CITATION: Tsitsos et al. v. Poka, 2016 ONSC 8028
COURT FILE NO.: CV-13-494353
DATE: 20161221
ONTARIO
SUPERIOR COURT OF JUSTICE
BETWEEN:
GEORGIA TSITSOS, HARALABOS TSITSOS and STEVEN TSITSOS
Plaintiffs/
Defendants by Counterclaim
– and –
KAKOULI POKA
Defendant/
Plaintiff by Counterclaim
Gregory Graham, for the Plaintiffs/Defendants by Counterclaim
George Corsianos, for the Defendant/Plaintiff by Counterclaim
HEARD: December 20, 2016
CASE CONFERENCE ENDORSEMENT
DIAMOND J.:
[1] At paragraph 9(2) of my Endorsement dated July 26, 2016, I permitted the parties to schedule a telephone case conference with me in the event they could not agree upon a potential price reduction for the listing and sale of the Hill property.
[2] Since May 2014, the Hill property has been listed for sale four separate times with four separate listing agents. The latest listing price was $3,670,000.00. That listing expired on October, 7, 2016, and unfortunately did not procure any formal offers to purchase.
[3] The parties are now at odds over a potential reduction in the listing price. The plaintiffs submit that the first mortgage (in the approximate amount of $1,777,000.00) is due to mature on May 25, 2017, and the first mortgagee does not intend to renew its mortgage. The plaintiffs are urging the listing price be reduced drastically to $3,200,000.00 to ensure that the property is sold in advance of the maturity date, as it is the plaintiffs who have been and continue to fund the carrying costs of the Hill property.
[4] The defendant opposes any efforts to drastically reduce the listing price, as such a step would be a clear indication to the market that the parties are desperate to sell the Hill property. In addition, the defendant submits that if the listing price is drastically reduced, offers to purchase may result in a potential improvident sale given the value of the appraisals previously obtained by the parties.
[5] In my view, it is apparent that the listing price for the Hill property must be reduced. With a view to addressing the concerns expressed by both parties, I believe that the listing price should be reduced incrementally and over time, bearing in mind the likelihood of the first mortgagee commencing potential sale or foreclosure proceedings.
[6] Accordingly, I order that the Hill property be listed for sale for the following prices over the following periods:
Time Period
Price
January 1 – 31, 2017
$3,570,000.00
February 1 – 28, 2017
$3,400,000.00
March 1 – 31, 2017
$3,300,000.00
April 1 – May 31, 2017
$3,200,000.00
[7] The parties are of course free to agree upon a revision(s) of the terms of the listing prices as ordered above. As well, the defendant remains at liberty to seek and secure refinancing of the first mortgage, or pursue a purchase of the plaintiffs’ interest in the Hill property.
Diamond J.
Released: December 21, 2016
CITATION: Tsitsos et al. v. Poka, 2016 ONSC 8028
COURT FILE NO.: CV-13-494353
DATE: 20161221
ONTARIO
SUPERIOR COURT OF JUSTICE
BETWEEN:
GEORGIA TSITSOS, HARALABOS TSITSOS AND STEVEN TSITSOS
Plaintiffs/Defendants by Counterclaim
– and –
KAKOULI POKA
Defendant/Plaintiff by Counterclaim
CASE CONFERENCE ENDORSEMENT
Diamond J.
Released: December 21, 2016