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General / Re: Did you discover the problem with this property - worse then a CRA lien?
« on: November 27, 2020, 01:21:40 AM »SIMCOE RD
66 tenders in total incl. one same tender(er) and one pulled out before opening.
$52,000
75,018
161,200
124,024
63,584
111,002
70,300
72,750
76,300
91,000
51,126.11
81,700
102,500
102,590
110,157
70,000
108,412.89
100,000
51,051
161,000
33,501
85,003
same tender(er) lower amount (disqualified)
72,200
135,000
111,111
45,008
151,372 (?)
165,000
120,000
60,000
50,001
50,500
56,652
40,000
37,500
163,999
51,239
100,100
111,000
140,500
40,800
113,002
168,200
85,055
85,818.80
138,000
106,500
36,501
73,010
70,013
40,000
152,100
130,009
128,001
66,200
63,920
77,778
124,669.69
104,000
65,824
81,100
95,000
90,000
73,000
Jayz:
Really surprised so many bidders and more importantly the number of high bids. Ouch I did not bid. The problem was the hidden extra cost with this property.
I am referring to the retaining wall bylaw that was passed earlier this year. To put it simply within 2 years of taking possession you have to build a new retaining wall on the waterfront edge. The bylaw lays out the specs and basically we are talking an engineered structure,that goes 6 - 8 feet under water. I also has to be ice resistant and integrated with boat storage and launching I did not cost it but would not surprise me that it would cost $50,000 - $100,000. Because of this did not expect a high bid above 80-90,000. I did not have time to undertake a proper site visit and investigation so passed. Comments???