Within weeks, Batista had put $165,000 in deposits on two units that were valued at $2.4 million. On the day that she went to sign the legal documents she noticed something strange – the owner of one of the suites she was buying, a one-bedroom condo on the 45th floor, was not the developer, but the project’s own director of sales.
The Star obtained the legal documents, which showed that Adina Zak, the project’s sales director, had bought the condo preconstruction for $948,100 in 2006. She then flipped the condo and sold it to Batista 6 months later for $350,000 more. What makes this transaction so problematic is that the flip violates a key condition of the sales agreement imposed by developer Talon International Inc. – a condition that says that new buyers cannot flip unbuilt units. According to the Star, “the condition stipulates that units can’t be sold until completion.”
Val Levitan, chief executive of Talon, and Zak’s boss, has defended the sale. He claims that he had a “moral obligation” to allow it, further explaining, “sometimes you make an exception.”
Batista isn’t the only one who’s trying to get out of the deal. There are several others as well. Buyers have cited 2-year delays and financial difficulties as their main reasons for wanting to get out. For others, it was the realization that they’d made a bad investment decision.
One lucky buyer “won the right from Ontario’s appeal court to renege on his $709,000 condo/hotel suite and get back his $212,700 deposit,” says the Star reporter.
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