Vancouver's Real Estate Market

[JDMDreams]

I thought wes group was one of the shit quality and going broke ones?

[bcedhk]

Originally Posted by JDMDreams

I thought wes group was one of the shit quality and going broke ones?

You're probably thinking of Westbank, who has been selling off a number of projects.

Wesgroup's Ardea project was suppose to be their 'luxury' towers along River District. But people have smarten up and realized maybe spending 1.1k+/sq ft for a 500 sq. ft concrete shoebox is not the best purchase afterall.

My guess is they will go to the City, go through a lengthy process to update the legal and bylaw requirements to then transform the site into wood-frame 6 storey rental building.

[dat_steve]

Originally Posted by pastarocket

Wesgroup owns most of the land covered by the River District plan, which is on the site of a former sawmill on the Fraser River.

It's wild that the proforma didn't work for this project given their land cost would be so low, though it must be super expensive building towers on land that has the texture of my kid's poop.

[GS8]

I've said it before and I'll say it again as I have for the last 10 years:

These new builds are straight garbage, full stop.

They were always built for investors (unlivable layouts, no 4th floor [I am aware this was amended], little to no longstanding quality, stupidly high priced, etc.). Now multiply that by the thousands of listings.

FOMO was huge back then since if you, a local, were out to buy your first home, then you'd be competing with mystery buyers who had no issue jumping the queue because they had cash ready to go.

No one's interested now. This 'scam' was exposed once the foreign interest waned. Now the developers are going to complain about unsold inventory which are still being sold at high prices.

Fuck

Right

Off

When I lived in condo with a 2017 build, the hot water tanks failed in 2022. 5 years? So all 5 had to replaced @ $25,000 / piece. Then you have other things like obsolete parts for the front door control panel. Same goes for the elevators. Ongoing maintenance over and over.

My windows were already leaking in 2019. The chain pull-cord that opens and closes the blinds never stopped swaying in the 6 years I lived there.

And that God dang fridge. Biggest POS appliance I ever had to deal with. Doesn't help it's part of the wall.

OoooOOoo luXuRy they tells me! So luxurious, the strata fees are $450 a month. Sidestep me with that linguistic colostomy.

And @ $1000 / sq ft, you'd have to be absolutely mental to pay that from a local perspective, but if you're looking to park offshore money and watch it grow, then congrats.

I'm glad the foreign interest towards condos has dried up. Now you're left with ugly, overpriced cardboard boxes that no one wants. Reap what you sow. It's nice watching the smugness in their faces evaporate like piss in the frozen wind.

[Badhobz]

My McMansion just got the hot water on demand system replaced. Guess how long the warranty is for that system ? 3 fucking years. Guess how old my house is ? 3 fucking years !!! Yes excellent. Fuck new houses.

[bcrdukes]

Which system did you have? I have a Rinnai and 5 years old next week.

[6thGear.]

Originally Posted by bcedhk

You're probably thinking of Westbank, who has been selling off a number of projects.

Wesgroup's Ardea project was suppose to be their 'luxury' towers along River District. But people have smarten up and realized maybe spending 1.1k+/sq ft for a 500 sq. ft concrete shoebox is not the best purchase afterall.

My guess is they will go to the City, go through a lengthy process to update the legal and bylaw requirements to then transform the site into wood-frame 6 storey rental building.

The site for Ardea is a constant lake. The sump pumps have been pumping out water non stop the past year and the hole keeps filling up with river water. That site is currently unbuildable.

[JDMDreams]

I don't think it's foreign interest, as prices were still going up even after they banned it, now prices are shit they wish they can unban it.

[Traum]

I am absolutely not disputing the build quality nor the host of problems that you have ran into. But at the same time I just have to ask -- is any of that really new?

My first apartment was built in 2002 or 2003 -- I was only the 2nd owner for it, and I think I bought it in... 2007 or 2008? According to the strata meeting minutes and stories that past strata council members have re-told, the developer was already using the cheapest POS materials they can find that would meet building code. I think our complex had 3 boilers to serve the buildings, and they started failing one after another starting in the 2nd or 3rd year of completion. I think all 3 boilers had already failed at least once by the time the 5 year new build warranty expired, so strata ended up spending big $$$ to replace the whole hot water system with something that would be more reliable, and that system hadn't failed at least until the time when I moved out in 2017 or 2018?

Some air exchanger unit for the common area failed before the 1 or 2 years warranty was up, with some repairs being done -- it worked for a while before failing again, and it dragged on until the 5 year warranty ran out. Strata had to fight (ie. sue or threatened to sue) the developer before they were willing to cough up a sum of money that allowed strata to replace the unit on our own.

The 2 elevators were a little hiccupy, but I think they at least lasted 15+ years before needing major repairs / overhaul. The same cannot be said about the fresh water pipes though. Apparently the developer used the cheapest garbage they can find and pass inspection, and the strata had been dealing with pinhole leaks ever since. Again, it got bad enough by the 10+ year mark where strata had to spend big $$$ to replace as much of the cheapa$$ piping as we can, but there were still places that were deemed too difficult to replace without majorly ripping things open.

The intercom / door opening buzzer / key fob thing needed replacing after 10+ years as well.

I guess our windows didn't leak, but condensation was bad after 10 yrs of use.

I'm sure things are worse with the newer builds, but cheaping out and having crappy craftsmanship just seems like it has been around for much longer than the past 10 years.

Originally Posted by GS8

I've said it before and I'll say it again as I have for the last 10 years:

These new builds are straight garbage, full stop.

They were always built for investors (unlivable layouts, no 4th floor [I am aware this was amended], little to no longstanding quality, stupidly high priced, etc.). Now multiply that by the thousands of listings.

FOMO was huge back then since if you, a local, were out to buy your first home, then you'd be competing with mystery buyers who had no issue jumping the queue because they had cash ready to go.

No one's interested now. This 'scam' was exposed once the foreign interest waned. Now the developers are going to complain about unsold inventory which are still being sold at high prices.

Fuck

Right

Off

When I lived in condo with a 2017 build, the hot water tanks failed in 2022. 5 years? So all 5 had to replaced @ $25,000 / piece. Then you have other things like obsolete parts for the front door control panel. Same goes for the elevators. Ongoing maintenance over and over.

My windows were already leaking in 2019. The chain pull-cord that opens and closes the blinds never stopped swaying in the 6 years I lived there.

And that God dang fridge. Biggest POS appliance I ever had to deal with. Doesn't help it's part of the wall.

OoooOOoo luXuRy they tells me! So luxurious, the strata fees are $450 a month. Sidestep me with that linguistic colostomy.

And @ $1000 / sq ft, you'd have to be absolutely mental to pay that from a local perspective, but if you're looking to park offshore money and watch it grow, then congrats.

I'm glad the foreign interest towards condos has dried up. Now you're left with ugly, overpriced cardboard boxes that no one wants. Reap what you sow. It's nice watching the smugness in their faces evaporate like piss in the frozen wind.

[AstulzerRZD]

Luxe Landsdowne layouts look like they're meant to be lived in.

Buddy picked up a 2 bed where the balcony wraps around and bedrooms are on opposite sides of the unit.
Unlike the photo below, the 2nd washroom in his unit is right next to the bedroom.

800sqft inside, 350sqft patio.

[Badhobz]

Originally Posted by bcrdukes

Which system did you have? I have a Rinnai and 5 years old next week.

It says panther on it. Made in Italy. Trash




Just had those Ching Chong’s at wah fei Put in a new one. Cost me 6k.

[bcrdukes]

Which brand did you get for your replacement? Hot water tanks are "generally" reliable!

Note: That is massive. I've never seen a hot water tank this large. Also, Made in Italy. 100% trash.