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Old 2012-06-12, 08:46 PM
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LeoMessi LeoMessi is offline
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Hello,

As more and more people buy in the Blackstone community, it would be nice to have a dedicated thread tracking its development, comments, issues and much more.

Currently, Cardel and Monarch are building in this area.

My wife and I have reserved a lot with Cardel homes - Inverness model and are very excited about it. We will be making the deposit later this week.

So far, it seems everything is on track. Every time we visit their office, the road behind it has developed further

The earliest closing dates are April/May 2013 for Cardel (and probably Monarch).

Looking forward to meeting our future neighbours here
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Last edited by LeoMessi; 2012-06-12 at 09:01 PM. Reason: add signature
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Old 2012-06-14, 09:30 PM
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Made the deposit this evening! It's official

Only 1 standard lot left and the rest are premium lots. Second phase will probably be released in a month or so.

Can't wait for the design centre. It should be fun
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Old 2012-06-15, 02:06 AM
Ottawa Newbie Ottawa Newbie is offline
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Can I ask how you managed to reserve a lot? I was under the impression you have to pay a deposit to secure a lot, usually payment 1 of the 3 initial deposit payments.
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Old 2012-06-15, 09:17 AM
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builders I have dealt with reuire a verrbal commitment one piece of paper and a cheque for $1000 or so they don't cash.

you can be bumped at any time or firm up
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Old 2012-06-15, 09:23 AM
monarch@stonebridge monarch@stonebridge is offline
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Quote:
Originally Posted by Ottawa Newbie View Post
Can I ask how you managed to reserve a lot? I was under the impression you have to pay a deposit to secure a lot, usually payment 1 of the 3 initial deposit payments.
we had to give all three cheques on the first day, but they won't cash the first cheque until next 10 days including weekend. We got 5 business days to go back and cancel the agreement and get the cheques back.
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Old 2012-06-15, 09:35 AM
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The way it works with Cardel is as follows:

1) A cheque for $2500 to reserve the lot. They cash the cheque the next day. However, it is refundable if you decide not to go through with it. They say you have 10 days, but in reality, until you have given them the second deposit, everything is refundable.

2) Once you sign the purchase agreement and get the thumbs up from your lawyer and bank, you have to deposit 10% of price of the home (not including tax). So, say the base price of your home is $430K, you subtract tax and you give a certified cheque for 10% of that. (~40K). At this point, you cannot back out anymore.

3) For upgrades, you either have 60 days to pay it off OR you pay 10% of the upgrades within 60 days, and the rest will get added to the mortgage.
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Old 2012-06-15, 09:39 AM
homeshoppin homeshoppin is offline
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Oh wow, I didn't know that the 10% was on the pre-tax amount. Also, they didn't cash our cheque right away. When we walked away we just got our cheque back. LOL. But That was opening weekend so they were swamped.
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Old 2012-06-15, 09:44 AM
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Yeah...i'm glad it's on pre-tax But, in general, 10% was a lot! for us, it was okay since we were first time home buyers and had the cash, but people who have the money tied up in their current home would have to find alternative ways...

they cashed our check within 2-3 days
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Old 2012-06-15, 09:49 AM
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bridge financing is easy to arrange and pretty cheap
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Old 2012-06-15, 10:04 AM
monarch@stonebridge monarch@stonebridge is offline
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with monarch, we didn't have to pay 10% of the upgrades, because our upgrades were less than $50k ...
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