COLCO NEWS RELEASE

 Vancouver leaky condo developer comes to Kelowna to sell condos
Cressy Development Corp concentrates on selling it's new development in Kelowna

Vancouver condo owners at least three huge complexes in the city have been financially devastated by buying into Cressy Development Corp's leaky developments. The picketers representing 184 families from one of these complexes have been staging an information picket at the Hampton's real estate sales office every weekend letting prospective buyers know how Cressy has failed to fulfill the building envelope warranty that they offered to buyers as a sales incentive at two of their previous developments.  Cressy recently changed their sales office hours from the lucrative weekend hours to "summer weekday" hours at the Hampton's real estate sales office in Richmond to avoid having the new customers meet the unhappy old customers.  From his latest ads it looks like that he will be concentrating selling Mallard's Landing, located at Cook Road to the far-off unwitting Kelowna residents who haven't yet heard about their well publicised Vancouver reputation. 

Each of these 184 owners will be required to pay around $20,000 to fix their Cressy warrantied complex. "I find it outrageous that Cressy was able afford to pay $4.5 million for the palatial mansion Casa Mia in the wealthy Shaughnessy area for himself when he could have offered that $4.5 million to the 184 devastated families that only a few years ago bought into his brand new development and should have been covered by his building warranty," says Richard Waleed, one of the many owners who have been fighting for compensation. "Recently we have discovered that Cressy is negotiating with at least two other large developments that want compensation. Each accuses Cressy Development Corp of construction negligence.  One of them, our neighbour, has been negotiating fruitlessly for nine years."

"That is the trouble with warranties that are offered by, administrated by, and paid for by the developer," says the picketing leaky condo owners.  "You are forced to rely on the honesty and integrity of the developer when it comes to paying out the money.  Naturally it is in Cressy's best interest to belittle the magnitude of the terrible damage caused by poor building envelope design and refuse a payout that will rectify the problem permanently.  Cressy is only looking far enough ahead to get out from under their warranty obligations.  That means a cheap fix that will last only until the warranty expires. That way they can make sure that most of the problem is stuck in our pocket book."

Scott Cressy recently made a released statement that says that we were are not leaky condo owners.  We might not meet his criteria, but we certainly meet the government's criteria, the banks criteria, the realtors criteria and the criteria of professional building envelope engineers who rigorously tested our building.

An example of how Cressy deals with business obligations occurred while we were picketing the Hampton's.  On the sales sign was a buy-back guarantee to prospective buyers.  After we started picketing the sales people quickly covered up that offer.  Maybe the company doesn't feel obligated to keep that promise now either.

For more information contact:
Richard Waleed 604-437-9255
Tony Furtado 604-434-8724