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The Residences at Utopia is a 90-unit, four-storey woodframe mixed-use condominium and ground floor commercial building on Jacklin Road at Orono Avenue in Langford on Victoria's Westshore.
The project initially stalled during construction as a result of the market crash of 2008. Construction resumed in 2011 with building completion in 2012.
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Utopia was in a bit of a different situation that most condo projects. The developer who took over the previously failed project had no experience with a development of this scale and complexity. It was a steep learning curve for her and had the market been in a different place all would have worked out eventually.
This development just entered receivership this week. Its going to be a bouncy ride for anyone who bought here
What could happen to owners who have purchased and are living in Condos if the owner or developer of the unsold ones goes into receivership like it is now.
What scenarios could play out for those owners.
What could happen to owners who have purchased and are living in Condos if the owner or developer of the unsold ones goes into receivership like it is now.
What scenarios could play out for those owners.
In the short term I would expect that the reciever will "keep the lights on" and make sure that everything that needs to be done in and around the building will be taken care of. They would be charged by the courts with maintaining the value of the building as a whole. I would expect that the receiver will determine the value of the individual units by way of independant appraisers and then sell them off. By law they are only charged with getting "fair market value" and that will be the question. What are the values in that building in todays market? I would expect that they will be valued far less than what people originally paid and that is the rub for anyone who has bought in there already.
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