A blog reader who calls himself ‘Winston’ made the following comment on this blog in reference to 45 Province Street which stated:
Looks like 901 closed for $1.14M
Three units in total have closed this year, 901, 1106, and 1207, for an average psf around $650.
In total, 19 units have sold for $25M, leaving about 120 units vacant.
The Landesbank that provided the construction loan has the right to send this to auction in November 2010 and I would expect that to happen ASAP as the bank is eating the operating expenses. That’s when I recommend you, Laura, and any real estate brokers prepare by picking the units you want and assessing their value in advance.
I would like to respond to this comment. First, I spoke with a “source from 45 Province St” who informed me that this comment written by “Winston” regarding the bank financing issues on 45 Province Street is incorrect. I was also told that a representative from 45 Province Street in the next few days will release a statement to the press that they have secured bank financing, and that this real estate development is on solid ground. I’ll keep you posted if I hear anything new.
What are you hearing about 45 Province Street?