Ferrell is a four-storey condominium building on Christmas Avenue at Ophir Street in the District of Saanich within Victoria's urban core.
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One Bear Mountain took 10% down, non-refundable, with no performance guarantees. This project is going to take years to complete, with only 5 or 6 guys working on the project spasmodically.
What is the general amount you would put down on a not yet built project?
Mod was 5, 10 and then 15 as milestones were met.
Deposits are always refundable in BC so long as the developer is at fault for either not completing the project, declaring bankruptcy or changing the project following the deposit being made. The funds go into escrow. If the project flops, or the developer materially changes the disclosure statement or certain parameters are not met by the developers, that triggers your right to walk away with your deposit.
This isn’t advice, please seek guidance from a professional if you’re wanting to learn more.
It was my understanding that because real estate was so hot when it was first selling, there were no developer requirements.
I guess we will see.
Boutique Shelbourne Valley condo 'Ferrell' launching sales this weekend; homes priced from low $300,000s
24-suite condominium coming to Christmas Avenue at Ophir Street with studio, one, and two-bedroom suites.
Final two-bedroom home release will culminate sales program at Island Highway's Skyeview project.
24-suite condominium will be comprised of studio, one and two-bedroom residences.
The 25-unit proposal is slated for the hub of the Shelbourne Valley near the intersection of Shelbourne Street and Cedar Hill Cross Road.