Insurance Toronto west Real Estate

Stan Gelman, Lawyer interviewed by David Pylyp, Realtor for Toronto west Real Estate.

Condominium Changes updates and Insurance requirements;




Feel free to contact Stanley Gelman at 905 270 5110 or check his website at http://wiselawyer.ca/ for any real estate, divorce or family related matter.

Parking Pad Licensing Update

Toronto Boulevard / Front Yard Parking Information

February 3, 2009 -- TREB has received a letter from the City of Toronto indicating that the City has made information regarding properties currently licensed for boulevard parking (i.e. front yard parking, driveway widening, residential/commercial boulevard parking) available on its web site. The City has advised that a license for boulevard parking does not follow the property, and that new property owners need to apply to have the license agreement transferred.

View City of Toronto letter (pdf)

Boulevard parking information on the City’s web site is available at www.toronto.ca/transportation, under “parking”, then “off-street parking”, and then “licensed locations”.