Real Estate

New Seaton -Aspen ridge

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  • Sep 19th, 2020 6:50 pm
Deal Guru
Feb 29, 2008
12236 posts
7352 upvotes
jonnyb wrote: Is the buyer not aware before signing on the dotted line?

I would assume if the houses increase in price between signing date and closing date you would be ok with the builder receiving the difference? I mean, fair is fair correct.
Um, the builder is getting all of that money upfront. It’s built into the price. Now when the home is built, if the value is well below the builders projections then the builder is making additional monies off of the purchaser.

Your post would make sense if prices jumped well beyond the builder’s projections but thry rarely do in these days for houses.

So it is bullshit and at least some builders feel guilty while others do not. I hope this crap gets regulated or banks provide the mortgage based on the builder projection and not an appraisal. I don’t see them doing that.

I’ve seen builders guarantee the price so hopefully we see more of that. People should stop buying and demand more from builders. It’s only fair, right?
Deal Addict
User avatar
Dec 27, 2007
1208 posts
605 upvotes
Oshawa
Ok. I’ll play this game.

What is your benchmark? If the value of the property loses 50k/100k/200k then the purchase price should be adjusted correct? It only makes reasonable sense to conclude if the value then increases by the same amount the purchaser should have to pay that difference to the builder.
The only reason builders adjust prices downward is to avoid all the BS that comes with having to deal with people that can no longer close.
Last time I checked no one had a gun to anyone’s head at a precon sales office. Everyone signs on the dotted line of their own free will.


JayLove06 wrote: Um, the builder is getting all of that money upfront. It’s built into the price. Now when the home is built, if the value is well below the builders projections then the builder is making additional monies off of the purchaser.

Your post would make sense if prices jumped well beyond the builder’s projections but thry rarely do in these days for houses.

So it is bullshit and at least some builders feel guilty while others do not. I hope this crap gets regulated or banks provide the mortgage based on the builder projection and not an appraisal. I don’t see them doing that.

I’ve seen builders guarantee the price so hopefully we see more of that. People should stop buying and demand more from builders. It’s only fair, right?
Deal Guru
Feb 29, 2008
12236 posts
7352 upvotes
jonnyb wrote: Ok. I’ll play this game.

What is your benchmark? If the value of the property loses 50k/100k/200k then the purchase price should be adjusted correct? It only makes reasonable sense to conclude if the value then increases by the same amount the purchaser should have to pay that difference to the builder.
The only reason builders adjust prices downward is to avoid all the BS that comes with having to deal with people that can no longer close.
Last time I checked no one had a gun to anyone’s head at a precon sales office. Everyone signs on the dotted line of their own free will.
Exactly. Stop buying precon. Setting an imaginary price based on what some builder thinks it will be in the future is the dummest think I’ve ever heard. The reason people are buying is because some don’t even know that the appraisal can come in lower and theyll have to come up with the money. Funny the builder never mentions that. Thry just want you to buy now! Prices going up! The lack of housing pushed people to enter into bullshit contracts.

You have to look at the big picture. Every builder prices houses to increase by 15%. But in that time homes decreased by 15%. How in the world do you agree with that kind of valuation. Price the home at what it is valued at now not 5 years from now which doesn’t even include depreciation.

Or, guarantee your valuation. Some builders do that. Most don’t. Why you’re upset that I’m trying to protect people is beyond me. Or maybe there’s a connection here.
Deal Guru
User avatar
Mar 31, 2008
11411 posts
1997 upvotes
Toronto
JayLove06 wrote: Exactly. Stop buying precon. Setting an imaginary price based on what some builder thinks it will be in the future is the dummest think I’ve ever heard. The reason people are buying is because some don’t even know that the appraisal can come in lower and theyll have to come up with the money. Funny the builder never mentions that. Thry just want you to buy now! Prices going up! The lack of housing pushed people to enter into bullshit contracts.

You have to look at the big picture. Every builder prices houses to increase by 15%. But in that time homes decreased by 15%. How in the world do you agree with that kind of valuation. Price the home at what it is valued at now not 5 years from now which doesn’t even include depreciation.

Or, guarantee your valuation. Some builders do that. Most don’t. Why you’re upset that I’m trying to protect people is beyond me. Or maybe there’s a connection here.
Also, as land became more scare, the new build development is more of a 'novelty' relative to earlier times. And there are tons of people that love new. They literally see buying a house like buying a new pair of underwear.. used? No way!
Newbie
Dec 22, 2019
23 posts
8 upvotes
Cayley141 wrote: Anyone got a delay response yet ?
I got a reply that my lot is directly being impacted by the delay but still no future closing date given.
Newbie
Nov 4, 2019
50 posts
13 upvotes
Drove by today, saw construction to the west. Anyone what this is for? The hydro corridor is taking shape and the trails were added as well, pavement on the streets as well.
Deal Addict
User avatar
Mar 30, 2010
2793 posts
550 upvotes
Kagaaruk, NU
Anikiri wrote: Houses in this area are basically un-sellable at this point. The market is more balanced now, anyone who bought here is underwater big time.
What area? All of Pickering or Aspen Ridge specifically?
Newbie
Dec 22, 2019
23 posts
8 upvotes
I remember the sales office saying the entire New Seaton plan is to bring 20,000 people over. So likely the construction on both sides of Taunton road will be future phases from the builders.
Newbie
Nov 4, 2019
50 posts
13 upvotes
dc200 wrote: What area? All of Pickering or Aspen Ridge specifically?
This happen to every preconstruction at the time, because of tighter mortgage rules home values dropped.
Newbie
Nov 4, 2019
50 posts
13 upvotes
BanushanS61737 wrote: I remember the sales office saying the entire New Seaton plan is to bring 20,000 people over. So likely the construction on both sides of Taunton road will be future phases from the builders.
Did some digging the area in front and to the right will be part of Lebovic Homes project. Also beside the sales office I saw this board. They usually build commercial projects it lines to to the new Seaton map where it is designated as a shopping area. Or could just be the construction of a new sales office, DG group only does commercial. When do stores usually come into a master planned community? I’m sure a smart centre with a Walmart should open in the next couple of years.
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Newbie
Apr 29, 2020
1 posts
Yes, I am a mortgage Agent and few of my clients purchased properties in seaton aspen ridge in 2017. Because the appraisals were not coming to the purchase process, the builder dropped $200k
Deal Guru
Feb 29, 2008
12236 posts
7352 upvotes
jananib23 wrote: Yes, I am a mortgage Agent and few of my clients purchased properties in seaton aspen ridge in 2017. Because the appraisals were not coming to the purchase process, the builder dropped $200k
Can you expand on this please?
[OP]
Newbie
Jul 29, 2018
47 posts
13 upvotes
Did anyone have their appliance and window coverings installed before closing ?Is it possible?

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