[q0192837465]

Last Updated: Wednesday, November 17, 2010 | 4:44 PM PT
The Canadian Press

The financially troubled Olympic Village in Vancouver has been put into receivership.

The City of Vancouver announced Wednesday that it has negotiated an agreement with the accounting firm Ernst and Young to assume control of the Millennium Southeast False Creek Properties and the Millennium Water development, as the Olympic Village condominium project is now called.

Following the 2010 Winter Games, units in the eight-block, 25-building village were to be turned into a combination of free-market condos and social housing.

But sales never really picked up and in September, Millennium came up short on its loan payment and then said it didn't expect to finish selling the more than 400 remaining units for another 2½ years.

Even before the Games, the developer's original lender stopped paying its loan, forcing the city to step in and secure hundreds of millions of dollars to finish the project in time.

Millennium is scheduled to come up with another $75 million by January, but it is not clear now whether that payment must be made in light of Wednesday's announcement.



Sauce (http://www.cbc.ca/canada/british-columbia/story/2010/11/17/bc-olympic-village-receivership.html)

Fuck Sullivan for making stupid 11% loan.

Party's over, Time to pay up everyone :flamemad:

[Hondaracer]

Really? People who pay big bucks for their units DONT want to live beside low income units that are given to people?

Weird!
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[unit]

mmmm sauce

[daytona675]

Really? People who pay big bucks for their units DONT want to live beside low income units that are given to people?

Weird!
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DING DING, i think you got it right on the money. who the hell wants to pay top dollar to live in a supposedly nice neighbourhood with low income units given to people. bad mix, and creates problems with crime easily.

its not going to ever sell unless they change that.
i'm sure you don't want to see people that looks like bums in that area everytime you go in and out of that area. lol

[StylinRed]

Really? People who pay big bucks for their units DONT want to live beside low income units that are given to people?

Weird!
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Woodwards.



we all saw what those units looked like people with money dont want to live in a shithole apartment is all

[Ronin]

They should just scrap the idea to use it as low income housing. That's just stupid. Giving expensive condos to people? I don't know how that's a good idea.

They should just sell all of them at regular price to recoup some of the money we spent on the Olympics.

[Death2Theft]

I have a feeling if they knock 100k off the price people would still not be buying, as they have been "used" by the athletes so no new home warranty.
If they chose to hold onto them it would be a MEGA LOLZ because of the shoddy construction and mold from the piping coming thru the walls is gonna bite them in the ass HARD.
Best thing they can do is rent these out since theres a "shortage" of rental housing in the lowermainland.
Then again it would be pretty funny to see it all go to social housing since they are also short on that... and where else in the world could bums on welfare live on the waterfront but vancouver~!

[quasi]

It could be worse, at least the city still has the asset. Just take away the low income housing, cut your losses selling it all as high end condos and they can probably get most if not all there money back.............Who are we kidding, they aren't that smart.

[SDU]

^ LOL, waterfront property for the homeless. That just made my day :)

[Gnomes]

After watching streets of plenty.... giving a large area of real estate (olympic village_) might mean a 2nd underbelly of Vancouver. As seen from the documentary, when generous social support is given, people WILL take advantage of the support. It's gonna be another shithole.

[Hondaracer]

I have a feeling if they knock 100k off the price people would still not be buying, as they have been "used" by the athletes so no new home warranty.
If they chose to hold onto them it would be a MEGA LOLZ because of the shoddy construction and mold from the piping coming thru the walls is gonna bite them in the ass HARD.
Best thing they can do is rent these out since theres a "shortage" of rental housing in the lowermainland.
Then again it would be pretty funny to see it all go to social housing since they are also short on that... and where else in the world could bums on welfare live on the waterfront but vancouver~!

Warantee's are valid over time, not through owners, and its not like any of the athletes were considered owners anyways..

[Death2Theft]

I sure hope so because its sure as hell isn't "new"

[iEatClams]

Really? People who pay big bucks for their units DONT want to live beside low income units that are given to people?

Weird!
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let's pay $700,000 so we can live next to people who are on welfare. I pay almost 3/4 of a million just to be neighbours with crack addicts!

[iEatClams]

It could be worse, at least the city still has the asset. Just take away the low income housing, cut your losses selling it all as high end condos and they can probably get most if not all there money back.............Who are we kidding, they aren't that smart.

I agree, get rid of the social housing and sell it for a lot cheaper and we can cut some of our losses.

[Death2Theft]

How different is that than woodwards?
Really? People who pay big bucks for their units DONT want to live beside low income units that are given to people?

Weird!
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[Gridlock]

So, like no one is surprised, right?

Gov't should not be in private business. Period. They cannot make business decisions because they piss off people with the decision. A business would make the call to curb spending due to the real estate market...vancouver doubled down and went LEED Platinum.

[drunkrussian]

the really fucked up part is that the olympics were going quite smoothly, debt-wise. We went in knowing that there's a problem with getting into debt post-olympics and for the most part we were pretty smart about it. Sure, we spent a lot on security and maybe there were a couple of mishaps, but overall, things were looking ok and they are ok. We had one of the most fun olympics, everyone supported VANOC, the canada line is actually useful and it was looking as if we would come outta debt pretty soon.

But then some idiots who decided to put million-dollar furniture into the olymipc village housing got greedy and took us for a bunch of suckers. Seriously, when the athletes were living in the residencies, they were empty. Now they're fulla 250,000 dollar couches, located in a shitty area and being sold for way more than they should be.

That for me is the true sad part - that some greedy morons trying to profit off our 5 minutes of fame fucked it all up, using our money.

[Greenstoner]

sometime vancouver is so fucked up that word cant really describe it

[Hondaracer]

How different is that than woodwards?

even in the ground floor of the woodwards tower, your neighbor IN the building is not a junkie

the low income housing inside athletes village is in the same buildings/adjoining buildings of your 700k unit..

Woodwards building sold out on pre-sale

Athletes Village is still empty.

[carisear]

http://www.youtube.com/watch?v=gRQQ4U3YRDk#t=6m45s

this is our mayor we elected. he is going to end homelessness!

fuck red light robertson.

[goo3]

So, like no one is surprised, right?

Gov't should not be in private business. Period. They cannot make business decisions because they piss off people with the decision. A business would make the call to curb spending due to the real estate market...vancouver doubled down and went LEED Platinum.

avg cost for each unit is about $1million LOL..

[MindBomber]

Honestly, I'm still confused why which athlete stayed in the unit your buying is kept secret.

[canucksfan]

Honestly, I'm still confused why which athlete stayed in the unit your buying is kept secret.

Revealing it might increase sales. I am sure people would pay more than market value for Crosby or Luongo's unit, as stupid as it sounds.

[Graeme S]

The only reason that people flood to social housing and units like this is because there is insufficient support in general for the underprivileged. So whenever a new chance opens up, the people who need it will all aim for it.

The idea of concentrating social services where the homeless and needy already converge simply reinforces the existing ghettoisation. Introducing social housing in most if not all new developments will serve not only to take those in need away from the areas and the problems that cause them to be in those situations.

[C5_Ryder]

My coworker had a walk thru of the units today.

Let's just say that materials used and workmanship is below par.

I'm going to say it now, no one will ever buy them.

[Harvey Specter]

sometime vancouver is so fucked up that word cant really describe it

Don't get me started...cough...bike lanes...cough. Honestly Vancouver is a mix bag of all sorts of far left bs, you never know what you're going to get.

[Death2Theft]

The sad part is the hotels/rental units were so under used that all the athletes could have stayed at hotels, but I guess someone decided it would be a good idea to show off a brand new waterfront to Vancouver..... for the cost of millions....
If only they got the guys that build the norway prison to do the olympic village then they'd sell! lol

[Death2Theft]

Thats what happens when you have a worldwide front. Mad rush and the only thing that has to look nice is the outside.
My coworker had a walk thru of the units today.

Let's just say that materials used and workmanship is below par.

I'm going to say it now, no one will ever buy them.

[Hondaracer]

The only reason that people flood to social housing and units like this is because there is insufficient support in general for the underprivileged. So whenever a new chance opens up, the people who need it will all aim for it.

The idea of concentrating social services where the homeless and needy already converge simply reinforces the existing ghettoisation. Introducing social housing in most if not all new developments will serve not only to take those in need away from the areas and the problems that cause them to be in those situations.

Why do they need to be in 700k units?

And you think moving low incomers a 15 minute walk away from Hastings will have a profound effect on them? :/

For the price of 1 unit in the athletes village SEVERAL could be built elsewhere taking these people even further away from their problems, not giving them waterfront properties closer to them..
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[7seven]

It also doesn't help when the new Wall False Creek development going up right by it is selling for $300-600/sq ft cheaper.

I've done a couple walk thrus, and like C5_Ryder mentioned, the quality of the materials used just seems really bad.

[TomBox_N]

I never understood why they decide to put hundreds of thousands of furnitures/appliances when the money should go into better build quality. Do they really think we're THAT stupid?
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[taylor192]

It also doesn't help when the new Wall False Creek development going up right by it is selling for $300-600/sq ft cheaper.

I've done a couple walk thrus, and like C5_Ryder mentioned, the quality of the materials used just seems really bad.
I've seen the units too, and the quality is alright, it just doesn't match the prices. The layouts and finishings are not worth the price they are asking.

In good times people would pay a premium to live in a piece of history and for environmental build techniques. These are nolonger good times. This development should have had the price cut and sold out before the Olympics while there was hype.

[MindBomber]

I can definitely see someone paying an extra 2-3% for units where the most successful athletes stayed, especially Crosby's unit. For units that weren't occupied by stars, the people who are interested in the units are buying a part of Olympic history, the athlete who stayed in it is part of the kitch.

Revealing it might increase sales. I am sure people would pay more than market value for Crosby or Luongo's unit, as stupid as it sounds.

Is the finishing quality in the Vancouver Olympic village, similar to the quality of the village in Whistler?

[Rev]

For $500k units @ 600 sq ft, even Bob Rennie admitted at some CHMC conference a few weeks back it'll be awhile before these are liquidated. That's over $800/sq ft in a market that's tepid at best.

In the meantime, honest tax payers are left holding the bag :( And they wonder why people never trust the government.

As HondaRacer said - Captain Obvious should have stepped in and slapped everyone in the face when they were planning this. Did nobody raise the point that people who buy $1M condos probably don't want to hang out with hobos and welfare recipients??? WTF

[Tapioca]

What most of you don't realize is that Vancouver has been co-mixing lower income people with middle-class income earners for decades in a variety of low-key social housing schemes. Ever hear of co-ops? Or buildings where subsidized units quietly exist along side market units?

If you want a more nuanced analysis of this from people who are developers or happen to be in the know about city affairs, I would recommend a couple of blogs:

CityCaucus.com (right, anti Gregor)
francesbula.com (nuanced, ambivalent towards Gregor)

[Mr.HappySilp]

LOOK if you paid 800k+ for an apartment would you want to have some bums or some really really poor family living next to you? I don't. If I paid that much for an apartment I expect tight securities and everyone around that area is in the same social status as I am in. I am sorry but is the truth. People wants to live near or be with people who are in the same social status as they are. You won't see Bill Gates living or going to the Chinatown or eating there. You won't see a bum shopping at HR. If the gov wants to market Olympic Village to be a place for the rich to live they first need to kick out all the bums and social housing ppl there.

There is no reason to turn these expensive apartment into social housing. Why should the gov bums and the poor live in there when it cost so much to build it? Social housing should be build in off prime locations where lands are cheap. I want to live there but I have to pay for it. So why are ppl who didn't pay a penny, live off our tax dollars get to live in these apartments?

Also, if you look around that locations they are building an urban fare market, London drugs, Save-On-Foods, Vergo Burgers. Tell me how is anyone living in social housing going afford $10burgers, $5 2l milk, $5/b for permier meat? They can't!

Not saying we shouldn't care about the poor but if we were to help them we should build social housing in a place where it is cheap for us. If they refuse then that's too bad they are living off our tax dollars so they don't made demands as to where they want to live. Take it or leave it and don't whine

[rsx]

Once you start building social housing in 'off prime' locations they become 'projects' It's a slippery slope once you start segregating the population like this.

[Mr.HappySilp]

^^ maybe but land is too expensive near prime and downtown location it will increase the cost of social housing, thus increase our tax rates. Also, these lands could be use to build apartments, office which will sell for a higher price and make money.

Why should we have pay waste our tax dollars like this? It doesn't make sense. But then again the bums run this city and we have a mayor that just love catering them.

Also would you be ok if a BUM or if the gov starting building social housing right next to your house? You most likely won't be very happy becasue the market value of your house will go down, you might get nehgibours you might not like, there might be more trash on the streets, safety of the community might go down, and you might even have ppl knocking or even going to your yard to pick out cans, bottles without or without your permission and made a mess in your yard.

[Graeme S]

^^ maybe but land is too expensive near prime and downtown location it will increase the cost of social housing, thus increase our tax rates. Also, these lands could be use to build apartments, office which will sell for a higher price and make money.

Why should we have pay waste our tax dollars like this? It doesn't make sense. But then again the bums run this city and we have a mayor that just love catering them.

Also would you be ok if a BUM or if the gov starting building social housing right next to your house? You most likely won't be very happy becasue the market value of your house will go down, you might get nehgibours you might not like, there might be more trash on the streets, safety of the community might go down, and you might even have ppl knocking or even going to your yard to pick out cans, bottles without or without your permission and made a mess in your yard.

Or, if you have a decent community in your neighborhood, you can invite them to your house and start connecting them to people who can actively contribute to society in order to make them a part.

You can connect with them as people, treat them like human beings, and help them begin to grow as individuals and contributing members of society. Then, they might be able to survive on their own without social housing and government assistance.

The idea is that influence can run both ways. It's only when doors are closed that people continue on their spirals downwards.

[q0192837465]

The other thing is that if it is so hard to sell them right now, their resale value will be dismal at best. When purchasing houses/condos, resale value is a huge part of the equation. Olympic Village simply doesnt have any.

[rsx]

^^ maybe but land is too expensive near prime and downtown location it will increase the cost of social housing, thus increase our tax rates. Also, these lands could be use to build apartments, office which will sell for a higher price and make money.

Why should we have pay waste our tax dollars like this? It doesn't make sense. But then again the bums run this city and we have a mayor that just love catering them.

Also would you be ok if a BUM or if the gov starting building social housing right next to your house? You most likely won't be very happy becasue the market value of your house will go down, you might get nehgibours you might not like, there might be more trash on the streets, safety of the community might go down, and you might even have ppl knocking or even going to your yard to pick out cans, bottles without or without your permission and made a mess in your yard.

I'm thinking more as a society and a city, in the short-term it would probably be more convenient to build these low-cost housing in 'cheaper' locations but once that low-cost neighborhood starts to deteriorate, we'll be the ones held responsible (tax-wise) in helping clean up.

[Mr.HappySilp]

Or, if you have a decent community in your neighborhood, you can invite them to your house and start connecting them to people who can actively contribute to society in order to make them a part.

You can connect with them as people, treat them like human beings, and help them begin to grow as individuals and contributing members of society. Then, they might be able to survive on their own without social housing and government assistance.

The idea is that influence can run both ways. It's only when doors are closed that people continue on their spirals downwards.

I am not sure if you are always around the olympic village but I work around there so I talk to and from work to the skytrain. I am seeing more and more ppl with their shopping cart full of cans. Now that's fine but what I am seeing is they are going through garbage cans dumping all the garbages on the ground and only picking up the cans, swearing at anyone that walk pass them and spits on the ground. If only they act more polite then it wouldn't be an issue. Now I am not sure if they do in fact live in the Olympic Village or just happens to be around that area but I am sorry but I do not want to live near them.

I have seen some nice bums on the streets and they acted very polite so I do give them change from time to time. I guess there are no easy way to clean up the mess the city gov have put US into.

[goo3]

Or, if you have a decent community in your neighborhood, you can invite them to your house and start connecting them to people who can actively contribute to society in order to make them a part.

You can connect with them as people, treat them like human beings, and help them begin to grow as individuals and contributing members of society. Then, they might be able to survive on their own without social housing and government assistance.

The idea is that influence can run both ways. It's only when doors are closed that people continue on their spirals downwards.

Not a bad idea in general.

But with this project, making it LEED Platinum at a cost of $1BILLION for ~1000 units (LOL) was really, really, really dumb.

Adding social housing to it by itself isn't dumb, but it makes a bad situation worse when you can accomplish almost the same thing by adding social housing to another development across the street instead. Idealism and greed ruined this project.

[misteranswer]

Really? People who pay big bucks for their units DONT want to live beside low income units that are given to people?

Weird!
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They're rented and there's already a lot of social housing in false creek you dumb fucken moron.

http://vancouver.ca/NonMarketHousing_NET/

[Ronin]

The only reason that people flood to social housing and units like this is because there is insufficient support in general for the underprivileged. So whenever a new chance opens up, the people who need it will all aim for it.

The idea of concentrating social services where the homeless and needy already converge simply reinforces the existing ghettoisation. Introducing social housing in most if not all new developments will serve not only to take those in need away from the areas and the problems that cause them to be in those situations.

You're dreaming if you think new developments are going to include any sort of social housing, especially with the costs so high.

Why? Because if I'm buying a $700,000 apartment, I don't want to buy it knowing that some asshole next door paid half of that. Plus...well, do I have to say it? Yes, there are needy families that could use social housing that aren't just lazy fucks draining society or drug addicts that will steal my TV to buy, well, drugs but if there's even the CHANCE of that happening, I'm not buying that apartment.

I don't know why this got any support in the first place. Social housing in prime real estate is outrageous. Just knowing that welfare folks are living in a better spot than me...I can't be the only one that thinks that's just silly.

We're all probably aware that "ghettoisation" doesn't work. There's a reason the areas around the projects in the States are high crime, high...well, everything. I live (currently) in the Asian mall district in Richmond and I know that just down the road near my high school are tons of townhouses that are social housing. No problem there...they're not particularly nice townhouses. Just basic homes. No problem there...because those folks aren't getting awesome apartments for cheap.

If we just give people things...then why the hell should any of us strive to do anything at all?

[Noir]

Why? Because if I'm buying a $700,000 apartment, I don't want to buy it knowing that some asshole next door paid half of that.

IMO, it pretty much basically comes down to this.

[adambomb]

That's fine if the city has used co-op's before and social housing has been successful in the past and it is currently exists in false creek or coal harbour. :awesom:


Point is, the NEW buyers of the OV don't want social housing in their building. It doesn't matter if it worked before, people with cheque books in hand don't want it now. If you are going to force social housing down the throats of people you expect to spend 1 million on a condo. Don't be surpised if they walk away and keep their cheque books closed. I know I did.

[Graeme S]

Or we could think of it another way. What's a natural way to depress the artificial investment/speculation value of a condo which is likely to be purchased not for its livability/utility, but for its potential resale?

Lower the income/status of the residents!

Of course, I don't dispute the waste of money that may have come about from the insane costs of development...but while you guys see "something stupid that's not worth investing in", I see a chance for a family or person with a lower-than-optimal income's opportunity to purchase a home in a location and of a size that would not otherwise be possible.
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[Nechako87]

My coworker had a walk thru of the units today.

Let's just say that materials used and workmanship is below par.

I'm going to say it now, no one will ever buy them.

I know the companies who were contracted for this.......and there was definite a lack of communication between the designers and the contractors for "quality".

[Ronin]

Or we could think of it another way. What's a natural way to depress the artificial investment/speculation value of a condo which is likely to be purchased not for its livability/utility, but for its potential resale?

Lower the income/status of the residents!

Of course, I don't dispute the waste of money that may have come about from the insane costs of development...but while you guys see "something stupid that's not worth investing in", I see a chance for a family or person with a lower-than-optimal income's opportunity to purchase a home in a location and of a size that would not otherwise be possible.
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Why should that family or person get something better than what they otherwise could have just because they don't have enough money to do so? Or, if you look at it the other way around, why should I have to pay full price just because I can when other people don't have to because they can't afford it?

That's like saying "Oh, I can't afford filet mignon but I want it anyways so give it to me, government."

[taylor192]

To all those commenting on living next to bums:

I've read a number of comments on other forums from people who have bought or are thinking of buying there - almost none commented on the social housing aspect, seems like they are willing to ignore it.

The #1 reason buyers are avoiding it is price. The location and build quality do not merit the premium - for the same price I'd rather live in Coal Harbour.

[spyker]

To all those commenting on living next to bums:

I've read a number of comments on other forums from people who have bought or are thinking of buying there - almost none commented on the social housing aspect, seems like they are willing to ignore it.

Well that's them,they cannot speak for what everyone else wants or can put up with.

I sure as hell don't want to pay 500K+ for a tiny place,work my ass off every day to pay for it,come home to find my door kicked in and try to figure out which welfare bum or crackhead robbed me that's living down the hall,because they don't work and got the place for free.

Also,when I come home,I don't like the idea of having to wear disposable gloves to turn door handles/knobs or press the elevator keys,who knows wear those filthy hands have been or worry about potential bed bug problems,or my car getting broken into on a regular basis.

I will agree with you,for 500K,I would much rather live in Coal Harbour than olympic village.

If I wanted to live in the slums,I would move into Raymur's projects for free.

[chun]

Why should that family or person get something better than what they otherwise could have just because they don't have enough money to do so? Or, if you look at it the other way around, why should I have to pay full price just because I can when other people don't have to because they can't afford it?

That's like saying "Oh, I can't afford filet mignon but I want it anyways so give it to me, government."

Because you're only looking at one aspect of the big picture?

And it's really easy just to focus on one thing, especially when you don't have to deal with the entire problem. Why do you think that half of the nitwits come in here and post "DUH, rich people don't want to live next to poor people". That's OBVIOUS. But what's the solution to the big picture then? Build all of the low income housing in Chilliwack?

I have no idea how they're going to sell it off, or provide the highest level of benefit to all parties, but I'm not going to come in here prancing around as if I do just because I think I understand why rich people don't want to live next to poor people.

[chun]

Well that's them,they cannot speak for what everyone else wants or can put up with.

I sure as hell don't want to pay 500K+ for a tiny place,work my ass off every day to pay for it,come home to find my door kicked in and try to figure out which welfare bum or crackhead robbed me that's living down the hall,because they don't work and got the place for free.

Also,when I come home,I don't like the idea of having to wear disposable gloves to turn door handles/knobs or press the elevator keys,who knows wear those filthy hands have been or worry about potential bed bug problems,or my car getting broken into on a regular basis.

I will agree with you,for 500K,I would much rather live in Coal Harbour than olympic village.

If I wanted to live in the slums,I would move into Raymur's projects for free.

If they cannot speak for everyone else, why are you trying to?

[spyker]

If they cannot speak for everyone else, why are you trying to?
I'm speaking for myself and any else that agrees with me.

[Disillusion_10]

Hmm maybe I don't know the whole story or the deal with social housing but someone correct me if I am wrong...

The social housing is for "low income" families which I take it as people who are making say less than $20k a year so in my mind they aren't giving the houses for cheap to so called bums and crack heads

If that's the case I wouldn't mind living there but as people have mentioned my problem would also be that I'm paying good money for a place while some other person is paying half of what I'm paying
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[Death2Theft]

Yeah you'd have pick of the litter of single moms.

[spyker]

Yeah you'd have pick of the litter of single moms.
Welfare moms? No thanks,I'm not interested in supporting them or their kids.

[dark0821]

lol...
but look @ it this way guys... if you have <20K income.. you now have a chance to live in olympic village... damn... as if rite now... i am gettin less than 20K in my pocket annually xD

[Phat_R]

Having CO-OP housing in a fancy neighbourhood doesn't mean it will go to shit. There's a two co-op buildings near me in Yaletown (one is on Marinaside!) and there's never been any trouble in them from my knowledge.

the main problem with the olympic site is high prices and the fact that the neighbourhood is too far away from yaletown to be useful and there's NO amenities nearby (except on Cambie).

who would pay top dollar to live in a gulag? Until the surrounding neighbourhood improves -- i doubt there will be much interest in the area...

those places were also built in a RUSH to make the deadline for the Olympics -- so I bet the strata's will have tons of problems with warranty claims -- but the new home warranties should take care of that

[Gridlock]

Having CO-OP housing in a fancy neighbourhood doesn't mean it will go to shit. There's a two co-op buildings near me in Yaletown (one is on Marinaside!) and there's never been any trouble in them from my knowledge.

the main problem with the olympic site is high prices and the fact that the neighbourhood is too far away from yaletown to be useful and there's NO amenities nearby (except on Cambie).

who would pay top dollar to live in a gulag? Until the surrounding neighbourhood improves -- i doubt there will be much interest in the area...

those places were also built in a RUSH to make the deadline for the Olympics -- so I bet the strata's will have tons of problems with warranty claims -- but the new home warranties should take care of that

Thank you!

I'm so sick of hearing that the social housing component is the cause of all the woes with this development.

The $1000 per sq.ft price tag for a beautiful development in the middle of nowhere is a problem. No one cares if its LEED Platinum. You can't walk anywhere, because its in an "up and coming" neighborhood: Shell, BK, McD's and Mr.Lube...awesome.

So, they will now lower the price to ~$700/sq.ft, sell them and see how much of a loss we take. They are NEVER going to see the average of 1.5million per unit.

[Lomac]

I'd just like to add that even if you live in a upscale condo, there will be theft there as well. A couple buddies live in high end units in both Yaletown and Coal Harbour and both buildings have been hit by internal theft, despite the fact that these places run for an average of $1million each. Funny enough, friends who live in "average" condos in Langley, Surrey and New West that run between $200k-400k have had less theft in their buildings than the two aforementioned friends in Vancouver and their upscale places.

[taylor192]

I'd just like to add that even if you live in a upscale condo, there will be theft there as well. A couple buddies live in high end units in both Yaletown and Coal Harbour and both buildings have been hit by internal theft, despite the fact that these places run for an average of $1million each. Funny enough, friends who live in "average" condos in Langley, Surrey and New West that run between $200k-400k have had less theft in their buildings than the two aforementioned friends in Vancouver and their upscale places.
Damn Robin Hood. :D

My friends in Ottawa used to think they were safe from crime by moving to affluent neighbourhoods, meanwhile criticized me cause social housing was close to my house. They were not impressed when I showed them that theft and vandalism was higher in their neighbourhood than mine.

My GF's condo building, with many luxury vehicles has been broken into twice this year, while mine is 8 blocks away yet hasn't been hit cause it is mostly rental units and the garage has mainly average cars.

It would be nice if people dropped the social stigma and focused on the facts.

[luibei]

....meanwhile captain hindsight is still no where to be seen, pls come and save this city

[goo3]

the main problem with the olympic site is high prices and the fact that the neighbourhood is too far away from yaletown to be useful and there's NO amenities nearby (except on Cambie).

who would pay top dollar to live in a gulag? Until the surrounding neighbourhood improves -- i doubt there will be much interest in the area...


Yaletown and Coal Harbour began as ghost towns too and the same bitching going on now happened back then. It takes a little time for amenities to come in when you start from zero. It's easy to bring amenities to the water but not the other way around.

[Lomac]

Having CO-OP housing in a fancy neighbourhood doesn't mean it will go to shit. There's a two co-op buildings near me in Yaletown (one is on Marinaside!) and there's never been any trouble in them from my knowledge.

the main problem with the olympic site is high prices and the fact that the neighbourhood is too far away from yaletown to be useful and there's NO amenities nearby (except on Cambie).

who would pay top dollar to live in a gulag? Until the surrounding neighbourhood improves -- i doubt there will be much interest in the area...

those places were also built in a RUSH to make the deadline for the Olympics -- so I bet the strata's will have tons of problems with warranty claims -- but the new home warranties should take care of that

My friend and I took a stroll/drive through the Village and noticed that they're actually building shopping centers and various outlets on the ground floor of many of the towers, so it's not like they're going to have to go very far to do their grocery shopping.

It's like the new Morgan Creek development (near the new Best Buy) where they opened up a bunch of shopping outlets and grocery stores like Thrifty's so that the residents of the condos on top don't need to drive anywhere.




But you're right about the surrounding area. They're constructing a new building right across the street with prices starting at less than half the cost of these units. I'd rather pay the advertised $399,999 for one of those units, sit on the balcony and laugh at the people literally a stone throw away across the street who paid $1mil for the same view and location. As well, that surrounding area is a bit of a dump. I know they're slowly working on redeveloping it, but I wouldn't want to fork over that amount of money and see a bunch of decrepit and abandoned warehouses whenever I look out my bedroom window.

[Death2Theft]

I thought there is a LD there. You sure the 399k buildings wont get blocked by the olympic buildings as far as the water view?

[taylor192]

I thought there is a LD there. You sure the 399k buildings wont get blocked by the olympic buildings as far as the water view?
Only a couple of the 12 OV buildings have a water view.

[Tapioca]

I thought there is a LD there. You sure the 399k buildings wont get blocked by the olympic buildings as far as the water view?

The LD opening has been delayed according to a report I saw on CBC last night. It was scheduled to open before the end of the year, but it's been pushed back. There is however a huge liquor store and a state-of-the-art community centre. Urban Fare is supposed to be opening there too, but we all know it costs a fortune to shop there.

What would be nice is if the streetcar passed through the village.

[Graeme S]

The streetcar no longer exists; it was only there for the olympics as a convenience token and a "demonstration" of how well streetcars could work in Vancouver.
Posted via RS Mobile (http://www.revscene.net/forums/announcement.php?a=228)

[Vinny G]

The LD opening has been delayed according to a report I saw on CBC last night. It was scheduled to open before the end of the year, but it's been pushed back. There is however a huge liquor store and a state-of-the-art community centre. Urban Fare is supposed to be opening there too, but we all know it costs a fortune to shop there.

What would be nice is if the streetcar passed through the village.

Urban Fare is THE yuppie shopping destination. It should fit right in.

[q0192837465]

I dun get why ppl pay so much to shop at Urban Fair or IGA. Same shit with same quality can be bought at fraction of the price at say the market at crystal. For example, regular tomato is < 50cent /pound at Crystal mall but > $1.20/pound at IGA. That's a HUGE difference.

[suzuka84]

At urban fare 2 chicken breasts for $10.

At that price you might as well just eat out.

[Vinny G]

I've eaten there for lunch a few times. You can get a chicken breast and steamed vegetables for about $6. Perfectly-sized meal for lunch IMO... and relatively healthy compared to other options available downtown at ~$6.

I'd never buy groceries there though.

[taylor192]

I dun get why ppl pay so much to shop at Urban Fair or IGA. Same shit with same quality can be bought at fraction of the price at say the market at crystal. For example, regular tomato is < 50cent /pound at Crystal mall but > $1.20/pound at IGA. That's a HUGE difference.
IGA? you mean the IGA Marketplace stores?

I tend to shop there cause I find them cheaper than Safeway, even after Safeway dropped prices this year.

Superstore, Walmart, and Save-on Foods are cheaper, yet a hassle to visit. Marketplace is 2 blocks away.

[q0192837465]

IGA? you mean the IGA Marketplace stores?

I tend to shop there cause I find them cheaper than Safeway, even after Safeway dropped prices this year.

Superstore, Walmart, and Save-on Foods are cheaper, yet a hassle to visit. Marketplace is 2 blocks away.

They'r not a hassle if you plan ur week in advance. Yes, of coz u'll miss something here & there and it'll be cheaper to pick up at some place close by even if it charges a premium. But overall, ppl can save quite a big chunk of money just by proper planning

[Gridlock]

I would guess that LD made the decision to push back opening until there were actual residents to turn into customers?

[taylor192]

They'r not a hassle if you plan ur week in advance. Yes, of coz u'll miss something here & there and it'll be cheaper to pick up at some place close by even if it charges a premium. But overall, ppl can save quite a big chunk of money just by proper planning
My grocery bill is insane, yet I like fresh food so I pay the price. :( I still cannot imagine how much people who shop only at Safeway/Whole Foods/Urban Fare/Meinhardts/... spend on groceries. :eek:

[nah]

This might be another reason people aren't buying the units:

At the Albertville winter Olympics, condom machines in the athletes’ village had to be refilled every two hours. And in Sydney the organisers’ original order of 70,000 condoms went so fast that they had to order 20,000 more. Even with the replenishment, the supply was exhausted three days before the end of the competition schedule. (For the record, athletes who were in Sydney report that the Cuban delegation was the first to use up its allocation.) Salt Lake City in 2002 went even bigger: 250,000 condoms were handed out, despite the objections of the city’s Mormon leadership.

"There’s a lot of sex going on. You get a lot of people who are in shape, and, you know, testosterone’s up and everybody’s attracted to everybody," says Breaux Greer, a shaggy-blond Californian who competed in the javelin at the Sydney Games.

http://news.scotsman.com/ViewArticle.aspx?articleid=2546876

People should CSI that shit with a UV light before purchasing a unit.

[Tapioca]

IGA? you mean the IGA Marketplace stores?

I tend to shop there cause I find them cheaper than Safeway, even after Safeway dropped prices this year.

Superstore, Walmart, and Save-on Foods are cheaper, yet a hassle to visit. Marketplace is 2 blocks away.

Save-on is quite competitive with their sales now. Cambie and 7th isn't too far away from Kits. There are some decent independent stores on Broadway, like the Yen Brothers.

When it comes to produce, I wouldn't touch Superstore or Walmart with a 10-foot pole.

[jasonturbo]

What's going on here? What happened to all the billionaire chineese investors that were going to buy up every inch of property during/after the olympics??

Oh thats right, the realtors and other industry retards saying that were just trying to make sure they could pay their bills... in the least ethical way possible.

I feel bad for the people who were dumb enough to buy one of those shit hole condos. I'm sure they are all very upset right about now.

[taylor192]

I feel bad for the people who were dumb enough to buy one of those shit hole condos. I'm sure they are all very upset right about now.
I don't feel bad for these people at all. When people gamble, they sometimes lose. Don't blame the dealer for the cards you're dealt.