Comment 214

By Josh (registered) | Posted None at

As of Feb 21st 2006 5 of the 6 loans are much larger than $300000 and only one has been repaid in full - the future isn't clear, it hasn't been a massive sweeping success. I'm sorry that I can't share your optimism. Condos trouble me too. There have been a large number of buildings in Hamilton that have been "touched up" by the owners and then sold off as condo units because the buildings need major work done. There is one on Catherine South that sold units for $50000 and two years later the condo board announced all of the balconies and the roof needed to be replaced and each condo owner would have to pay $20000. A condo on Main West needed a new parking garage to the tune of $30000 each. The future is not clear for these 6 projects and even less clear for the recently announced 14.

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