If you are reading this article you are probably in a market for a used car, with today’s economical turmoil used car sales has increased tremendously over
the past 12 months in Ontario. If you are an average consumer you may not know what to look for when you are about to make this major purchase, so let’s
exploring some of the topics surrounding the subject.
. Touch and test drive – This is probably one of the most important things you can do before making the commitment to purchase. Drive the vehicle in city
and on the highway, feel the steering wheel, roll down the windows to listen for unfamiliar sounds. Go over few bumps to test the suspension, and listen to
squeaks and rattles the vehicle may have. When driving at higher speed, you should test for tire balance and steering wheel vibration. Turn on the A/C even
though it is winter, make sure the expensive and electronic components on your vehicle work 100%.
2. Look under the hood – Even if you are not technically inclined, you will be surprised how much you can learn about a vehicle within 10 minutes spent
under the hood. Look for original factory stickers under the hood; this will indicate if the vehicle has been involved in a front end collision. Check the
color of your engine oil and transmission fluid. This can quickly tell you if the previous owner maintained the vehicle on a regular basis. Expect small
amount of rust, it is perfectly normal under the Canadian climate. Inexperienced buyers will only focus on the small and insignificant areas while the
experienced buyer will know exactly what to look for. Don’t make the same mistake as everyone else.
3. Body and paint – Look for color differences between the body panels, it is normal for a vehicle to have few repainted panels as long as the CarProof
amount is less than $5000. (With the exception of few high end exotic or luxury cars) Paint color difference will show easily on silver or beige colors,
while black or white is more difficult to determine. Look for sanding marks under the clear coat and taping marks. This is the tell tale sign of body shop
repairs in the past. Certain vehicles such as Honda, Acura, and BMW will have body panel marking of the VIN number. It comes in as form of sticker with the
vehicle’s VIN printed on. If a sticker is missing from a door, you should know this door has been replaced in a previous accident. In a nut shell minor
accident is expected, as long as there is no major structural damage you should be fine.
4. CarProof Report – In today’s market it is absolutely essential to have one of the most power report in your hands. This comprehensive report will list
all areas concern such as lien check, vehicle insurance data, and title search. Although it is not always bullet proof but it is essential to your used car
purchase. A clean report is just like a clean bill of health, so make sure you ask your seller to provide you with one before handing over your hard earned
money.
A San Diego-based developer has salvaged a deal to buy the partially built Moana Vista condominium tower in Kaka’ako, and expects to resume construction
early next year.
The firm, OliverMcMillan, has signed a contract to buy the property from original developer KC Rainbow II LLC after paying off a $29.5 million lien filed
against the property by general contractor Hawaiian Dredging Construction Co.
The deal calls off a foreclosure sale that had been initiated by Hawaiian Dredging and postponed until Friday.
OliverMcMillan said it expects to receive title to the property at 1009 Kapi’olani Blvd., makai of McKinley High School, by Nov. 2, and resume marketing and
sales after making some changes to the 46-story tower designed for 492 units.
“We believe in Hawai’i, and see this project as a great opportunity, which is why we are investing substantial capital in the state,” company CEO Morgan Dene
Oliver said in a statement.
OliverMcMillan is a 30-year-old private firm that has developed a variety of residential and commercial real estate projects.
The company said it has $2 billion worth of projects in its development pipeline, including a $700 million urban redevelopment plan in Houston, residential
lofts in San Diego and a mixed-use project involving a historic winery in Ontario, Calif.
The firm didn’t disclose the total acquisition price for Moana Vista, which it values at $300 million.
If completed as expected, the acquisition would result in a relatively quick revival of a project that had a strong start three years ago but was derailed by
unexpected downturns in the global financial market and the local housing market.
Moana Vista was begun by high-tech entrepreneur and University of Hawai’i graduate Fred Chan, who led KC Rainbow and successfully developed the nearby
twin-tower condo Moana Pacific.
In May 2006, 466 people entered a lottery to buy 192 Moana Vista units reserved for owner-occupants. Investors reserved nearly all remaining units available
for purchase, and construction funded by Chan began several months later.
But after the local real estate market and economy deteriorated sharply last fall, close to two-thirds of buyers canceled their nonbinding reservations. That
prevented KC Rainbow from drawing on a $100 million construction loan late last year after roughly $65 million had been invested in the project, mostly by Chan.
Hawaiian Dredging halted work in November, and filed a foreclosure lawsuit in April after applying a $29.5 million lien to the property.
OliverMcMillan in July had a tentative deal to buy the project, but a sale fell through and a foreclosure auction was scheduled for Sept. 25. More
negotiations between OliverMcMillan and KC Rainbow led to the auction being rescheduled for Oct. 2.
OliverMcMillan said it plans to rename the project and make some upgrades where it can. The tower is about 40 percent complete, with the structure rising up
to the 26th floor.
KC Rainbow canceled about 175 remaining reservations and refunded deposits. OliverMcMillan plans to resume sales and marketing in early November, and will be
contacting people who previously reserved units in the building.
As part of an affordable housing agreement with the state, 124 units are reserved for residents earning no more than 140 percent of Honolulu’s median income.
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