Ontario Tax Sale Property Forum
Tax Sale Forum => General => Topic started by: Pfm1011 on April 30, 2015, 02:36:19 PM
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I was on one of Tri-targets clone sites and there was a post about the commercial property being a "GEM"
I was parked right in front of it last fall and I never even looked it over as I had no clue it was empty 7 years and would be sold.
If anyone does get up there post some interior picts if they can and save alot of people a trip. I haven't a clue of its level of completion and what infrastructure in in place. If its just a shell you better have some money to complete.
Just making discussions here but I bet that is a dog UNLESS you are very local and a end user.
My thinking is it is 7 years old and unfinished commercial multi tenant. If I remember correctly there is units still available in the already completed buildings so not sure of ROI potential. One would think if there was a good investment opportunity this mess would have been cleaned up long ago.
The place is screaming for a restaurant ( other then a tea room) as I think the only real food there was a chain pizza joint on the other side of harbour. This place doesn't have patio so you would want a deal with the city for patio however I have no idea if the market will support something half decent and don't know if the parking is satisfactory
The place has construction liens going back several years. Although not enforceable, I can see a "shakedown" as the builder tries to collect after he loses the tax sale. This then turns the builder into the victim and you are the bastard who screwed him..
You then have a problem with your building sitting unsecured and you are the city slicker who screwed the local. I can definitely see problems from the builder or the old owners.
Had exact same on a piece I had won where a farmer had been planting on the land for years and never paying a cent of rent. The owner died and the farmer "forgot" to send the rent to the daughter. When he lost the tax sale he tried lowballing me on the land at 1/4 of its value. Then he had the balls to play starving victim farmer and offered me $10 an acre rent for the soy crop because "farmers don't make much" ( If he offered 100 an acre it would have been very low but I would have let him keep the crop. $10 was just p*ssing on my leg.) This poor starving farmer owned over 1000 acres and I have no idea of how much more under lease. ( Note : if you are going to play starving farmer , best not to pull up in brand new 75K pickup and when you are told that your potential victim already has 200 plus acres of farm land..drop the stupid starving game)
Please vote and comments please
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PFM
I was in town yesterday and didn't even bother to head over there to look, I know the place well as I use the same parking spot you do. Last I looked it was unfinished inside and likely still is. There is already a very nice tea room in the vicinity, and a restaurant would die a slow death....not sure what you could use it for, but someone thought there was a market and built it. I do see plenty of stores coming and going especially on the west end of the whole development.
There is plenty of free parking there, but it gets crowded in the summer when they have all their special events...just about every weekend, which of course is peak season for any kind of retail that might go in there. Last I saw it looked like someone was going to put in an art gallery of some sort....there is one across the street already, but it has had a going out of business sale on for the last five years.
Next time you are there visit the new Sawdust Creek Brewery....located in the old Canadian Tire Store across from the RBC. http://www.sawdustcitybrewing.com
I am intrigued at how the taxes got up as high as they did, and I suspect there must have been a special charge on the property related to the infrastructure.
I had the same interest in finding out why the 16 acre bush on a dead end gravel road in chippawa had such a large amount outstanding, and the tax collector just told me that it was complicated. 8)
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Pay minimum 250k for the building in Gravenhurst which still needs all the finishing works?
I don't think so.
The booming summer months there are just too short to make enough profits.
Winter is long, and business is very slow (often dead) up there. :(
With one quarter of a million dollars, I think one can do a lot of fun tricks in and around the GTA... ;D