The Sophia condominium project’s receiver has begun sorting out which pre-sale buyers are willing to pay higher prices for their units to get construction back on track.

Their options are to agree to pay a price that is 90 per cent of current market value for their units, which in some cases is more than $100,000 higher than initial pre-sale contract prices they signed in late 2005 and 2006, or take their deposits back and walk away. Buyers can take their deposits back if they want, but the order authorizes Bowra to cancel contracts and sell units at current market prices if necessary.

Developer Bill Eden turned the project over to receivership at the end of February when some $4 million in cost overruns threatened to sink the 81-unit development.