Real Estate

Academy Condo in Scarborough???

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  • Dec 27th, 2018 12:53 pm
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Feb 22nd, 2018 9:24 pm
yauvito [OP]
Sr. Member
Aug 18, 2005
551 posts
10 upvotes
Markham

Feb 22nd, 2018 9:24 pm

Academy Condo in Scarborough???

Does anyone know what is the current status of this project? Academy Condo by Lemine Investing Group at Morningside/Ellesmere is marketed as a residence dwelling targeting to UTSC students, it was one of the hottest condo development back in 2014 and was sold out in weeks. I purchased an unit as well and ground was broken more than a year ago, but it seems like construction has still not begun, heck even the official website has been taken down. Can anyone that also make a purchase for this condo shred some light here? I just hope this is not a scam where the builder absconded with the buyer's money.
19 replies
Feb 23rd, 2018 1:07 pm
CdnRealEstateGuy
Deal Guru
User avatar
Feb 2, 2014
10970 posts
3265 upvotes
Toronto

Feb 23rd, 2018 1:07 pm

yauvito wrote: ↑ Does anyone know what is the current status of this project? Academy Condo by Lemine Investing Group at Morningside/Ellesmere is marketed as a residence dwelling targeting to UTSC students, it was one of the hottest condo development back in 2014 and was sold out in weeks. I purchased an unit as well and ground was broken more than a year ago, but it seems like construction has still not begun, heck even the official website has been taken down. Can anyone that also make a purchase for this condo shred some light here? I just hope this is not a scam where the builder absconded with the buyer's money.
The sales office was at Yonge and Sheppard. I remember the line, it was crazy.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Feb 23rd, 2018 6:03 pm
Luckyinfil
Penalty Box
Aug 11, 2005
4175 posts
1432 upvotes

Feb 23rd, 2018 6:03 pm

They didn’t get financing and will be cancelling the project and returning all deposits.
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Feb 25th, 2018 3:59 am
oasis100
Penalty Box
Mar 27, 2004
9941 posts
8262 upvotes
Toronto

Feb 25th, 2018 3:59 am

Shady developer from China. Buyer beware.
Full-time Realtor
Aug 13th, 2018 4:58 pm
rocketttt
Newbie
Aug 12, 2018
4 posts

Aug 13th, 2018 4:58 pm

Builder likely default. Several buyers want get their money back through lawyer. Contact ur lawyer asap.
Sep 11th, 2018 1:44 pm
Yidengdeng
Newbie
Sep 10, 2018
0 posts

Sep 11th, 2018 1:44 pm

I went to their office couple times this year but they keep asking me to wait. They didn't say they are going to cancel the project but buyer can get refund. My understand of the refund is down payment only. I read news about Liberty in Vaughan. I am trying to contact other buyers but don't know how.
Sep 28th, 2018 1:34 pm
sircheersa
Deal Expert
Feb 22, 2011
15740 posts
20408 upvotes
Toronto

Sep 28th, 2018 1:34 pm

Lol oh dear;

New investors are coming in every month, he said, and he’s working on launching a new project.
Nov 22nd, 2018 2:05 pm
patela
Newbie
Sep 18, 2012
3 posts
SCARBOROUGH

Nov 22nd, 2018 2:05 pm

Hi,

does anyone know if there is any law suit against this to get the some sort of interest back on the down payments?

Thank you,
Nov 22nd, 2018 2:06 pm
patela
Newbie
Sep 18, 2012
3 posts
SCARBOROUGH

Nov 22nd, 2018 2:06 pm

Hi, did you get the confirmation from somewhere that it is cancelled.
JasNijjar wrote: ↑ It has been canceled.
Nov 24th, 2018 1:06 pm
DanimM51700
Newbie
Nov 23, 2018
1 posts

Nov 24th, 2018 1:06 pm

The developer is suing the builder for breach of contract that's what the management said. Totally waste of time and money.
Dec 14th, 2018 2:40 am
stephanieKKK
Newbie
Jun 24, 2018
2 posts

Dec 14th, 2018 2:40 am

I also bought the condo. Please send me text message so we will see whats going on of the condo. My phone number 6478307699 Stephanie. Thank you
Dec 17th, 2018 11:50 am
mrblack747
Sr. Member
May 14, 2008
934 posts
569 upvotes
Toronto

Dec 17th, 2018 11:50 am

so, if he declare BANKRUPT, you as INVESTOR, will not get your deposit money back....
what can you do?
Dec 20th, 2018 6:26 am
noobienoob
Sr. Member
Sep 13, 2007
750 posts
336 upvotes
Toronto

Dec 20th, 2018 6:26 am

i remember my parents saw academy condos too a long time ago, they were skeptical of the claims that they can draw in 1k from students in this area esp when students could bus in from scarborough town centre

my heart goes out to everyone affected
Dec 27th, 2018 10:00 am
TashaR50539
Newbie
Dec 26, 2018
1 posts

Dec 27th, 2018 10:00 am

Hi my lawyer reached out to the builder and they are willing to return our deposits as long as we sign a release. Our deposits are being held by lawyers so they are safe.
There are several articles about the builder and the current law suits he is in. He also had a oroject in Oickering which the city has taken back the land.
However if anyone is pursuing a class action lawsuit please let me know 4168564501 Shawna
Dec 27th, 2018 12:53 pm
rkanwar109
Banned
Nov 18, 2014
824 posts
769 upvotes
Toronto, ON

Dec 27th, 2018 12:53 pm

Luckyinfil wrote: ↑ They didn’t get financing and will be cancelling the project and returning all deposits.
Are you a real estate insider? How did you find out before the buyers

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