Ritz-Carlton work stoppage

Thanks to Vansanity for this tip – apparently all excavation work has stopped on the Residences at Ritz-Carlton site on West Georgia street in downtown Vancouver.  Word is that everyone was told to stop work and leave the site on Friday Oct. 17th, leaving the excavation about 60% finished.  All signage advertising the Residences at Ritz-Carlton have been removed from the site scaffolding and all construction trailers have been removed.  I couldn’t find a text story link confirming this information, but I did find this CBC news video report on the situation.

According to that report the developer is saying that this is not due to any credit market problems (as we’ve seen in a number of other lower mainland condo developments).  The developer says that although sales have been slow, financing is in place and there are enough presales to move ahead with the construction.  The developer is saying that they are going to be doing some ‘modifications to the design’ and that there’s no point in having work going ahead, or having the presentation sales center open until those modifications are done.  At this point there’s no indication as to when work may continue, but we’ll keep an eye out for developments on this story.

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Drachen
Drachen
11 years ago

Warren

You're poor already. You just don't know it.

NO -LYMPICS
NO -LYMPICS
11 years ago

Post # 76 by Paul is bang on:

We seem to forget that BCTV and The Sun and Province Newspapers are all owned by CanWest.

It is fairly incestuous, as you see the same reporters in both papers on BCTV . Given such control…they will cross pollinate each other, and end up as extended informercials with cute terminology to pump up the market.

Best we all complain that if they can't be more objective…and less of a carny barker – " shill " for certain interests , it's best they keep their remaining credibility and STFU

Prediction: As the condo market crashed, big layoffs at both newspapers, given the Aspers were apparently a bit stretched (ie overpaid) when they bought.

Warren
Warren
11 years ago

Please explain how I will become poor if you're going to make that argument.

Drachen
Drachen
11 years ago

Warren

"One of you thinks being poor is a great curse"

I presume you mean me. I never said anything remotely close to that, but with your ability to distort the truth of the real estate market it's not surprising your reality filters are hard at work elsewhere too.

I just said it's something you're going to have to learn to accept. You still need to work through the anger phase though, you'll burst a blood vessel if you can't learn to relax.

ReductiMat
11 years ago

It shocks me that people are shocked that newspapers aren't looking out for their best interests.

They are publicly traded companies who's vested interest is making money. It is in their best interest to produce the cheapest, least confrontational tripe that favours their advertisers.

The fact everyone isn't fully aware of this is frightening.

Fortunately, their time is coming to an end.

NO -LYMPICS
NO -LYMPICS
11 years ago

I think it is pretty clear that real estate and the pimping of it is THE main BC commodity. Now the house of cards will collapse. The Vancouver Sun and Province had major portions of their papers dedicated as an infomercial…"reporting" on new developments…then you would see full page ads for these same developments. Too many parties tied their wagon to this real esate "god", creating a cult -like belief. All we hear so far is the big boys crashing, but I think its only the tip of the iceberg, much much more grief to come.

Potato Hat
Potato Hat
11 years ago

I too have never really understood the widespread dislike for Rennie on this blog. He's a salesman. He sells things. What else should we expect?

It's disappointing that the media keep going to him for "expert" opinions on the real estate market, but that's more a problem of the media than Rennie. If the reporters in this town are too rock-stupid to know they're being spun, we should be throwing stones at them.

Warren
Warren
11 years ago

You guys crack me up. Guess what? I own real estate and stocks, both debt free. Guess which one has been the steady cash flow machine and which one has been tanking?

Poor for the rest of my life? Afraid not. Assuming you people work for a living, you should be checking your resume and gauging your job security if your employer is forced to lay off people, because many places will. Getting excited about a nice looking hotel project getting canceled and taking personal shots at the marketer make you look stupid.

Strataman and Drachen, looks like you two have something to dicuss. One of you thinks being poor is a great curse, and the other says money isn't important. Please enlighten us when you've figured it out. Here's a hint: we live in a free market society.

Piddlesbby
Piddlesbby
11 years ago

Regarding "Patience" comments: I agree, Rennie is lying but of course, he is not the only one. There is so much greed in this city and it brings out the worst in people who formally were admired leaders in business and set examples for their families, employees and colleagues alike. Ethics is no longer in their vocabulary. At the same time, you have to feel some sense of sympathy for them. Just look at all the broken marriages, brothers suing brothers, sons and daughters estranged from their elderly rich parents. Unfortunately, the rest of us were not immune to this, we got sucked into the dream of getting rich quick. Where did this money come from, especially after many of us lost our homes during the "leaky condo" years. Hmmmm….let me guess, our friendly neighborhood bank of course!! Line of… Read more »

NO -LYMPICS
NO -LYMPICS
11 years ago

In an article published years ago, Bob Rennie said , that unlike his peers, he had the vison early in his career that the future market would be in higher density,ie condos were the future ,not single family homes.Homes were becoming out of the reach of the average family, and Rennie saw their only option was condos By the time others caught on, he was very well – established. He knows who butters his bread, and its not the purchasr..its the seller,ie that developer with hundreds of units to sell. Bob has to sound upbeat, even if the market tanking, you just have to realize he's lying when his lips are moving. What gets me is do they earn their commission ? …what does he have to do…get the exlcusive listing…put up a pre-sale show home barn and tolerate his… Read more »

Patience
Patience
11 years ago

I too had many dealings with Bob in his early years. I also agree that his personal life should not be up for discussion. But his actions should be held up for accountability. Mr. Rennie was interviewed 2 weeks ago about the condition of the market. If indeed he is an "expert" in real estate as the local news had introduced him, he wouldn't have said this is a great time to buy. He would not have mislead people by describing the uncertainly in the global economic conditions as a "buyers market". My 12 year old daughter knows that if nothing else, things are very unstable at best. He would not have mentioned that his opinion was that prices would start to climb again in the spring, hoping this would entice buyers to move now. Yes, I agree that Bob… Read more »

islander
islander
11 years ago

ILoveING writes "nonsense" basically.

20 thumbs down to misinformed idiots.

Downpayments are held in trust. If you don't know what you're talking about, get your parents to cancel your web connection.

Dropper
Dropper
11 years ago

Agree completely. Bob Rennie's personal life is no one's business on this website.

condohype
11 years ago

There’s no need to get into discussion of anyone’s personal life, Bob Rennie or whomever. Some of the stuff posted above is defamatory.

betamax
betamax
11 years ago

Rennie already has more money in the bank than most of you keyboard-analysts will ever see.

I bet he doesn't have much cash in the bank at all, especially post-divorce. Google Nelson Skalbania for the story on BC's last great wannabe property mogul.

He collects art? That's the next bubble to pop.

Strataman
Strataman
11 years ago

Warren "You guys are pretty funny. You know Rennie already has more money in the bank than most of you keyboard-analysts will ever see. "

So true I also know quite a few drug dealers that would meet that criteria (and then some), so what are you saying Warren? Money talks the rest walk? The idea that money is a sign of success is so fu##ed up it is unbelievable. A sign of success is close family, great friends that are with you rich or poor. That is success. All the rest of the monkeys are losers.

Drachen
Drachen
11 years ago

Warren

Wow, you're getting angry, which stage is that again?

Come back when you've reached acceptance of the fact that you'll be poor for the rest of your life.

At least you've passed that annoying denial stage.

Clamchowderhead
Clamchowderhead
11 years ago

The hills development is on hold until spring, I think it's fair to say the development is marginal, but I wouldn't call the neighorhood marginal. It's actually a pretty nice part of town full of working class people.

Purp
Purp
11 years ago

Speaking of Rennie, anyone know whether they're still continuing with 'The Hills' development at Nanaimo and Kingsway? Considering the other projects to stall recently this seems like another one at risk in a marginal neighborhood…

paul
11 years ago

And by the way , Bob Rennie was a well known gay many years ago. When he first left his wife and kids for his gay fling all of his partners at that time told him to F-off. He'a a two faced moron and everyone know it. The recent divorce went through because his wonderful japanese wife couldn't take the shame anymore and the kids have left the house. Good for her, shame on him. He has no honour.

paul
11 years ago

I have often chastised BCTV with email for the overuse of the term " world class' when referring to Vancouver. For a while they stopped using the term, I assume they were consulting with thier legal dept. I have accused them of being a schill for the developers and tourist industry that pays for the advertising time during shows like " The 6 o'clock news' etc. I have asked them to disclose the relationship they have with advertisers and to declare such relationships before airing many of the complete nonsensical real estate ads they air during like programs. The renaming of the Whalley-Guildford-Fleetwood are as "The Diamond Triangle' is an example. I asked them to consult the legal dept. about the increased liability they would incur should unwitting or unknowing families move into that open air crack house and suffer… Read more »

Anonymous
Anonymous
11 years ago

Bob is also happier now that he's out of the closet.

It was the worst kept secret in Vancouver.

Rob the Banker
Rob the Banker
11 years ago

I acutally have the priveledge of knowing Bob personally. Great guy, a lot of you might hate him but you most of you don't know him on a personal level. Business wise he's done very well for himself and he doens't need to work again if he;s smart. His downfall is his art collection, he's absolutely hooked and all his money goes to his collection now. He has artists on retainer. I could very well see that being his eventual downfall.

Warren
Warren
11 years ago

My buddy? I saw your buddy just a few minutes ago, he wanted to wash my windows but I told him no, and didn't give him any money either.

Vansanity
Vansanity
11 years ago

Actually Warren, your buddy Rennie went through a divorce not too long ago, you probably know this. She's doing pretty good right now. Rennie has whatever he has left from his divorce, a local recession and an impending real estate crash. I'm sure he's not worried about it, but the world isn't as rosey as you might believe it to be.