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January 12th, 2009 at 11:37 pm
I wonder what the penalties are to Fortress if COV doesn’t complete?
If Fortress imposes refinancing penalties, maybe what COV should do is borrow money to mount a hostile take over of Fortress (given its depressed share price, it could be around the same ball park as the amount they are now seeking), rescind the original deal, then liquidate Fortress assets to complete the project and retain full title to the development. Problem solved.
January 12th, 2009 at 11:29 pm
Anonymous: Huh?
January 12th, 2009 at 11:20 pm
realpaul: I don’t know about you but we need to be in the streets over this!!!!!!!!!!!
————————————————————————
————————————————————————
You go first. Oh, wait. Then you would have to get up off your chair.
January 12th, 2009 at 11:13 pm
You are probably right, but I wouldn’t be surprised if there were in fact safer alternatives given the daily watergate like news. I wonder if Concord Pacific put in a bid and who their proposed lender was if that was the case.
Judging from what I seen, these hedge fund guys seem pretty clever in the conditions set.
And that’s quite the point you make. I do seem to remember Fortress is the first creditor from previous articles. As you say that means it has first dibs on getting its money back and only if there is any remaining money, does COV get any.
Then all this talk about the project still having value and COV getting back at least some money doesn’t hold water. It has also been mentioned that COV might wait until RE prices rise enough to make the project profitable (in itself a dubious assumption). But wouldn’t Fortress have the right to fire sale when it sees fit as first creditor?
January 12th, 2009 at 10:54 pm
Thanks for the link observer…makes it clearer
If Millenium and the City borrowed from a hedge fund, it seem obvious the Banks were saying NO(and maybe for good reason)
If that is the case, my guess is that the COV guarantee for completion was simply Fortress also acknowledging the risk and it had included the right to withdraw funding on the project at any point in time.
It appears that the COV guarantees to complete is simply Fortress being assured of some secured /guaranteed return on its loan.
In other words , I read this as Fortress will be THE first creditor in line to be paid, even if the project is later sold at FIRE SALE prices.
If THAT is the case,after the dust settles , COV may be left with nothing after possibly contributing the most given its obligation to complete.
Fortress did not want to see any of its investment sitting wasted as 1/2 completed rotting condos, hence worded the contract language as such so that the City would be forced to acquire funds elsewhere in order to complete. This reduced the risk/exposure for Fortress.
Perhaps a clever move by Fortress to a gullible COV?
January 12th, 2009 at 10:46 pm
No olympics – you’re right, not much has been said about Millennium’s current financial situation, which is obviously relevant. By the way, the manner in which Robertson is trying to push through the loan reminds me of Naomi Klein’s Shock Doctrine – create the conditions for a crisis and use that to push through the desired result amid confusion and a tight deadline, even in a democracy.
January 12th, 2009 at 10:37 pm
(and as for the veil of secrecy during the election to protect delicate negotiations, one can’t help but wonder now if the reason was to put a lid on things until it reached a point that COV no longer had any choice but to make a quick decision in order to get the village built, albeit at great taxpayer expense)
January 12th, 2009 at 10:36 pm
Fortress:
” Fortress Investment Group (NYSE: FIG) is a New York, NY-based asset management firm which manages private equity, hedge funds, and real estate and railroad-related investments, with announced plans to move into casinos and horse racing. The company went public on February 9, 2007.[1]”
Fortress lent funds to Millenium. It is no longer willing to fund the project, just as many other lenders have suspended funding to other developers.
Fortress is having its own financial problems and has frozen redemptions. It was playing “chicken” with the City.
If Millenium is out of the picture…and the Olympic athletes can be housed elsewhere, and Fortress refuses to fund the project any further, could the City then walk away and cut its losses under those conditions ?
There has been no such talk.
Obviously there is more to it.
January 12th, 2009 at 10:26 pm
Okay, I was reading the slides from the city manager
http://www.canada.com/vancouve.....anager.pdf
It seems the loan went “out of balance” in September. I don’t know what that means.
The completion guarantee is that the COV is responsible (to Fortress) to complete the project to original specifications.
Seems like a strange clause for lender to require. Don’t lenders just want their money back with interest? Okay, so maybe COV couldn’t guarantee the full amount of the loan perhaps, without going to a referendum. But it might be borderline to guarantee completion without a referendum.
Why do I get the feeling this was actually quite carefully and deliberately crafted?
January 12th, 2009 at 10:22 pm
Ad from Millenium
http://www.millenniumwater.com/
Click on the various features at the bottom.
January 12th, 2009 at 10:03 pm
realpaul: Thanks for ‘winging it’, as you say. That sounds like a reasonable analysis to me. I remember hearing about an excavation partially collapsing in the West End a few years back, and it has made me pretty conscious of those holes when I walk past them.
Fortunately, MrBear is a renting bear, so condos collapsing into excavations won’t be my problem. But I’ve walked by ‘Kore’ at 3rd and Burrard quite often, and that hole is right tight against the neighbouring condo. I bet they were happy when they saw the developers start to pour concrete! Not that they’ve poured much mind you, but at least they’ve stopped digging.
January 12th, 2009 at 9:57 pm
arit,
Great work! It would even better if you could get the above “Doom” lyric with music in.
January 12th, 2009 at 9:56 pm
Thanks for the explanation condohype, that helps, but some things are still puzzling.
When you say Millennium went into default in September, what does that mean? As I understand it, going in to default means one stops making periodic payments that are owed. But what payments was Millennium supposed to make to Fortress in September that it failed to make? It doesn’t quite make sense to me since Fortress didn’t even release all the money yet. So it must be something else that Millennium failed to satisfy in its contract with Fortress. But why aren’t we being told exactly what was the nature of that default?
Every keeps on referring to a completion guarantee that COV provided to Fortress in 2007. But this could mean a lot of things and why isn’t the exact nature of that completion guarantee being disclosed.
This is all very confusing and I agree with no-olympics that it is likely the whole thing is being deliberately kept that way, even by our recently elected civic officials.
January 12th, 2009 at 9:54 pm
Love the lyric in the #84, with “Boom” replaced by “Doom”.
January 12th, 2009 at 9:46 pm
I just talked to my banker and she told me that the bank was doing “interesting” tactics to prevent the mortgages from going belly up. From what she told me, the bank is allowing customers to only pay the interest of the mortgage — especially customers who would default otherwise. Given current interest rates — this would prevent some defaults. However, if rates do increase, I see big problems ahead.
Somebody mentioned that people should continue to pay their $1M mortgage on a house that is worth 50% of its value. I think the bank will reposes that house long before then.
January 12th, 2009 at 9:45 pm
Stop those racist BS – we are Canadian, CANADIAN!
No mater where are the million dollar home owners originated from, as long as they have mortgages, they need to pay big bucks on a regular basis. If they own outright – good luck to them, but they still need to pay maintenance, property tax (Are you in Vancouver? Good luck to you thanks to VANOC), and your other bills on the houses.
At the end, their equity will shrink, regardless, just like everyone else. When the bloodboth starts, there is no difference in the nature between a million dollar home or a 200K condo, they are all shrunk by a certain number of %.
Cash is king – holding a job is much more preferred than holding a real estate in 2009/2010 period (or longer).
January 12th, 2009 at 9:28 pm
questionmark: Closing your eyes and plugging your ears doesn’t change reality, it just means you don’t know whats going on.its time to face reality man,If you know all those words why don’t you act on it ?.QESTIONNMARK?.
Boom again and feel the beat of
the rythem
rythem of the night
Boom again and hear the voices
calling
creatures of the night
Boom again and see the shadows
dancing
in the pale moonlight
Boom againa and feel your
heartbeat pumping
now the time is right
so go walk out the door
get down….get on the floor
let’s shout break out
come on once again let’s hear it
BOOM2 Now Playing
January 12th, 2009 at 9:12 pm
NO -LYMPICS:
Right about the neighbours and goings on in the bldg which could be exposed by a reading of the minutes. If I was to live in an apartment I would want to interview every one to make sure that they weren’t insane or up to something that only presented itself the day after I moved in.
January 12th, 2009 at 8:49 pm
Observer, the city’s obligation to the Olympics is to provide accommodation to athletes. There’s no hard requirement for the housing to be the Olympic Village at Millennium Water. The city could book the Holiday Inn and fulfill their obligation.
The Olympic Village isn’t a problem with VANOC or the IOC. The problem is the deal the city made with the developer’s financier, Fortress Investment Group. In 2007, the city agreed to a completion guarantee. This ensured that if Millennium went into default, the city would backstop the project. Effectively, it turned the city into the developer. Millennium defaulted in September and Fortress cut off their loans. Today, there’s about $475-million left to build. The completion contract forces the city to finish the job with Fortress. We’re hooped. There’s no way out.
Nobody is willing to lend to Millennium. Their project is not viable. Banks will lend to the city because the city has assets and a tax base. The thing is, the completion deal with Fortress restricts financing options. The city may face penalties if it builds the project with money from other lenders.
January 12th, 2009 at 8:37 pm
observer:
Of course its confusing…that’s the way they like it.
However contracts are kept confidential , very little is ever revealed.
I suppose the IOC could try to do this privately, perhaps ask GM or IBM to host them( but they could go broke )….but the IOC insidiously promotes this to countries as a feather in their cap, when its aim is to shaft them up the ying yand by making absolutely sure the (Olympic side)show WILL go on , and there is no greater guarantee than the taxpayers, on the premise GOV’T CANNOT GO BROKE.
The news mentioned the possibilty of other accomodations being used.
Credit is tight and especially for this project. My guess is the profit is gone by the time it completes this fall. Vancouver is awash with unsold condos and cancelled projects, and many project further price depreciations.
Who in their right mind would loan to finish this huge project without proper guarantees and collateral ?
Unfortunately, at the end of the IOC sucked in another set of STOOOPID politicians who think they are different than every other City that has hosted the Olympics and cost the citizens dearly.
Vancouver is not the first nor the last IOC sucker/victim.
January 12th, 2009 at 7:54 pm
Something doesn’t jive to me about this olympic village fiasco and I get the feeling we are still being kept in the dark about the exact situation.
For instance, it doesn’t make sense to me that COV would have agreed to delivering the village or pay penalties to the IOC, however complex the contract. COV isn’t building it so why would they have ever agreed to such a clause. I see a post above alluding to the fact that this may not even be true and that we only need provide accommodation for the athletes.
Second, if they did, surely even an incompetent negotiator would have put a clause that Millennium must deliver the village or pay fines to COV. If such a clause exists, then I don’t see why COV is sweating right now, it should be Millennium.
It is Fortress that is asking COV to provide a loan guarantee because it feels it might not get its money back from Millenium. But other lenders might not.
So why is COV already jumping in to borrow on behalf of Millennium when it could be the case other lenders are willing to lend money to Millennium without a COV guarantee. If Millennium won’t do this, then COV (together with provincial and federal governments) need to threaten to take every cent from them. Period. I think we need to see Millennium pay before the citizens of COV pay.
As for changing the charter, there is moral hazard in this for any provincial government that does this. And elections are coming up soon.
January 12th, 2009 at 7:38 pm
York University did a study on ethno-racial groups in Toronto in 2006 which addresses economic earnings. They found the economic gap between members of European and non-European ethno-racial groups has been increasing over the last 30 years. The study showed about 30 per cent of the members of East Asian groups, and 20 per cent of the South Asian groups lives in poverty. By comparison, only 10 per cent of European group members were below the poverty line, and for some European groups the figure was only about five per cent.
Just for people who are curious about the study:
http://www.yorku.ca/isr/downlo.....1-2001.pdf
If you are curious about recent immigrants in particular, they have higher poverty rates and make less money than native Canadians. In 1980, recent immigrant men earned 85 cents for every dollar of their Canadian-born counterparts. In 2005, that number was 63 cents according to Stats Canada.
The idea that immigrants are mostly very wealthy is silly.
However, I will admit that among us immigrants there are lots of efforts to save face. None of us like to admit we may not be making enough money (specially when going to visit our homeland). This may create the appearance of more wealth than there really is. There’s also deep differences in attitudes of young versus older people. In short: rich immigrants are not the norm. I wouldn’t count on them to save the housing market (or to sink it).
January 12th, 2009 at 7:20 pm
realpaul:
Re: Olsen on your side feature:
Yeah ,I was trying to peg their new digs.
It was a river view…it may have been that South Vancouver project ( below Marine Drive , West of Boundary )
New West possibly.
Can’t recall much possibility up River past New West.
Curious what the strata ” Minutes ” say , amount in the contingency fund etc.
Olsen should hav expanded the feature into more of the “meat” versus just the “hunt”.
2 hour inspection on a strata? One has to inspect the broader strata….does one not? (Back to “Minutes”)
Your neighbours problems can and will become your problems as well , do they not, based on how stratas are legally structured ? It’s not just about YOUR unit.
I don’t see a downside for the media to be more like a “white knight” these days (especially when RE is tanking) and make everybody a better – informed consumer.
With all this glut of product, effectively there will be no such thing as new product for a long time…..the “used” meter for wear and tear starts ticking sooner and sooner.
January 12th, 2009 at 7:09 pm
NO -LYMPICS:
If they went with plan B then there would be no ‘Olympic Village’ timelines or deadlines and no need to spend an additional 500 Mill plus costs which would be with union math at least another 100% on top for good measure. With Plan b COV would really be hard pressed to justify further expense. In a few years the exposed concrete would lose it structural integrity and the place could be bulldozed and turned into a beer garden. That would be poetic justice.
If there is more talk about housing athletes in alternative accom then why proceed with the timelines at all. The COV could as they they have glibbly announced ” hold the sales off until the market improves” HAHAHAHA Woops I think I’ve had an accident
January 12th, 2009 at 7:01 pm
Flipped between Global and CTV News.
Can’t believe there are people like Ex- Mayor Philip Owen who still think it was a good deal and the RE market will turn around in 2-3 years.
He wasn’t the only one who felt that.
Ignorance is epidemic.
PM Harper politely told Vancouver to F*ck – Off re: any help.
Tsur Sommerville at least admitted a long time before prices climb back up.
Peter Ladner and Sam Sullivan wouldn’t be interviewed ( being fitted for Kevlar underpants ?)
PS :
“Olsen on your side feature” re: RE purchases was nothing many of us haven’t heard before.
January 12th, 2009 at 7:00 pm
I just watched the “Olsen on your Side ” segment some of us were talking about on an earlier string. To his credit Olsen wasn’t pimping a specific project and stuck to a fairly vanilla presentation around getting an inspector, looking at a lot of product before deciding as it is a buyers market now and you have the time to do so.
The couple mentioned that they made an offer on a used condo ( it looked like New West in the background -shudder) at $30,000 under list price and the vendor folded very quickly. I wonder what a -100K offer could have done in the right situation.
They said that they’d looked around a lot and found the a majority of product was abused and overpriced. The place they purchased had been reno’d somewhat by the look of it, meaning it hadn’t been a grow op, or maybe it had, it was New West after all. New West, Surrey ( Sewery), The Valley uugh all pretty creepy.
January 12th, 2009 at 6:50 pm
66 realpaul Says:
January 12th, 2009 at 5:21 pm
Juicy news hint dropped by Vaughn Palmer. The province has stated that it is not obligated to provide accomadation for visiting atheltes at the Olympic Village site. “They may just rent out hotel rooms or lease space elsewhere.”
—————————————————
Yes, realpaul… I heard that on the news.
It might be PLAN B (or C)
However, in a TV clip it showed Penny Ballem , the new COV City Manager stating the Olympic Village must be completed.
So …..we ” may ” have a flexible IOC which simply says “All we demand is “some” accomodations not “specific”ones, and they find these accomodations elsewhere.
However, keep in mind that the other “hat” or side of the equation is a ” Speculative Condo investment project by COV ” with contracts in place with various contractors etc. They would likely sue for breach of contract unless compensated.
The rotting concrete shells you envision would be poetic justice, but IMHO they have long ago reached the point of no return.
However:
It would be funny if some City beancounter said STOP RIGHT NOW, it IS cheaper to do the following:
— we can put the athletes up in local hotels (which will give us a discount)
— we buy out all outstanding contracts,
— demolish what we built so far and
— get the land back.
Save $$$ Millions
Wishful thinking .
Typical hubris from Gov’ts who never analyze all the scenarios.
January 12th, 2009 at 6:49 pm
MrBear:
Thats a really good question. I can wing an answer and speculate that the shoring integrity would depend on the subsoil conditions and the type of site prep or pre – load is involved. I would watch very carefully for any cracks appearing in the sideyard of the adjacent property(s) and photograph the site on a semi-regular basis for insurance purposes.
Water intrusion may also become an issue and you could possibly experiance erosion of subsoil around the foundations of the structures adjascent to the pit as it fills up and changes the percolation quality of the surrounding area, so, continue to monitor for soft spots on the lawn, rapid moss growth, uneven settling, cracks on roadways , driveways etc., and new moisture on the interior walls of the ( your) foundation. This would indicate that the structural integrity of your own property ( or the areas around the pit) is being compromised.
Really though, this is an engineering question and maybe even a legal one at some point. I would begin to create a paper trail ( what my lawyer calls ‘a pile of files’) by contacting the developer ( in writing) and asking for the status of the project and contacting City Hall ( in writing)and issue a letter of concern to your insurance company.
I don’t have all the by-laws for every community memeorized, but there may bne some kind of statute or by law timeline you can trigger by filing some paperwork.
January 12th, 2009 at 6:31 pm
2009 is sure shaping up to be an interesting year so far. Try not to face-palm too hard when you start hearing the chorus of “Nobody could have seen this coming!”
January 12th, 2009 at 6:31 pm
Re 70
There are a couple of un-used boats tethered up in North Van. They were going to be called Fat Cat Fairies or something like that.
They should be gutted and turned into giant rooming-house boats to house the atheletes. Tow them over to false creek and let it be a floating atheletes village. Much more environmentaly friendly than building a whole bunch of buildings that will only be used for two weeks!
January 12th, 2009 at 6:21 pm
I can’t understand why they didn’t get insurance of some sort to account for cost overuns or receivership of the builder.
Now what, maybe let it go bankrupt and then the City take it over from there. Maybe the athletes can be set up in Atco trailers or they can lease a few Love Boats.
January 12th, 2009 at 5:59 pm
f someone digs a 40′ hole next to your building and abandons it,
the spot where Espana is being built
and where Firenze is was a nice bucolic
duck pond for the longest time some trees
actually grew more than 10 feet tall…..
so it’s all good…..
January 12th, 2009 at 5:42 pm
realpaul: Speaking of rotting concrete shells…
What happens when a major construction project is abandoned? If someone digs a 40′ hole next to your building and abandons it, how long can the shoring be counted on to keep your building structurally safe? That seems like the worst case scenario to me, if you had the misfortune to be a neighbour of one of these disasters.
January 12th, 2009 at 5:28 pm
NO -LYMPICS:
I should have read your post before I posted mine. you are right on with that summation.
January 12th, 2009 at 5:21 pm
Juicy news hint dropped by Vaughn Palmer. The province has stated that it is not obligated to provide accomadation for visiting atheltes at the Olympic Village site. “They may just rent out hotel rooms or lease space elsewhere.”
The Milllenium, project may be doomed to become a rotting concrete shell on the false creek site.
The idea that COV can rough -ride over the civic charter rights of the citizens is not going to sell well with the citizens of the province overall. We have an election coming up, the optics of having a wacko-political party pull a quasi dictatorship precedent established by expunging the rights of citizens isn’t going to be an easy item for the Libs to back. Don’t expect the Libs to ride into this one.
Invested in the Oly Village? Did you just crap your pants? Yes, the stinky smell is you.
January 12th, 2009 at 5:06 pm
Anonymous: “As an Asian Canadian I find Supraboy to be offensive and do not believe he is Chinese. He is obviously a racist jerk.”
I think a lot of people here would agree with you. I know I wouldn’t feel too welcome on this board if I were an Asian Canadian, and Supraboy is a big part of the reason why. But it would be easier to sort your post out from the anonymous trolls if you just picked a handle.
January 12th, 2009 at 5:00 pm
Man this soap opera will get interesting:
Gordo is the BC Premier
Gordo is also a VANCOUVER MLA
A Provincial election in May 2009.
Olympics in 2010
SO:
Will Gordo bend and allows Mayor Gregor to bypass the REFERENDUM?
Gordo and Vision Vancouver are like oil and water.
Gordo allowing it sets a precedent, as other Local Gov’ts will request similar allowances and then ALL B.C citizens become vulnerable, given the intent of the legislation is to stop what is happening in Vancouver.
In addition, if Gordo allows it, he cuts the throat of the Province as it will end up “Bail Out City galore” for the Province due to irresponsible Cities.
This will be a true test of leadership.
My guess is Gordo won’t allow it.
Vancouver will be used as an example and set an example.
Vancouver’s only out will be to sell assets (???).
Regardless…This was 100% self – inflicted by COV.
January 12th, 2009 at 4:54 pm
As an Asian Canadian I find Supraboy to be offensive and do not believe he is Chinese. He is obviously a racist jerk.
January 12th, 2009 at 4:42 pm
Post # 51
Arit:
Not a problem….you get the VCI posters discount !
January 12th, 2009 at 4:16 pm
“You really don’t do the Chinese community any service by misrepreseenting them as arrogant rich dim sum queens and parasites. This racisct diatribe you espouse is sicko dude.”
Have you talked to any of the Chinese people in Richmond and see what kind of life they live? Also, the more chinese people there are, the more renters there are, therefore, prices get jacked up, whether they’re rich or poor, rental rates go up because of them.
January 12th, 2009 at 4:12 pm
“I hail from another country so I’m pretty much a paranoid maniac who stuffs the mattress with dollar bills. I also buy large amount of food to stuff in the storage closet. I can probably eat for six months if a zombie apocaylpse happens and I board up the apartment.
Sue me, I grew up having to guess if we would have milk the next week.”
Are you also asian? You’re not the only asian that would do such a thing. Therefore, the ones who load up on pretty bags are the minority of asians.
January 12th, 2009 at 4:07 pm
Supraboy:
They don’t need to use credit cards on LV and Gucci bangs like your typical hot blonde dating some old white man.
Soopie, soopie , soopie , is the bsmt at your parents house hermetically sealed?
There is a higher percentage of poverty among new immigrant groups than any other. The majority of new canadaian Chinese are far from rich .The highest percentage of family violence cases are from the Chinese community in Richmond.
A recent mental health report from Richmond indicated that the greatest number of case of emergency cases come from the Chinese community. Is your read just wrong or is there trouble in your bsmt paradise.
The main streets of Richmond are lined with massage parlours, prostitution in China and HK is super prevalent. I have to drive by the T&T distribution center everyday ( on Greybar Rd) the people working there are all new Canadians from Chinese origin. The streets are lined with all kinds of new cars, but the people inside are all making soup packets and prepping sandwiches and other grocery items. These are all rental and leased vehicles obviously because the people workinhg in the T&T site are only making minimum wage.
You really don’t do the Chinese community any service by misrepreseenting them as arrogant rich dim sum queens and parasites. This racisct diatribe you espouse is sicko dude.
January 12th, 2009 at 4:01 pm
55 Supraboy Says:
January 12th, 2009 at 3:15 pm
Guys, about the bailout, you think they’ll put it through a referendum? Is it going to be only a Vancouver vote?
==================================================
Supraboy:
It has been explained several times;
A Local Gov’t (ie City) has an annual budget.
This takes care of usual costs of running a City.
Local Gov’t can NOT run deficits.
They can borrow .
At times there are extraordinary expenditures…ie to build a large civic structure (ie Rec center , Library etc).or perhaps to fund a long term infrastructure plans(ie major sewer upgrade bridge, . etc etc.)
In such cases, the City will require a large LOAN, and must go to REFERENDUM and request Voter approval.
If the voter say NO…then it cannot borrow the money.
If the Voters say Yes..it will appear as an extra tax on your property tax notice till it is paid off. Referendums are usually brought forward during the civic elections(every held 3 years )..its more convenient and cost effective to put them with the other ballots .
Vanocuver has effectively admitted it is all alone.
NO HELP FROM ANYONE ELSE!
My guess is this knew this month ago, hence could have put it onthe ballot 2 months ago….but wanted to hide this from the public and hope for a mircale.
Well, the shite hit the fan . No Miracle now or in the future.
Vancouver deftly danced around the referendum, betting that the Olympic Village condos would sell and all would be well , trust them, not to worry .
OOPS!!!!
A referendum provides accountability and transparency which the taxpayers are OWED with such extraordinary and risky ventures. COV and other Local Gov’t have been deftly avoiding referendums for far too long and engaging in risky P3 etc. ventures .
After the crash and burn , my guess (and sincere hope !!!)is Campbell and Co in Victoria re-visit the laws and stop this nonsense and demand referendums , no more P3 and also stop Local Gov’ts from engaging in activities best left to the Private Sector.
This was bound to happen one day and it is happening BIG TIME !
January 12th, 2009 at 3:40 pm
Supraboy,
Your Asian friends must be different from mine. The girls I went to school with in university all had fancy bags and were over-leveraged. They were second or third generation, or younger folk, so they didn’t have the same thinking as their parents.
I hail from another country so I’m pretty much a paranoid maniac who stuffs the mattress with dollar bills. I also buy large amount of food to stuff in the storage closet. I can probably eat for six months if a zombie apocaylpse happens and I board up the apartment.
Sue me, I grew up having to guess if we would have milk the next week.
January 12th, 2009 at 3:20 pm
“True.
In many cases, you only lose IF you sell
However, why make mortgage payments???…that does not imply they are “rich”…. but does imply their financing is subject -to monthly cash flow, which may be disrupted given the global economy.
You don’t own it till the final payment is made, it’s “rent to own ” till then.
Also “Life’s a dim sum bitch and then you die”.
Are these friends of your immortal ?
If and when they do die, my guess is the estate will sell at current market price, cash in and run for lots of Tsingtao beer .”
Most of the asians that I know of isn’t selling because it’s their primary home. Their thinking is, “I need to live somewhere.”
Asians are smarter than most North Americans financially, they don’t over-leverage. They don’t need to use credit cards on LV and Gucci bangs like your typical hot blonde dating some old white man.
There are other types of asians, eg, vietnamese, who grow marijuana buying mercedes and beamers all in cash, 20 dollar bills. There’s no way the government can track all that.
January 12th, 2009 at 3:15 pm
Guys, about the bailout, you think they’ll put it through a referendum? Is it going to be only a Vancouver vote?
January 12th, 2009 at 3:09 pm
Click on link below
Sign up NOW! Garth the Mighty Squirrel Hunter already did
This is the future !
Stock up on the items you see ASAP
Forwarned is ForeARMED
http://www.youtube.com/watch?v=FV74rbgIsr8
January 12th, 2009 at 3:06 pm
realpaul:
The current city council wants to expunge the rights of the citizens. This is COMMUNISM at it’s very ugliest manifestation.!!!!!!!!!
No buddy, this is not a communism. A communism would be when the citizens rights are expunged, newspaper reporting this get closed, journalist writing this up are jailed due to terrorist acts they performed , taxes raised, and everybody ordered to city square to celebrate the Olympics, including the kindergarten classes.
Well, we are getting close to it, but not yet there.
Joke mode off//
I freaked out as well when I read what they are trying to do – is there a way to stop them ?
January 12th, 2009 at 2:50 pm
anytime you hear this from a politician with no experiance it means very bad things
“Now we need to act quickly,” he said. “The intention is to get the project to stability. There is no indication that we won’t be able to complete the Olympic village. But we are really going to have to bear down on the construction side.”
In other words ‘piss money at it until the pigs eat little Billy”.
From Vanc mayor today in the Sun Newspaper
January 12th, 2009 at 2:49 pm
NO -LYMPICS:
“BTW I have done Home Inspections for people.
PS: If you are yawning, that is a sign we should put you to sleep.”
I am adding you to my list of highly paid consultants for my house.
Regards
arit