The public sentiment reflects a mixture of gratitude for the rulings yet deep frustration and anxiety among homebuyers concerning the fate of their investments and ongoing issues with bankrupt builders. There are concerns about the fairness and effectiveness of government protections for vulnerable citizens, particularly senior citizens, amid continued instability in the real estate market.

Supreme Court

Real Estate Developers

Government

One of the first of many examples of Trump wanting to use the Supreme Court decision on wildly inappropriate cases.

DoremusJessup

I just love the irony that roughly 100 million Americans own guns with the supposed intent to stop a tyrranical government and we are all just letting this tyranny happen.

nyc-will

Impressive... not even 24 hours after all the Trumpers told us this wasn't going to happen.

prof_the_doom


Pay pornstar hush money via campaign funds = official act.
Defraud children's charity = official act.
Defame your rape victim = official act.
Wipe your ass with top secret documenrs = officual act.
Spit on graves of sucker and loser vets = official  act.
Get your vp hung = official act.

Life is easy now.  When u famous they let u do anything.

[deleted]

Bro how can this fucking guy, *this* particular, stupid asshole just be allowed to run roughshod over 250 years of culture, law, and reason? In less than ten years he’s damn near undone the work of thousands of people with more talent in their pinky finger than his entire cursed bloodline has combined.

Nubras

👉👉What happens if the president AND their advisers are too stupid/corrupt/nefarious to know that an official act is out of bounds? 👈👈

OdonataDarner

Imagine the President of the United States of America trying to overthrow the United States of America being considered an official act of the president. Fuckin' Nazi bastards, the lot of 'em.

A reminder that the 1st Nazis did nothing illegal - they changed the laws to make it legal first.

discussatron

Pendraconica

State level prosecutions need to kick in to high gear now.

The Republican Party is a threat to the stability of the country. Their opposition to environmental protection and gun sanity are also a threat to my health and safety.  Thus, banning the Republican Party and jailing its leaders is an “official act,” right?

Think that’s silly?? Well, aren’t Republicans going to scream that advocating for abortion rights is no different from advocating murder? Or that whatever election they lose was stolen and so democrats should be jailed? 

Which side do you this court will back and which one will it laugh at?

treypage1981

So...  Biden can just get some fake electors to steal the election for him?

Jonestown_Juice

That certainly didn't take long ...well, so much for that bullshit no one is above the law because it turns out it was bullshit...💩

beavis617

Biden must use his new powers to reverse this decision, in my view.

AdSmall1198

That attorney should have read yesterdays SCOTUS ruling in full first -  [highlight](https://i.imgur.com/1OaT6Fz.jpeg) ([full pdf](https://static01.nyt.com/newsgraphics/documenttools/58e874be6164060e/df3181b1-full.pdf)).

eugene20

So did Supreme Court want Trump to Coup America. 

Lying about the election is going to get more people killed.

_AnecdotalEvidence_

Gee thanks for the heads up cheif justice.  I m a 3X felon trying to reform . Thanks for letting me and every other criminal know that SCOTUS has got your back, crime does pay, and we can make up the law to suit ourselves as we go along. Right on

LoudLloyd9

The better mode of analysis for what SCOTUS will do is political. Donald Trump has political allies in the federal judiciary who will bend and break the law to protect him, so long as he remains in political good standing. Every time we try to predict what the answer will be based on law, precedent, and history, we get pantsed by naked partisan analysis. And it's time to admit that that is because the Court is full of naked partisans.

The other stuff doesn't matter.

oscar_the_couch

Are we at the point that they about it was illegal now but thumb their nose at the country because the Supreme Court is in their pocket...?

Traveler_Constant

Not sure how these contracts work, but surely they can't just owe the full balance of the purchase price without actually getting the property?

Surely the developer has to try to sell it to someone else, and potentially the original buyer would be liable for any shortfall if the market value was less than 1M.

FairBear96

Talk to a lawyer and pay for the legal advice. All the answers here are just speculation and guesses.

Donotcatch22

There are thousands of people in this situation. Just don't buy and watch them all go bankrupt. If you have to buy, just low ball by 50% or 2015 prices. They will crumble as they need to sell.

Acceptable_Grape354

Also, the credit agencies in Canada do not share any information with other countries. Your credit history does not follow you abroad.

This doesn't make sense prices are down maybe 20-30% so with the deposit they'd owe maybe $100-200k. So developer would sue and garnish wages after selling unit. 

Charizard3535

Unlikely to ever occur - If they only have 10% down and no other savings/assets then it means they got approved for a 900k mortgage - their income would have to be like 300-400k to be approved in your scenario. A monthly wage of 20k post taxes is enough to be garnished and restore losses.

INFINITE_TRACERS

The Damages have not crystallized yet. They won't until the property sells.

dont_doubt_it99

Financial-Pin-529

reddit is not to place for legal advice. I recommend you pay for a real professional lawyer.

Stunning-Bat-7688

Bankruptcy can eliminate or reduce many judgments, but not all. Whether you'll need to pay a judgment depends on the type of judgment, whether the debt is dischargeable, and whether the creditor has a lien on your property. I would do a free consult with an attorney just to make sure.

Obse55ive

The credit collection judgements I have from before the bankruptcy have been included just as if they were from the creditors. I’m in a chapter 13 and they’ll be repaid whatever is left after my secured debts have been paid.

Kat24710

No, Once you file its an automatic stay so they can't come after you anymore for the judgment. I filed chap 7 so mine was credit card debt whiici is dischargable. The only bad thing is the judgment stays on your credit report. I'm not sure if it ever gets removed.

No-Drink8004

If its a unsecured credit card judgment, those should be discharged.   Here is what ChatGPT says:

In most cases, credit card debt is dischargeable in bankruptcy, meaning it can be eliminated, and you would no longer be liable for it. This applies to both Chapter 7 and Chapter 13 bankruptcies.

Here’s how it works:

* **Chapter 7 Bankruptcy:** Most unsecured debts, like credit card debt, are discharged after the bankruptcy process is completed, usually within a few months.
* **Chapter 13 Bankruptcy:** While credit card debt may not be fully discharged, it can be reorganized and repaid over a period of 3-5 years based on what you can afford. At the end of the repayment plan, any remaining unsecured debt may be discharged.

However, a **credit card judgment** (which occurs when a creditor sues you and wins a court judgment) could complicate things slightly. While the underlying credit card debt may be discharged in bankruptcy, if there is a judgment lien attached to your property, you may need to address that in your bankruptcy filing. In some cases, liens might not be automatically discharged, and you might need to take additional steps to remove them.

It's also worth noting that if fraud was involved in the credit card debt (such as charges made with no intention to repay), it might not be dischargeable.

lvpoaz

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You can have your attorney vacate the judgement. My did it for 3 judgements filed against her. I believe it cost her an additional $200. Basically the judge issues a letter stating they are to be removed and the lawyers send it to the county clerk that files it. It really just took. Few dollars and a few months.

AlphaWitch4Life

There was a case in my family similar in Jaipur. The builder says I don't have anything. Builder's in jail. Taunt my fufa to have him killed but hes bankrupt at least on paper. The flats are incomplete not built. Now they are paying loans and int when the property is not even theirs. So that's the whole builder's mafia you are stuck in. 

At least you won the case. Here it's tarikh pe tarikh. Sorry I don't know how DM will recover your money. They are very easy to manipulate with money. Depends on who you are dealing with. If he was that powerful I don't think you would have won your case.

dgwaves

1. If the builder is actually bankrupt, even the Supreme Court can’t help you recover money. 
2. In most cases, builders siphon(illegally transfer) money to shell companies to use to for other purpose and declare bankruptcy.
3. If you have received favourable RERA order, you need to get the RC(Recovery certificate). executed via DM as RERA is a toothless tiger.
4. Most builders do not care about RERA or their reputation. Only the top tier builder that are usually listed on stock market care about their reputation.

AkashT18

Rera court if awards you compensation, they basically ordder the DM to collect the money from the builder and give to you. In most cases (almost 100%), the DMs are corrupt sons of bitches who take money from builder and give you the runaround for years. It's the way it works.

What people can do is, take the rera court order and go to high court, and file a contempt of court against the DM.  Since the DM is violating a court order by not executing it, court can actually initiate action againt him/her. 

Most likely, the DM will mediate some kind if deal between you and builder if he has enough pressure from court.

just_spawned_again

Rera does not have executionery powers meaning even if builder decide not to pay any money to DM.

rera can't do anything

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Bro usually these builders have very strong back channels to siphon off money to. They will first form very good relations with the legal players like the judiciary, municipality, Mla, MP and any other beaurocrat. So the moment there are alot of cases registered against them they will grease the plams of these people as to reduce the heat on themselves.

Secondary they funnel back the money via legal channels. Like for example the builder will give very large orders for cement, paint and other construction related stuff to middle and low end manufacturers or traders. In return they ask for the money back an cash as soon as the official money hits their account for a fee of 3-5%( from what I have seen). Like the order will be of 100rs and the stock worth of 20rs will only be delivered to show to any onsite visiting officer. Out of The remaining 80rs, 75rs is funneled back to the builder in cash and the 5rs is kept by the supplier as commission.

So now on paper the builder has nothing as all the official money is spent, but in reality the builder is swimming in Cash, thus they are able to threaten people like your chacha. So idt even legal proceedings can recover the money as it's not even there and idt that any raid will be ordered upon the builder to see if he has the cash or no.

Due_City712

Bro, he is a builder, if he files bankruptcy or any other reason to not pay or delay by official channel. 

You can impose multiple cases. Even you can convert the paid amount into any other class action. Talk to a lawyer there are other ways too. 

I am just giving you an idea. That he is a builder, they have money if you keep poking around he will return the 18 lakhs. 

No builder will not risk his whole black money for just 20 lakh. 

Give him a reason to pay back. (You will need to do some drama but that's ok )

arvind344

Winning a RERA case is a strong legal milestone. Once a favourable order is passed in your favour:

* The builder is legally bound to comply with the order – this may include refund, possession with interest, or compensation.  
* If the builder fails to comply voluntarily, you can initiate execution proceedings under Section 40 of the RERA Act, which allows RERA to recover money as arrears of land revenue.  
* You may also escalate the matter to the Real Estate Appellate Tribunal if the builder appeals the order.  
* In case of non-compliance, the builder may face penalties or even imprisonment as prescribed under the Act.  

The process is structured and ensures that the homebuyer’s interests are protected effectively.

RERA_Consultants

15ft io

&gt;The financial difficulties of a Vancouver real estate development company sitting on close to a billion dollars in property has raised questions about the health of the housing market in Canada’s third-largest city.

&gt;On Feb. 6, Coromandel Properties filed court papers seeking temporary protection from its creditors, to which it owes more than $700-million. Such filings often lead to the appointment of a receiver for the insolvent company whose assets may be restructured or sold off to satisfy its debts. Two principals associated with the company signed off on most of the debts – Zheng Yu Zhong and Junchao Mo – but the company’s profile was also raised through its employment of five-term Vancouver city councillor and former mayoral candidate Raymond Louie as an executive.

&gt;The company’s application is replete with examples of company paying top dollar for sites between 2016 and 2022, borrowing millions to hold on to them, and being unable to redevelop them into more profitable uses.

&gt;The insolvency made local headlines, but at least inside the real estate development world it did not come as a shock.

&gt;“The market has rumours, we were aware of concerns for a while that had been expressed by not us but other lenders. … It’s a pretty small community,” said John Nicola, CEO of Nicola Wealth, which bought Coromandel out of a joint venture on a Vancouver apartment site earlier this year. Mr. Nicola said Coromandel approached the Nicola Wealth Real Estate arm of the company seeking a “liquidity event” less than a year after the two companies partnered to build two towers of 22 and 14 storeys with 441 market rental apartments and 100 affordable housing units.

&gt;In its petition, Coromandel said municipal delays in approving new housing were to blame for its inability to get its projects off the ground. It’s a hot-button issue. The 2022 recent municipal election that turfed out several incumbents including the mayor was largely seen as a referendum kickstarting housing construction. That said, Vancouver is middle of the pack among large cities according to a recent study from the Canadian Home Builders’ Association, which found it had an average 15-month approval timeline.

&gt;Those in the industry say everything from labour and construction material shortages to changes in market demand likely also played a role. Coromandel also pointed to the other big shift in the market: interest rates.

&gt;“Due to the rise of interest rates since 2022, the petitioners have had difficulty servicing the secured debt on the projects,” the application said.

&gt;Coromandel appears to have borrowed more than $700-million to fund its plans for 16 projects in various states of progress. Several lenders have already filed motions demanding repayment of funds, accounting for more than $218-million.

&gt;In one example, Coromandel says it purchased a site called Southview Garden in 2017 for $72-million, and there are three loans registered on that property that total more than $80.5-million. The land is a little under three hectares with 140 townhouses and apartments on it that earn about $224,000 in rent monthly. This does not appear to be enough to satisfy the debt payments on loans, as three parties are named seeking repayment: Cenyard Pacific Development Inc. is seeking $21.4-million, WB Partners Canada is seeking $8.2-million and Peakhill Capital Ltd. is seeking repayment of a $50.8-million.

&gt;According to Harley Gold, managing director of Peakhill, it’s not actually their loan: “Peakhill Capital is neither a lender nor a creditor on the Southview Gardens building. We have been retained as a loan servicer, and in our capacity as a fiduciary are taking all steps necessary to insure that our mortgagee client is repaid,” he said in a statement, referring The Globe to loan originators Lanyard Capital and Desjardins.

&gt;Lanyard Capital is also seeking the return of another $16-million it loaned Coromandel for a site called Alberta 40, which was a land assembly of six properties purchased for $35-million in 2017. The properties generate $15,377 a month in rent, but the interest on Lanyard’s loan is costing Coromandel $4,796 a day, which equates to about 10 times more in costs than the site earns. There’s at least one more Lanyard loan, on a project called AC Nanaimo, which was purchased in 2021 for $29.6-million, with $18.8-million in mortgages, of which Lanyard accounts for $12.76-million it is demanding repayment on.

&gt;“Given this matter is before the courts, we have no comment at this time,” said Brian Chelin, principal and director of Lanyard Capital, in response to Globe inquiries.

&gt;Another challenge may have been the locations of Coromandel’s sites: “They seemed to have a strategy for land opportunities in Vancouver property; especially the West Side, which is perceived as a prestigious location,” said Jon Bennest, vice-president of product development at real estate analysts Zonda Urban.

&gt;Even so, Coromandel’s petition describes one of its most advanced projects – Kingsway Frame – is in East Vancouver and yet it was unable to sell enough preconstruction condominium units to secure construction financing. Finding the right price for this market is proving challenging: “The top end of the market is not performing as well as the middle or upper middle,” Mr. Bennest said.

&gt;Mr. Bennest and Mr. Nicola agree that one thing players in Vancouver’s development market need are deep pockets of patient capital.

&gt;“If you’re on a development treadmill and running 85 per cent loan to value, you need virtually nothing in terms of something that would go wrong to completely turn that apple cart over and basically you’re buried,” said Mr. Nicola, who described highly leveraged investing as no different than stock frenzies such as GameStop or pouring cash into crypto assets trying to make a market. “It’s not a gamble worth taking, not for us anyway,” he said.

&gt;And despite Coromandel’s financial troubles, Mr. Nicola says the combination of demographic growth and the city’s long-term housing shortage still makes Vancouver an attractive place to invest hundreds of millions to build new multi-family housing (Nicola Wealth currently has about 1,500 apartments underway in four locations in Vancouver and Victoria).

&gt;“It’s a low risk form of long-term real estate investing, along with industrial it’s much lower volatility than say office or retail,” Mr. Nicola said.

77magicmoon77

Holding properties for over 5 years, why? The explanation of the city taking 15 months to approve plans doesn’t really work there.

Realistically, they assumed RE was an endless money elevator and got in over their heads (ie even greedier than average). 

What we need isn’t “patient investors with deep pockets”.  We need RE values to go down, so people can do more with their lives than own properties.

confusedapegenius

They're sitting on a billion dollars in property but they're less than a billion dollars in debt?  
Sounds like there's a really easy solution here.

Impressive-Hunt-2803

From the article:

The financial difficulties of a Vancouver real estate development company sitting on close to a billion dollars in property has raised questions about the health of the housing market in Canada’s third-largest city.

On Feb. 6, Coromandel Properties filed court papers seeking temporary protection from its creditors, to which it owes more than $700-million. Such filings often lead to the appointment of a receiver for the insolvent company whose assets may be restructured or sold off to satisfy its debts. Two principals associated with the company signed off on most of the debts – Zheng Yu Zhong and Junchao Mo – but the company’s profile was also raised through its employment of five-term Vancouver city councillor and former mayoral candidate Raymond Louie as an executive.

The company’s application is replete with examples of company paying top dollar for sites between 2016 and 2022, borrowing millions to hold on to them, and being unable to redevelop them into more profitable uses.

The insolvency made local headlines, but at least inside the real estate development world it did not come as a shock.

“The market has rumours, we were aware of concerns for a while that had been expressed by not us but other lenders. … It’s a pretty small community,” said John Nicola, CEO of Nicola Wealth, which bought Coromandel out of a joint venture on a Vancouver apartment site earlier this year. Mr. Nicola said Coromandel approached the Nicola Wealth Real Estate arm of the company seeking a “liquidity event” less than a year after the two companies partnered to build two towers of 22 and 14 storeys with 441 market rental apartments and 100 affordable housing units.

In its petition, Coromandel said municipal delays in approving new housing were to blame for its inability to get its projects off the ground. It’s a hot-button issue. The 2022 recent municipal election that turfed out several incumbents including the mayor was largely seen as a referendum kickstarting housing construction. That said, Vancouver is middle of the pack among large cities according to a recent study from the Canadian Home Builders’ Association, which found it had an average 15-month approval timeline.

Those in the industry say everything from labour and construction material shortages to changes in market demand likely also played a role. Coromandel also pointed to the other big shift in the market: interest rates.

“Due to the rise of interest rates since 2022, the petitioners have had difficulty servicing the secured debt on the projects,” the application said.

Coromandel appears to have borrowed more than $700-million to fund its plans for 16 projects in various states of progress. Several lenders have already filed motions demanding repayment of funds, accounting for more than $218-million.

In one example, Coromandel says it purchased a site called Southview Garden in 2017 for $72-million, and there are three loans registered on that property that total more than $80.5-million. The land is a little under three hectares with 140 townhouses and apartments on it that earn about $224,000 in rent monthly. This does not appear to be enough to satisfy the debt payments on loans, as three parties are named seeking repayment: Cenyard Pacific Development Inc. is seeking $21.4-million, WB Partners Canada is seeking $8.2-million and Peakhill Capital Ltd. is seeking repayment of a $50.8-million.

According to Harley Gold, managing director of Peakhill, it’s not actually their loan: “Peakhill Capital is neither a lender nor a creditor on the Southview Gardens building. We have been retained as a loan servicer, and in our capacity as a fiduciary are taking all steps necessary to insure that our mortgagee client is repaid,” he said in a statement, referring The Globe to loan originators Lanyard Capital and Desjardins.

Lanyard Capital is also seeking the return of another $16-million it loaned Coromandel for a site called Alberta 40, which was a land assembly of six properties purchased for $35-million in 2017. The properties generate $15,377 a month in rent, but the interest on Lanyard’s loan is costing Coromandel $4,796 a day, which equates to about 10 times more in costs than the site earns. There’s at least one more Lanyard loan, on a project called AC Nanaimo, which was purchased in 2021 for $29.6-million, with $18.8-million in mortgages, of which Lanyard accounts for $12.76-million it is demanding repayment on.

“Given this matter is before the courts, we have no comment at this time,” said Brian Chelin, principal and director of Lanyard Capital, in response to Globe inquiries.

Another challenge may have been the locations of Coromandel’s sites: “They seemed to have a strategy for land opportunities in Vancouver property; especially the West Side, which is perceived as a prestigious location,” said Jon Bennest, vice-president of product development at real estate analysts Zonda Urban.

Even so, Coromandel’s petition describes one of its most advanced projects – Kingsway Frame – is in East Vancouver and yet it was unable to sell enough preconstruction condominium units to secure construction financing. Finding the right price for this market is proving challenging: “The top end of the market is not performing as well as the middle or upper middle,” Mr. Bennest said.

Mr. Bennest and Mr. Nicola agree that one thing players in Vancouver’s development market need are deep pockets of patient capital.

“If you’re on a development treadmill and running 85 per cent loan to value, you need virtually nothing in terms of something that would go wrong to completely turn that apple cart over and basically you’re buried,” said Mr. Nicola, who described highly leveraged investing as no different than stock frenzies such as GameStop or pouring cash into crypto assets trying to make a market. “It’s not a gamble worth taking, not for us anyway,” he said.

And despite Coromandel’s financial troubles, Mr. Nicola says the combination of demographic growth and the city’s long-term housing shortage still makes Vancouver an attractive place to invest hundreds of millions to build new multi-family housing (Nicola Wealth currently has about 1,500 apartments underway in four locations in Vancouver and Victoria).

“It’s a low risk form of long-term real estate investing, along with industrial it’s much lower volatility than say office or retail,” Mr. Nicola said.

goodkarmapoliceman

So if they lost these properties, what are the larger repurcusions? Articles doesn't seem to mention that.

CapableSecretary420

A prime example of why you shouldn't have 

1. Ever growing asset bubbles due to in large part
2. 0% interest rates for 20 years

This causes a misallocation of resources and zombie loser companies like this.

amoral_ponder

for you guys hitting paywalls  use this extension if use a browser that supports it   


[https://github.com/iamadamdev/bypass-paywalls-chrome](https://github.com/iamadamdev/bypass-paywalls-chrome)

Elwood49

notmyrealnam3

I don’t see anyone rattled, expect maybe the insolvent co.

Double edged sword ⚔️ what should happen is the company gets bought out by someone with the vision to be prosperous, or they go belly up and liquidation. However, the latter may cause a snowball effect where prices crash and anybody who has bought may be in trouble, like in Arizona where people could not pay their mortgages and walked away from heavily borrowed against properties. Those who struggle just to stay in their house that are paid for will be ok. But a crash  doesn’t help anyone. A small correction is better.

Analytical-BrainiaC

Nicola is a smart guy who’s investing his wealthy clients funds into a never ending housing crisis. He is clearly confident that all the political rhetoric from Eby and City Hall is going to have zero or a negative effect. Clearly Nicola is very comfortable with progressive housing policies pushing us out of homeownership

CallmeishmaelSancho

Modavated

Someone ETMLI5 why I should care about the developers that keep building condos I can’t afford are going bankrupt please and thank you 🙏🏼

Get a time machine, go back in time 30 years. Stop immigration and stop foreign ownership outside of US and Canadian purchases.

The Supreme Court of India ruled that real estate insolvency should be handled on a project-specific basis to protect homebuyers.

Supreme Court Ruling on Real Estate Insolvency

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