RAFE ARNOTT/METRO VANCOUVER
For the second time in four months a Vancouver couple has been told their developer will not finish their condo.
Simonida Stojanovic and her husband put down a $20,000 deposit in December on a unit at the under-construction Sophia at East 11th Avenue and Sophia Street.
On Monday, the Eden Group pulled out of the project, which is 85 per cent complete, and the building went into receivership.
Stojanovic bought into the Sophia after Eden pulled out of another development she had put a deposit on last year.
"Our mortgage broker called us," she said. "Not even the company or a lawyer."
If a new developer takes over, it could ask buyers to pay the current market value of $540 per square foot, up from the March 2006 presale prices of $480 per square foot.
Bill Eden of the Eden Group told news1130.com the Sophia condo project is 12 to 15 per cent over budget.
The Eden group has pulled out of three development projects in four months.