Pointe-Claire in showdown with real estate developer - Globalnews.ca

Real eState

Pointe-Claire in showdown with real estate developer – Globalnews.ca

Published

2 years ago

February 17, 2022

Harry Miller

Pointe-Claire, Que.’s recent decision to issue an interim freeze on many housing projects has frustrated senior officials at Cadillac Fairview.

The developer has plans to build a residential complex on part of the parking lot of the sprawling shopping centre.

“This city’s proposed freeze, which is not in line with our discussions and expectations of the city, could jeopardize this amazing project,” Brian Salpeter, Cadillac Fairview senior vice president of development, told Global News.

Salpeter said he’s been in negotiations with the city for almost a year and the project was submitted last summer. He wants city council to reconsider.

“The city’s recent surprising actions is an attempt to ensure that the parking lot will forever remain a parking lot,” he said.

But mayor Tim Thomas has no plans of backing down. Thomas says there is already plenty of multi-level housing projects well underway and more aren’t needed. The mayor wants the future urban landscape of Pointe-Claire re-evaluated and public consultations to be held before new building permits are issued.

“We would like to slow down certain areas where people are very concerned and have the public express themselves on how those areas of the city are going to be developed,” Thomas said.

The mayor says he doesn’t want Pointe-Claire to become the downtown of the West Island and will allow for public input into the city’s future this fall.

“What we’re doing right now is stopping and redeveloping our urban plan,” Thomas said.

Cadillac Fairview also owns the forested land west of the shopping centre next to the future REM Fairview-Pointe-Claire train station. The company previously released artist renditions of developing some of that land which involved the felling of trees.

The building freeze issued by Pointe-Claire applies to the forest and is welcomed by conservationists.

“Of course we’re please by it. We understand not everybody is pleased with it but we’re hoping that some good conversations and good discourse will come out of it,” Geneviève Lussier, a spokesperson for Save Fairview Forest told Global News.

Cadillac Fairview plans to release more details on its proposed project next week.

Click to play video: 'Petition to save Pointe-Claire treehouse built on city and airport-owned land'

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Petition to save Pointe-Claire treehouse built on city and airport-owned land

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Real eState

With supply low, North York condo gets six offers – The Globe and Mail

Published

3 mins ago

April 16, 2024

Harry Miller

Re/Max Realtron Realty Inc.

233 Beecroft Rd., No. 1911, Toronto

Asking price: $599,800 (March 2024)

Selling price: $652,000 (March 2024)

Previous selling price: $240,000 (January 2007); $183,767 (August 2001)

Taxes: $2,219 (2023)

Days on the market: 11

Listing agents: Sam Ahn and Stephen Sun, Re/Max Realtron Realty Inc.

Improvements have been made to the galley-style kitchen, such as quartz countertops, mosaic backsplashes and stainless steel appliances.Re/Max Realtron Realty Inc.

The action

Spring-like weather and a lack of high-rise inventory around Mel Lastman Square aligned to give this one-bedroom plus den unit a boost in March. Six buyers, all intending to live in the condo rather than purchasing it as an investment, made offers. The highest bid came in $52,200 over the asking price, with a closing date of May 15.

“With the weather being on our side – it was relatively warm – sales being slow in the winter, and hopes that [mortgage] rates would go down, we decided to go low on our price to test the market,” said agent Sam Ahn.

“Half the offers were very competitive, so it was hard to choose among the top three offers.”

‘The biggest selling feature was the view,’ says listing agent Sam Ahn.Re/Max Realtron Realty Inc.

What they got

On the sub-penthouse level of a 22-year-old building, this 667-square-foot unit has an open living and dining area with a wall of windows and an enclosed den with sliding doors to a balcony.

Improvements were made in the four-piece bathroom and galley-style kitchen. For instance, the latter features quartz countertops, mosaic backsplashes and stainless steel appliances.

The unit comes with laundry machines, plus a storage locker and parking spot. Monthly fees of $609 cover utilities, concierge, and use of a gym and party room.

This 667-square-foot unit has an open living and dining area.Re/Max Realtron Realty Inc.

The agent’s take

“The biggest selling feature was the view. It was a west-facing, unobstructed view on a high floor,” said Mr. Ahn.

“It’s not a trendy building, but a building with a good reputation and it’s well managed. Having a low maintenance fee was also a key feature, and it included all utilities, which is rare to find nowadays in new condos with meters.”

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Real eState

B.C. woman ordered to pay over half a million dollars over real estate ‘Ponzi scheme’ – Global News

Published

12 hours ago

April 15, 2024

Harry Miller

A B.C. resident has been ordered to pay over $600,000 after committing fraud through a real estate scheme.

The B.C. Securities Commission (BCSC) has ordered Cherie Evangeline White and her company Kingdom Investments to pay $626,000 in financial sanctions.

In a Monday media release, the BCSC described the fraud as “consistent with a Ponzi scheme.”

Click to play video: 'Vancouver Island woman charged in $1.7M fraud that targeted non-profit'

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Vancouver Island woman charged in $1.7M fraud that targeted non-profit

White told investors they would get a return of 10 to 30 per cent on their investments after about six months and that the housing they invested in would be provided to those in need, including people experiencing addiction, according to the BCSC.

But instead, she used the funds to buy residential properties and then flip them for profit, money she then used to pay back earlier investors, the BCSC said.

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She commonly used her faith to attract investors by connecting with them on spiritual values and using faith-related imagery, according to the commission.

White also created a sense of urgency for investors, and in one case accompanied an investor to the bank to make sure they invested. Bank staff told the individual not to invest, but she convinced them to anyway, according to the BCSC.

Click to play video: 'Consumer Matters: Cheque fraud frustration'

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Consumer Matters: Cheque fraud frustration

In total Kingdom Investments distributed over $1 million in securities to 24 different investors without proper documentation and details of those investments. Investors suffered losses of about $776,000 as a result of the “fraud and illegal distribution,” the commission said.

The BCSC said White obstructed justice by failing to provide documents and information asked for by the BCSC. It also said she and her company did not show remorse for their actions or acknowledge the damage they caused.

She has been banned from participating in B.C.’s investment market unless she is the one investing in a company. Her company was banned from trading its shares or promoting the business.