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11-18-2010, 11:47 AM
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#1 | | I answer every Emotion with an emoticon
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| Olympic Village goes into receivership
Quote:
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
Fuck Sullivan for making stupid 11% loan.
Party's over, Time to pay up everyone 
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11-18-2010, 12:12 PM
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#2 | | I have named my kids VIC and VLS
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Really? People who pay big bucks for their units DONT want to live beside low income units that are given to people?
Weird! Posted via RS Mobile | |
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11-18-2010, 12:22 PM
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#3 | | SFICC-03*
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mmmm sauce
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11-18-2010, 01:13 PM
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#4 | | Proud to be called a RS Regular!
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| Quote:
Originally Posted by Hondaracer  Really? People who pay big bucks for their units DONT want to live beside low income units that are given to people?
Weird! Posted via RS Mobile | 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
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11-18-2010, 01:15 PM
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#5 | | I only answer to my username, my real name is Irrelevant!
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| Quote:
Originally Posted by Hondaracer Really? People who pay big bucks for their units DONT want to live beside low income units that are given to people?
Weird! Posted via RS Mobile | Woodwards.
we all saw what those units looked like people with money dont want to live in a shithole apartment is all
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11-18-2010, 01:34 PM
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#6 | | ...in the world.
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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.
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11-18-2010, 01:54 PM
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#7 | | Rs has made me the woman i am today!
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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~!
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11-18-2010, 03:03 PM
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#8 | | Willing to sell body for a few minutes on RS
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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.
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11-18-2010, 03:14 PM
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#9 | | Everyone wants a piece of R S...
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^ LOL, waterfront property for the homeless. That just made my day  | |
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11-18-2010, 04:04 PM
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#10 | | Even when im right, revscene.net is still right!
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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.
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11-18-2010, 04:09 PM
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#11 | | I have named my kids VIC and VLS
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| Quote:
Originally Posted by 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~! | Warantee's are valid over time, not through owners, and its not like any of the athletes were considered owners anyways..
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11-18-2010, 05:19 PM
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#12 | | Rs has made me the woman i am today!
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I sure hope so because its sure as hell isn't "new"
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11-18-2010, 05:48 PM
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#13 | | WOAH! i think Vtec just kicked in!
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| Quote:
Originally Posted by Hondaracer Really? People who pay big bucks for their units DONT want to live beside low income units that are given to people?
Weird! Posted via RS Mobile | 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!
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11-18-2010, 05:50 PM
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#14 | | WOAH! i think Vtec just kicked in!
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| Quote:
Originally Posted by 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. | I agree, get rid of the social housing and sell it for a lot cheaper and we can cut some of our losses.
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11-18-2010, 06:03 PM
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#15 | | Rs has made me the woman i am today!
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How different is that than woodwards? Quote:
Originally Posted by Hondaracer Really? People who pay big bucks for their units DONT want to live beside low income units that are given to people?
Weird! Posted via RS Mobile | | |
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11-18-2010, 06:24 PM
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#16 | | Banned By Establishment
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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.
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11-18-2010, 07:52 PM
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#17 | | My homepage has been set to RS
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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.
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11-18-2010, 09:18 PM
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#18 | | HELP ME PLS!!!
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sometime vancouver is so fucked up that word cant really describe it
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11-18-2010, 09:23 PM
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#19 | | I have named my kids VIC and VLS
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| Quote:
Originally Posted by Death2Theft 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.
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11-18-2010, 09:38 PM
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#20 | | HELP ME PLS!!!
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| 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.
__________________ Visit my food blog! http://jaxandcs.com/ *its not the size of your army that matters; it's the fury of it's onslaught!* █♣█
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11-18-2010, 09:49 PM
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#21 | | My homepage has been set to RS
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Originally Posted by 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. | avg cost for each unit is about $1million LOL..
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11-18-2010, 10:01 PM
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#22 | | Wanna have a threesome?
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Honestly, I'm still confused why which athlete stayed in the unit your buying is kept secret.
Last edited by MindBomber; 11-18-2010 at 10:10 PM.
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11-18-2010, 10:21 PM
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#23 | | Need my Daily Fix of RS
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Originally Posted by MindBomber 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.
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11-18-2010, 11:36 PM
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#24 | | The Lone Wanderator
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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.
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11-18-2010, 11:46 PM
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#25 | | 14 dolla balla aint got nothing on me!
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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.
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