Wow my realestate agent told me the sons are building 2 massive houses in the estate we are building in. They have already started....uncomfortable for them if they are building others homes in that estate
Browse Forums Building A New House Re: Cosmopolitan Homes - Liquidator appointed 121Nov 13, 2011 10:58 am rosewood This afternoon the door closed on cosmpolitian Homes in sydney Wow my realestate agent told me the sons are building 2 massive houses in the estate we are building in. They have already started....uncomfortable for them if they are building others homes in that estate viewtopic.php?f=31&t=46741 Clovelly - Masterton Homes 5% to M 290312 CDC 21/06 20 days 29/08 Slab 17/09 Frame 26/09 Bricks 24/10 Roof tiles 20/11 Re: Cosmopolitan Homes - Liquidator appointed 122Nov 13, 2011 11:56 am Say, if a quantitative surveyor value the incomplete house to be less than the money we paid Cosmo, does that classify us as a creditor or what happen if the other way around?? So far on one can give us a clear answer as how the remaining payment will be paid out, to whom..etc. If we are allowed to use remaining fund to finish the house not going thru insurance, I sure need to take considerations of everything, but atm don't have enough info to do the math We have ordered timber (for flooring) based on the house will be finished soon. Timber company is now demanding payment and delivery, does anyone know we can claim for storage in this case?? Don't want to delivery to site becasue of the looting. Re: Cosmopolitan Homes - Liquidator appointed 123Nov 13, 2011 12:20 pm Chiao, I think you just pay the warranty insurance company the payments that are listed in your contract and they just get the work done to get it to completion. DSA, I'm sure those sons have already ensured they've had their contracts assigned to an operational entity. They are probably some of the names listed as creditors too. I'd expect they'd have security guards on site by now too. Land at Chermside At tender stage Re: Cosmopolitan Homes - Liquidator appointed 125Nov 14, 2011 11:18 am I'd go to both if you have the time Re: Cosmopolitan Homes - Liquidator appointed 126Nov 14, 2011 11:46 am Definitly go to both, this way you know where you & the company stand. A person can learn alot by going to face to face meeting Re: Cosmopolitan Homes - Liquidator appointed 127Nov 16, 2011 4:27 pm Anyone gone to creditor's meeting? Anything we home owner should be aware of? Appreciate any info anyone can provide. Got a builder to give us a quote today and it will be at least $40k over the remaining fund, if the same with the next few quotes, we will have no choice but to go thru insurance. He also mentioned we need to chase slab/frame/water proofing/OSD/eletrical guys..etc for certificates, if not already issued to Cosmo due to non-payment, it could turn nasty and costly. Guess will bring this up to QBE tomorrow... Re: Cosmopolitan Homes - Liquidator appointed 128Nov 16, 2011 7:46 pm the creditors meeting was really packed. Was half and hour late in starting as people were still registering. Mostly tradespeople and suppliers. some key points - the company started in 1996 - i thought they were in the building industry for 40 years from the brochure!! - the company was profitable until as late as June 2010. Things were pear shaped pretty quickly - ironically as demand increased (from govt stimulus measures) there was increased cost pressures from lack of trades people availability which led to severe margin erosion. - the QLD entity is listed as a debtor but may be a creditor due to inter-co loans - the owners lawyer read an apologetic statement, both directors are declaring bankruptcy personally. - many tradies were emotional as they had received 'personal' assurances from the company as late as the morning of black friday.. had to leave by the time they got to voting on certain administrative aspects Re: Cosmopolitan Homes - Liquidator appointed 129Nov 16, 2011 8:23 pm Thanks for the info tintin. The builder who checked our house today said it will take couple of months to finish the job (instead of couple weeks as informed by supervisor previously) as there are many defects. Maybe this is a blessing in disguise that we will get a better quality house at the end, or maybe he just bluff me to justify the costs, I don't know, don't have much faith in this industry anymore... Re: Cosmopolitan Homes - Liquidator appointed 130Nov 17, 2011 7:16 pm Hi everyone, I was just wondering how the meeting at Rosehill ended? I had to leave at 4:45pm to pick up my 3 billy lids. Was there any new information given out? There was understandably a lot of anger and lots of questions while I was there. I only got up to the part on the 20%. Did anything interesting happen after that? I wish I could have stayed. Re: Cosmopolitan Homes - Liquidator appointed 131Nov 17, 2011 7:36 pm Were you still there when the insurer spoke about the 4 groupings of people and how each group would be treated? I stayed for another hour and just spoke to the insurers to try to get some answers to my situation. The majority of people still around when I left were grouped together at the front of the room - they were those people that 20% wouldn't cover the completion of their home. I'm hopeful we get a call in the next few days to get our house finished and us moved in. Was definitely a reality check to see how many people have been affected and some more badly than others. Even though we still don't have anywhere to live next week, I am positive our journey won't take too much longer. Land at Chermside At tender stage Re: Cosmopolitan Homes - Liquidator appointed 132Nov 17, 2011 8:02 pm Hi zozo, I was there for the 4 grouping but had to leave after the second one I think. Did they say anything about whether they are going to send out the plans/certificates? or do we have to contact QBE for that? I really feel for the people there. Sitting behind me was a couple, the lady looked to be 7 months pregnant. I bet they had planned to be in their home before the baby was due. Totally dream shattering. Talk about really stuffing up peoples lives. Re: Cosmopolitan Homes - Liquidator appointed 133Nov 17, 2011 8:19 pm From what I can remember, the first group were those who had only paid deposits, the second group were those that were close to completion, the third group were those who were building in Pemulwuy who now have a builder appointed to finish their building and I can't remember the 4th - i think they were those that didn't apply to any of the first 3 groups? If you require building quotes, you can email or call QBE (preferably email they said) to ask for a copy of your plans and specifications to be sent to you on a CD. sorry arg I can't remember how far you are with your build. for those that are close to completion or live in Pemulwuy that have started building, there is no need for them to get quotes as the project manager/builder appointed has all the information on hand, or will have by tomorrow in the case of the Pemulwuy customers. I did notice there were a few other pregnant women there, one in particular that was only to roof stage and looked quite advanced in her pregnancy. I'm around the 7 month mark too and quite thankful that QBE pretty much promised today that those close to completion will have their keys by Christmas. Land at Chermside At tender stage Re: Cosmopolitan Homes - Liquidator appointed 134Nov 17, 2011 8:31 pm Again thanks zozo, Great information. I think I will be in touch with QBE tomorrow. Best wishes in completing your home. I hope you are in before you have your baby. Re: Cosmopolitan Homes - Liquidator appointed 135Nov 17, 2011 8:37 pm Anyone belongs to the near completion group here? Having an "intense discussion" with huby whether to go with existing trades people to finish the job (perhaps sooner) or get our own quotes/builders??!! I am reluctant to go back to those people who looted the house and did sub-quality job. Huby is sold on the move in before Christmas dream Re: Cosmopolitan Homes - Liquidator appointed 136Nov 17, 2011 10:05 pm Hi all, I was at the meeting start to finish. Here are the most important things concerning us homeowners: The claims have been split into 4 categories: 1. Deposit, no construction started 2. Under construction, not near completion 3. Nearing completion 4. Pemulwuy homeowners Here is what each category can expect: 1. Not a lot (nothing from insurance, money from liquidators if any left (lol)) 2. You're on the waiting list, you will be tended to by HWIS after; 3. Your house is nearly finished (you have gyp rock and doors up) - You will be tended to first by HWIS. There is roughly 35 homes on this list, and he plans to inspect all of them in the next week. 4. Lucky you, you have a new builder already organized to complete your home (Trend homes) you literally do not have to lift a finger, and you may be in earlier than you were going to be with cosmo. I fall under 'Nearing completion.' I know this because I spoke to Mark Batger (HWIS contact). He was at the back of the room with a list of owners nearing completion. Fortunately I was on the list. If you want to check if you made the cut, email him at mbatger@hwis.com.au Insurance Payout This is where it got ugly. I will try to keep this simple. Your budget to finish your home is the following: 20% of the price of your full contract + remaining progress payment(s) you owed cosmo. E.g. Your contract: $300k In progress payments you have paid: $250k To finish your home, you owed cosmo: $50k Therefore your budget to finish your house is $50k + (20% of $300k) $60k = $110k You have $110k to finish your home, if it exceeds that cost, it's on you. The insurer will cover your maintenance costs for the next 6 years to the effect of $300k minus your payout (in this case $60k) Complicated as ****, but hopefully you get the picture. Apart from that, there was a lot of people talking over the top of each other, and a lot of whiney questions that wasted everyone's time. Oh yeah, and report all defects, damage, theft, etc. to QBE asap. Theft is covered by a different fund, so don't panic if you have your sink stolen, it's covered. P.S, he said if we're lucky, those who were expecting to be in before Christmas may still get their wish. Hope this helps. Re: Cosmopolitan Homes - Liquidator appointed 137Nov 18, 2011 5:14 am zozo I'm around the 7 month mark too and quite thankful that QBE pretty much promised today that those close to completion will have their keys by Christmas. oh wow - that is good news for people so close to getting the keys! Good luck with the next few weeks of pregnancy. (I have been there twice, and I can just imagine how exhausted you must be to be dealing with this house dilemma on top). Fingers and toes crossed for you for Christmas. The group I feel the most for are those that are part way through their build (like the lady you mentioned with just roof on). People who have just paid a deposit only can switch builders, but being part the way through must be tricky... SunshineT's Build: viewtopic.php?f=31&t=34585 Designs start: 4/12/09 DA: 5/7/11 Demo: 22/12/11 Slab: 24/2/12 Keys: 31/8/12 Re: Cosmopolitan Homes - Liquidator appointed 138Nov 18, 2011 8:39 am correct me if im wrong but i believe if you have paid a deposit and no construction has started, and if you have HWI certificate then you are covered? No sure if you can claim that deposit amount and walk away or if they'll say you must use the same design to complete the work with another builder and pay the difference. Was there any mention of that? Re: Cosmopolitan Homes - Liquidator appointed 139Nov 18, 2011 9:12 am phildaleg correct me if im wrong but i believe if you have paid a deposit and no construction has started, and if you have HWI certificate then you are covered? No sure if you can claim that deposit amount and walk away or if they'll say you must use the same design to complete the work with another builder and pay the difference. Was there any mention of that? I am going to say you are semi-correct based on the information given from the SCIcorp representative/speaker. He said if you have submitted a tender (which costs $4k-$5k) you get nothing from insurance. If you have payed a deposit and have a certificate, you can "make a claim." He did not guarentee it would be successful. He did say that the money you payed for the tender is money saved when starting with another builder as it covers certificates, DA, council approval, etc.. Re: Cosmopolitan Homes - Liquidator appointed 140Nov 18, 2011 9:45 am i rang QBE and they said you would receive the full deposit money back less the excess of $500. It wouldnt make sense to say that you have paid for work done to date and that you are not entitled to a claim because that rationale would also transalte into saying your house is 50% complete and you paid for what you have got, the rest is on you....what would be the point of insurance? (rhetorical question) hopefully it all just gets sorted and everyone can move on I would never build with Fowler homes. I built with them in 2021 and till date maintenance issues are pending. All their existing trades and businesses don't work with… 14 110598 Hi there! Putting the feelers out there for those who have (or almost) built with Arli homes! Interested in your experiences who've built from their stock home designs… 0 26989 |