[CAN] New Mayfield | 41-61m | 11-17lvls | Mixed Use

[Will]

This development is no longer featured on realestate.com

[ghs]

Can't help but think that this project is dead.

Is it possible for the buyers to pull out ?

[serca]

This and light square are pathetic jokes

On a side dig no wonder Tagara went bust - Too many fingers in too many pies

[Phantom]

I'm really sorry, I couldn't help myself, but...

pull out

finger

Christ, I'm immature.

[monotonehell]

I'm really sorry, I couldn't help myself, but...

pull out

finger

Christ, I'm immature.

We were all thinking it.



No?


Just me and Phantom then?

[Jaymz]

The lack of information provided to buyers thus far has been disappointing to say the least. But to offer a little glimmer of hope, last week all buyers received an email from the Law firm holding the deposits, to says that all (deposit) money is being held in full. They go on to say that due to the large percentage of pre-commitment for this project, the Receiver is currently working with the Financier on a strategy to make it progress.

[ml69]

I drove past this site today. Apologies if the question has been answered earlier, but why are there big Watpac signs surrounding the site?

[Ben]

This could turn out to be like the former Hills site (now Vue). They went bust after construction started. We ended up with something much better. Wonder if it will be the same here. The biggest damage I see this doing though is to people considering purchasing an apartment. This is not going to look good and will turn a lot of people off. Even though they may get their deposits back, they have practically put their lives on hold for years waiting to move in to this place and now it may not even come to light. Same with Palladium. Maybe the government should enforce stricter rules in relation to construction starts. if it has not started by day x you get your money back. I know this is the case now but its always many years away. I'm fairly sure with Kodo their clause is they have to have started construction by June. that is a much more reasonable time frame given it went on sale in November.

[realstretts]

Yeah the sunset clauses provided to buyers are rather ridiculous, often three years from purchase date.

[floplo]

Yeah the sunset clauses provided to buyers are rather ridiculous, often three years from purchase date.

Are these clauses actually negotiable when you purchase an apartment?

[realstretts]

Yeah the sunset clauses provided to buyers are rather ridiculous, often three years from purchase date.

Are these clauses actually negotiable when you purchase an apartment?

No, it is part of the contract given to all buyers so every one has to agree to the same sunset date. My purchase has begun construction and is tracking to be finished on time but I can understand the frustration for a prject like this where communication is low, sunset clause date is distant and someone (not the buyers) is earning interest on a truckload of money.

[Nathan]

Yeah the sunset clauses provided to buyers are rather ridiculous, often three years from purchase date.

Are these clauses actually negotiable when you purchase an apartment?

No, it is part of the contract given to all buyers so every one has to agree to the same sunset date. My purchase has begun construction and is tracking to be finished on time but I can understand the frustration for a prject like this where communication is low, sunset clause date is distant and someone (not the buyers) is earning interest on a truckload of money.

Deposits are generally held in trust and the interest earned on it remains part of your deposit.

[realstretts]

Deposits are generally held in trust and the interest earned on it remains part of your deposit.

Thanks for that info, I was unawares

[Jaymz]

Yes, as far as I'm aware, the deposit money should be earning interest in the mean time. Although with current interest rates, would be lucky to be growing more than inflation.

From memory, the sunset clause for this development is mid 2018, a long way away yet. Although you would hope there would be some kind of result either way well before that time.

On the flip side to long sunset clauses, I have read a true account of worst case scenario on a short sunset clause. A Melbourne developer had a short sunset clause on their project....... in the mean time Melbourne apartment demand (and prices) had risen quite rapidly. The developer was the one to then enact the sunset clause, enabling them to then re-sell the apartments at a higher price. While it was probably within the rules, it's far from ethical.

[Dvious]

Website is now dead.