Condo Developer Asks Buyers to Pay Up | KT CONFIDENTIAL EP 177

In this episode (#177) of KT Confidential, The Real Estate Podcast, Adrian and Ariel discuss a recent situation that occurred with a Condo Developer and their investors. Papi paid $427,000 for the Nautique Lakefront Residences in Burlington, Ontario five years ago. However, the business cited “extraordinary” rises in trade costs as the rationale for canceling the purchase agreement and hiking project fees in an email to Papi on March 17.

All of that and more on KT Confidential – The Real Estate Podcast.


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Episode Breakdown:

00:00 – Intro
02:42 – Article
03:47 – Freehold Condos and Cooling off period
06:53 – Capping your Levis
13:15 – Same Market
15:21 – New construction vs Resell Property
18:17 – Hypothetical Assignments
23:27 – Real Estate Lesson
25:40 – Outro


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The founders, Ariel Kormendy and Adrian Trott, started The Kormendy Trott Team, a real estate team based out of Halton region in Ontario, after both being in need of a change from their successful careers in the automotive industry and both experiencing the lack of service being provided in the real estate industry. They kicked off their careers in 2011 and quickly became a top-performing team in the country, ranking 17th of approximately 200 for Century 21 in 2017; as a team of just the two, compared to much larger teams. They decided that they needed to take their team from being real estate agents in Milton to the rest of the GTA and beyond by expanding and servicing more areas. The team has since grown to have an administrative arm, media department and successful sales team operating a smooth running and successful business. Follow them on social for behind the scenes info, real estate tips, industry secrets and more.

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