There’s another editorial in the Vancouver Sun about the Olympic Village fiasco.
Although there is a consensus that the Olympic Village is a state-of-the-art project, market conditions for high-end real estate have softened, and there isn’t the level of demand that we saw in the boom period of pre-2008.
As a result, only 35 per cent of the units have been sold to date, leaving 480 units unsold.
Moreover, half of the unsold units are priced above $1 million.
While the project proponent had proposed dropping prices to sell the remaining units, the city opposed the proposal because it would mean that the developer wouldn’t be able to pay the full amount owed to the city.
Can the city move these units and prevent Vancouver taxpayers from getting screwed? Perhaps one selling point to consider for those interested in buying one of these million dollar condos: they are conveniently located within walking distance of ‘cash corner‘ AND Vancouver’s 24 hour open air drug market.