Putting off the Ritz

The Ritz Carlton work stoppage we reported on last October has been confirmed as a complete project cancelation.  The developer is blaming the ‘global recession:

The half-billion-dollar Ritz-Carlton hotel-condo project in downtown Vancouver is officially dead — a victim of the global recession.

Buyers who purchased luxury condos in the 60-storey tower that was supposed to be built at 1155 West Georgia are getting a letter this week telling them the project has been cancelled.

The letter from lawyers representing developer Holborn Group states that “worldwide economic turmoil” has had a significant negative impact on the sale of units in the project, as it has with most other Metro Vancouver developments.

“As a result, sales have not met the developer’s expectations,” the letter states. ” … We hereby give you notice that the vendor cancels and terminates the contract due to the fact that the vendor has not entered into binding contracts of purchase and sale for at least 75 strata lots in the development.

“As a result of this termination, the contract is now at an end.”

Full article in the Sun.

photo-illustration by reader moldcity.

103 Comments
newest
oldest most voted
Inline Feedbacks
View all comments
NO -LYMPICS
NO -LYMPICS
11 years ago

Lilypad

Sorry, but I think I saw scullboy dressed as Mr Peanut to lure squirrels. Otherwise, I do enjoy discussing the REal world with ya.

Lily pad
Lily pad
11 years ago

NO-LYMPICS: I'm just saying that Squirrell (the Oscar winner) is safe because Scullboy is not interested in cooking her up and you, who are the second suspect in the squirrel abduction from my balcony, can't run fast enough to catch her, so she is SAFE.:) That's all. Just joking around…

Bob Rennie and Ozzie
Bob Rennie and Ozzie
11 years ago

RennieWhereRU?

As long as we have solif fundamentals like mountains and ocean RE will be fine.

Yeah….we predict Cities will be cranking up fine revenue.

That will help feep the RE fundamentals intact. Do your part and incurr tickets. That way, the cops have excuses to leave the REAL criminals alone and you will be too busy being pissed off to notice the B & E.

The bright side is if they get you for going .5 Km over the limit…the likelihood of getting car-jacked is reduced at least 15 % , even less if you are riding a moped.

RennieWhereRU?
RennieWhereRU?
11 years ago

Not sure if I am just paranoid but has anyone else noticed more speed traps these days? I went through 2 on my home from downtown to coquitlam last saturday afternoon. Made me think, this along with parking fines, shitty bylaw fines, etc, that this will be city revenue generating machine in full force. I am so glad crime is so low that all those cops can be deployed to issue speeding tickets. This is a sign of world class city.

RennieWhereRU?
RennieWhereRU?
11 years ago

I am going to reverse the tide and stop this negative speculation, BC has solid fundamentals, people will still shop, dine out; BC is poised to get out of this stronger than ever, now is the time to buy a car, your first home.

I think they play that commercial on CKNW so many times I am brain washed, its almost hypnotic; somebody here please say something to snap me out of it!

NO-LYMPICS
NO-LYMPICS
11 years ago

Lilypad

Thanks for the link re: vacation property.

I counted 239 squirrels in the background.

Sure whet my appetite.

What's this BS re: running ?

YLTNBoomerang
YLTNBoomerang
11 years ago

Anyone know what is going on with http://www.realtylink.org

I used it to gather data as you can still browse through the MLS neighborhoods like Vancouver West/Downtown etc. but the server appears to be down…hope it isn't being shut down.

dingus
dingus
11 years ago

Re Halifax.

If you are only going to stay in a place less than a year, rent, you dumb schmucks. In 10 months you won't build enough equity to pay off the transaction fees!

It drives me nuts that people make what are effectively long term decisions based on short term thinking, then seem all agog when things aren't working out to their liking. Why are they all of a sudden chasing their dream home? Was this not in the cards 10 months ago? You should be able to plan your life in more than 6 month chunks instead of lurching around after whatever shiny object flits into your vision.

Lily pad
Lily pad
11 years ago

Regional Highlight — Halifax! Documents the trials of a young couple who are trying to sell the townhome they bought 10 months ago to now buy their "dream home":

http://watch.bnn.ca/the-close/february-2009/the-c

Debate: To buy or not to buy (US real estate). Will the Irish judge declare his fellow country man Andy Bell a winner?

http://watch.bnn.ca/stars–dogs/february-2009/sta

Lily pad
Lily pad
11 years ago

Here are Thursday's special reports from BNN on Real Estate:

Should we invest in US "bargains"?
http://watch.bnn.ca/the-close/february-2009/the-c

Investing in recreational real estate in Canada (Doug Gray):
http://watch.bnn.ca/the-close/february-2009/the-c

Lily pad
Lily pad
11 years ago

squirrell: Don't worry. If Scullboy isn't into cooking squirrel you're safe. No-lympics can't run that fast.:)

badnewsbears
badnewsbears
11 years ago
NO -LYMPICS
NO -LYMPICS
11 years ago

Ticketing the poor, homeless If the truth be known…BYLAW Officers (who do the ticketing) are lower scum than yes even Condo King Realturds . They are qausi – cop wannabees souless assh*les with LOW IQ's . I wish they would be challenged more in court because I have seen them act in ways that have them breaking other laws…they are simply abused by Local Gov'ts as cheap goons and revenue generators. Here is an example below: Super-keen parking officer writes 60-70 tickets a day Retired cop nabs city parking violators at an impressive rate — and has heard a lot of excuses http://www.vancouversun.com/news/Super+keen+parki… So, this party is collecting a nice pension, retired from being a cop at 59, and now takes away someone else's job working as a Bylaw officer writing more tickets on average than his other assh*le peers… Read more »

NO -LYMPICS
NO -LYMPICS
11 years ago

TUT:

I read the info….and fully aware they are realtors, but they are being totally up front about the fact they are realtors.

Yeah, I know realtors try to get you to buy or sell, but it's free and one can attend and possibly learn something.

Just thought I'd pass it on.

Maybe John will be there too and flogging kosher halal pepperoni. I know John is hurtin' right now with the Ritz Carlton deal DOA,…but this may perk him up.

TUT
TUT
11 years ago

#85 NO-LYMPICS

The Condo Buying Secrets in Today’s Market is held by a couple of realtors: Rick and Kerry Couvelier.

You may be looking for a condo and NOT have a realtor working for you yet.

Just on case you thought is was some unbiased professor…

Another sales pitch, I guess.

This is becoming obscene!

patriotz
11 years ago

realpaul:

no-lympics, well we called that right didn’t we, putting the poor in jail as a tactic to ‘clean up the streets’ for the Olympics.

Don't call the homeless "the poor". There are many different groups of people who happen to be poor for many different reasons. The homeless are just one of them. They are homeless for the same reason they are poor, namely that they have mental health problems (including addiction) that prevent them from being functional members of society. Society has to address these root causes instead of pretending that their problem is just that they don't have enough money, like Granny on GIS or whomever.

oracle
oracle
11 years ago

this sounds similar 🙂 from businessinsider.com Aaron Martin-Colby (URL) said: Feb. 26, 12:49 PM I don't know about NYC, but I live in Providence, RI and the scene is similar. We have a realtor here called Lila Delman. She made her name selling Rhode Island as a vacation home for wealthy Bostonians and New Yorkers. Because of realtors like her, prices are falling very slowly 'round these here parts. Everyone believes that prices here were driven up by actual demand from out of state. They thought Providence was different. I came across an old Business Week article with comments on it. It was from 2005, just as prices were in full spike. A commenter from Florida said it was different. Everyone wanted to live in Florida. The price increases were real. People in NYC were saying the same thing. "EVERYONE… Read more »

realpaul
realpaul
11 years ago

NO -LYMPICS: #81 no-lympics, well we called that right didn't we, putting the poor in jail as a tactic to 'clean up the streets' for the Olympics. The obvious PR thats going to come from COV is that the ones with the greatest number of tickets are " repreat offenders, chronic offenders, recitivistic etc, what a frame up. Is this what the BOY MAYOR Gregor Robertson has in mind when he states that he's going to eliminate homelessness by 2015? What an ass. #65 Islander, I guess you're not big on reading the information stream coming in from the larger unbiased news services ex: "667K new jobless claims; new-home sales tumble", by the way thats up from last weeks number of 627K and an acceleration from the 500K weekly average jobloss numbers from October 08. Unemployed in the US are… Read more »

NO -LYMPICS
NO -LYMPICS
11 years ago

If anyone is interested:

Saw this in the local rag

http://www.couvelier.com/seminars.html

Vancouver:

Condo Buying Secrets in Today's Market: The 10 deadly mistakes condo buyers typically make (and how to avoid them), which condos leak (and which don’t), which repaired buildings will definitely leak again, five traps when buying a new condo, what does today's Vancouver market mean for condo buying?, where is the market going now?, 10 Strata Property Act sections condo buyers must know before buying and much more! This course is a must-attend for anyone contemplating a condo purchase especially in today's changing market!

It's being held this Saturday Feb. 28 at LANGARA campus Vancouver

Cost: FREE

Time 9:30 am to 3:30 pm

Call 1-800-668-2272

squirrell
squirrell
11 years ago

My gosh, I get the Oscar and already they want to bbq me..

scullboy
11 years ago

Lilly I'm SHOCKED!

RABBITS, yes…. squirrels, no.

I'm not in the business of making dim sum for all those discriminating diners in Richmond, y'know!

Lily pad
Lily pad
11 years ago

NO -LYMPICS: I'm fast:)

NO -LYMPICS
NO -LYMPICS
11 years ago

From Vancouver Sun Downtown Eastside residents worry they’ll be jailed for Olympic Games http://www.vancouversun.com/news/Downtown+Eastsid… QUOTE: Pivot Legal Society lawyer Douglas King said the ticketing sweeps were instituted under Project Civil City, an initiative of the previous city council, and B.C.’s Safe Streets Act, both of which recommend increased enforcement of bylaws dealing with civil disorder, such as spitting, jaywalking and vending items on sidewalks. “Neighbourhood residents are afraid this is a way to get as many warrants against people as possible, and put them in jail for the Olympics,” said King. Dawson said that with the help of the Vancouver Area Network of Drug Users and Pivot Legal Society, he’ll take his tickets to court, and fight them, rather than risk jail time. “I should have gone on the crosswalk, but this is my front yard,” he said Sunday, adding… Read more »

NO -LYMPICS
NO -LYMPICS
11 years ago

lily pad:

Re: squirrel on your balcony

How did you know it was a " he " ?

Was it that slow ….or were you too fast ?

Lily pad
Lily pad
11 years ago

squirrell: Squirrell: Congrats on the Oscar!!!

Now that you had your debut, you'd better change your name or no-lympics will fry you up like a Peking duck if he catches you!

I had a squirrel visiting my balcony and now he is gone. I suspect either no-lympics or scullboy:)

http://www.dailymail.co.uk/news/article-487915/To