There are no upcoming events right now.
Why not post one?
Recent Articles
- Justice for Indigenous Peoples is Long Overdueby Ryan McGreal, published June 30, 2021 in Commentary
(0 comments)
- Third-Party Election Advertising Ban About Silencing Workersby Chantal Mancini, published June 29, 2021 in Politics
(0 comments)
- Did Doug Ford Test the 'Great Barrington Declaration' on Ontarians?by Ryan McGreal, published June 29, 2021 in Special Report: COVID-19
(1 comment)
- An Update on Raise the Hammerby Ryan McGreal, published June 28, 2021 in Site Notes
(0 comments)
- Nestlé Selling North American Water Bottling to an Private Equity Firmby Doreen Nicoll, published February 23, 2021 in Healing Gaia
(0 comments)
- Jolley Old Sam Lawrenceby Sean Burak, published February 19, 2021 in Special Report: Cycling
(0 comments)
- Right-Wing Extremism is a Driving Force in Modern Conservatismby Ryan McGreal, published February 18, 2021 in Special Report: Extremism
(0 comments)
- Municipalities Need to Unite against Ford's Firehose of Land Use Changesby Michelle Silverton, published February 16, 2021 in Special Report
(0 comments)
- Challenging Doug Ford's Pandemic Narrativeby Ryan McGreal, published January 25, 2021 in Special Report: COVID-19
(1 comment)
- The Year 2020 Has Been a Wakeup Callby Michael Nabert, published December 31, 2020 in Special Report: COVID-19
(0 comments)
- The COVID-19 Marshmallow Experimentby Ryan McGreal, published December 22, 2020 in Special Report: COVID-19
(0 comments)
- All I Want for Christmas, 2020by Kevin Somers, published December 21, 2020 in Entertainment and Sports
(1 comment)
- Hamilton Shelters Remarkably COVID-19 Free Thanks to Innovative Testing Programby Jason Allen, published December 21, 2020 in Special Report: COVID-19
(0 comments)
- Province Rams Through Glass Factory in Stratfordby Doreen Nicoll, published December 21, 2020 in Healing Gaia
(0 comments)
- We Can Prevent Traffic Deaths if We Make Safety a Real Priorityby Ryan McGreal, published December 08, 2020 in Special Report: Walkable Streets
(5 comments)
- These Aren't 'Accidents', These Are Resultsby Tom Flood, published December 04, 2020 in Special Report: Walkable Streets
(1 comment)
- Conservation Conundrumby Paul Weinberg, published December 04, 2020 in Special Report
(0 comments)
- Defund Police Protest Threatens Fragile Ruling Classby Cameron Kroetsch, published December 03, 2020 in Special Report: Anti-Racism
(2 comments)
- Measuring the Potential of Biogas to Reduce GHG Emissionsby John Loukidelis and Thomas Cassidy, published November 23, 2020 in Special Report: Climate Change
(0 comments)
- Ontario Squanders Early Pandemic Sacrificeby Ryan McGreal, published November 18, 2020 in Special Report: COVID-19
(0 comments)
Article Archives
Blog Archives
Site Tools
Feeds
By beentheredonethat (anonymous) | Posted June 09, 2009 at 10:22:19
Stinson started selling off the plan at 1 king west in the late 90's. I bought a unit in 2001 for $197,900. I was one of the few lucky ones who sold. I got $170,000 in 2008 - that was a really great price and it took us over 1 year to find a buyer. Between 2001 and 2008, downtown toronto condos had INCREASED in price on average by close to 100% and they sold in well under a month of being on the market. How does a building do so badly in such a robust market?
Here are a few reasons why, (not including the activities of Harry and his loyal board members):
Many could not sell because they were locked into the hotel pool. We got out of the hotel pool with much wrath and difficulties from Harry. He sent us some nasty emails and tried to deter us from leaving. We were afraid we would be locked in even though legally we were entitled to leave with 4 months notice. After having a big fight on our hands, we got out. Being in the hotel pool means paying commercial taxes (5x that of residential taxes) and very low unsteady rental returns each month. Once the receiver came in, owners were not allowed to leave the pool and are only allowed to leave now if someone else enters (who would do that?) This is why they couldn't sell- no one out there is crazy enough to buy a locked in loser investment like that. Due to new circumstances, too lengthy to discuss selling has become much harder regardless of being in the pool or not.
When we made the investment, the marketing materials were pretty betlievable. They projected $175/night at 70% occupancy. The hotel would take 20% and the rest would be left to the owners. Our projected profit was $2,500/month. None of this happened in practice. The hotel was taking between 65% and 80% per month and they were not meeting their occupancy rates or nightly rate projection targets. Cheques were as little as $200 and change a month while our property taxes and condo fees amounted to $1,250/month. Add to that interest on the mortgage. Losses were always in excess of $1000/month year in, year out.
Add the losses we made having to finance this unit to losses we made selling it in a hot market and we endured many tens of thousands in losses.
Anyone who thinks they should give Harry a chance, thinks he loves Hamilton or thinks he is breathing new life into Hamilton is a sucker like I was. You should just empty your pockets now; hand 50k to him, don't waste your years stressing over an "investment property". There are suckers everywhere. In a city that might feel like it has been decaying and in decline, it is especially easy to find victims who want to believe the dream.
beentheredonethat
Permalink | Context