A lower mainland home builder has pulled contracts to build homes from the purchasers, and then put them back on the market for $100K more. This of course did not sit well with the would to be home owners, and now the government has stepped in.
Full Article
Developer told to stop marketing Riverbend houses
Canadian Press
May 15, 2007
VICTORIA -- The British Columbia government is stepping in to help would-be home buyers jilted by a developer at a new housing project in Vancouver's eastern suburbs.
The Superintendent of Real Estate issued a cease-marketing order to CB Developments 2000 Ltd. yesterday, after the company cancelled presales contracts to dozens of purchasers at the Riverbend site in Coquitlam and refunded their deposits.
Finance Minister Carole Taylor said those who found themselves suddenly without a home "will at least know that there will be no reselling of their home until various issues under the [Real Estate Development Marketing Act] are followed.
"So it gives everyone breathing room, a chance to see exactly what the situation is [and] exactly what the contracts say."
The developer backed out of the presales agreements for the Coquitlam project by saying there was no way the builder could break even by selling at the original price.
Instead, the single-family homes were being listed again at current market values, a difference the buyers estimated at up to $100,000.
Real Estate Superintendent Alan Clark did not say what issues are being examined, but he did ask people affected by the order to contact his office with their concerns.
The act requires developers to file amendments to disclosure statements when material changes that affect an individual's decision to purchase a unit in the development are made.
The cease-marketing order prevents the sale of any units until the act is fulfilled.
Showing posts with label Vancouver. Show all posts
Showing posts with label Vancouver. Show all posts
Tuesday, May 15, 2007
Wednesday, April 11, 2007
Real Estate For Sale Signs
A Vancouver firm now offers FM radio for real estate. How it works: a low power FM frequency is broadcasted from the property that is for sale, a talking for sale sign. When people are driving by they can here about the home or condo while sitting in their car. The radio station only broadcasts for a one block radius. This has proven particularly useful for condo building that do not allow realtor signs.
Read the original article below.
Real estate radio hits the airwaves in Vancouver
Updated Tue. Apr. 10 2007 2:10 PM ET
CTV.ca News Staff
A new radio station is on the air in Vancouver but you won't hear any pop music or the local news.
Instead, SellFM broadcasts real estate information about properties for sale using their 'Talking sign' feature.
The 'For Sale' sign on the property directs people to a radio frequency where, using an FM transmitter, information about a property is broadcast.
For potential home and condo buyers driving by, all they need is an FM radio.
"They drive by the house and they get the information right away. They don't have to call me, go back home and look it up on the internet," said realtor Rick Stonehouse, who came up with the idea alongside entrepreneur Riel Roussopolos.
In his studio, Roussopolos creates a custom tailored commercial for each home, adding music and suitable sound effects.
"This is 70-year-old technology for the most part," he said.
"The only confusion is that people think it's a radio station all over the place so we are adding stuff to the sign that says one-block radius only."
Stonehouse said the biggest benefit is for condo sellers in the city's downtown core.
We're "putting it in apartment buildings in downtown where they don't allow signs," said Stonehouse. "(People) drive by and listen to the listings selling in that building."
David Coates sold his home in two weeks after three open houses and the use of the FM transmitter.
"It's hard to say whether an FM transmitter broadcasting from the house got us thousands of dollars more," said Coates. Either way, Coates is satisfied as his home sold for $69,000 more than its original asking price.
With a report from CTV's Heron Hanuman in Vancouver
Read the original article below.
Real estate radio hits the airwaves in Vancouver
Updated Tue. Apr. 10 2007 2:10 PM ET
CTV.ca News Staff
A new radio station is on the air in Vancouver but you won't hear any pop music or the local news.
Instead, SellFM broadcasts real estate information about properties for sale using their 'Talking sign' feature.
The 'For Sale' sign on the property directs people to a radio frequency where, using an FM transmitter, information about a property is broadcast.
For potential home and condo buyers driving by, all they need is an FM radio.
"They drive by the house and they get the information right away. They don't have to call me, go back home and look it up on the internet," said realtor Rick Stonehouse, who came up with the idea alongside entrepreneur Riel Roussopolos.
In his studio, Roussopolos creates a custom tailored commercial for each home, adding music and suitable sound effects.
"This is 70-year-old technology for the most part," he said.
"The only confusion is that people think it's a radio station all over the place so we are adding stuff to the sign that says one-block radius only."
Stonehouse said the biggest benefit is for condo sellers in the city's downtown core.
We're "putting it in apartment buildings in downtown where they don't allow signs," said Stonehouse. "(People) drive by and listen to the listings selling in that building."
David Coates sold his home in two weeks after three open houses and the use of the FM transmitter.
"It's hard to say whether an FM transmitter broadcasting from the house got us thousands of dollars more," said Coates. Either way, Coates is satisfied as his home sold for $69,000 more than its original asking price.
With a report from CTV's Heron Hanuman in Vancouver
Labels:
innovation,
Real Estate,
Realtors,
Vancouver
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