Olympic Village buyers sue Vancouver City

There are now 62 buyers at the Vancouver Olympic village who are suing the city of Vancouver for what they claim is poor design and construction. This could be exactly why the City set up a shell corporation with no assets to sell these units after the developer went bankrupt. Remember that lawyers warning in the news a while back?

From the CBC:

A total of 62 owners involved in the lawsuit said their condos at the development — renamed The Village on False Creek — have a variety of complaints, including a lack of heat for four months. Others claim they can’t fit standard sized beds into their bedrooms or have leaky windows and ceilings.

And from CTV:

..He says that instead of the “extraordinary levels of luxury” promised in marketing for the Village, the owners discovered their suites aren’t much better than rental apartments.

In some cases, doors will slam into each other if they’re opened at the same time. In others, residents aren’t able to open their closet doors if anything larger than a double bed is placed in the master bedroom.

“Not being able to fit a queen-sized bed in a master bedroom is a major design flaw,” McMillan said.

Other residents have had problems with persistent leaky ceilings and faulty heating. A video released by the owners shows water dripping from light fixtures and smoke alarms.

“One guy’s had his entire ceiling ripped out because they can’t figure out why his heating system doesn’t work,” McMillan said.

Not much better than rental suites eh? Yeah I guess not. I made sure I could fit a king size bed in my master bedroom, and if my light fixtures started leaking or my heating system didn’t work I’d just up and move. It’s a good thing these people bought, since you can’t lose investing in real estate!

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Mister Obvious
Guest
Mister Obvious

I think if I was standing in a master bedroom to small to fit a queen sized bed I would know it even without the benefit of a tape measure. Were these places bought site unseen? Or, were the dimension on the presale drawings a complete fraud? What gives?

4SlicesofCheese
Guest
4SlicesofCheese

I guess they never saw this, although that probably has nothing to do with the real reason they are selling.

Hint: prices not going up.

http://www.cbc.ca/video/#/Shows/Marketplace/13501

jesse
Member

They want to settle so the receiver can avoid bad press for poor Bob Rennie's campaign. Was done with some success in the past so why not?

BTW how is the Village selling these days, and did the reported sales complete? Haven't heard a peep. Maybe the timing of this lawsuit is no accident.

Anonymous
Guest
Anonymous

it's simply sad that any building could be so small that a queen sized bed doesn't fit, let alone one costing hundreds of thousands. That said, the idiot should have previewed his purchase with a tape measure in hand. Design flaw in his grey matter more like if he bought one of those places.

dotbomb
Guest
dotbomb

Perhaps fitting, this burst bubble will be caused by tragedy in an asian nation- but not china. The expectation that the japanese will have to sell US treasuries to pay for reconstruction will cause the yen to strengthen further and cause the us to raise rates. this will cause the rates to rise here, followed quickly by mortgage rates. These new mortgage applications will not be backed by the cmhc. the mortgages will not be originated.

it was hot asian money after all, hot japanese radioactive money.

CRASH JPMorgan-Chase
Guest
CRASH JPMorgan-Chase

Oy Vay or The Village on False Values

Would all the friggen morons who got caught up in and supported the 2010 games please go back where you came from? Yes leave your money here as that was the plan. Now the plan is to bulldoze the whole village and build a new one, this time using better glue and duct tape.

If anyone who purchased these over priced cardboard boxes is reading this here is my reaction …..I'm laughing all the way to the bank to look at all the money I saved by not succumbing to the hype. Vancouver (soon to be Vacantver) is all propaganda, hot air, baloney and ponzi and you idiots are getting exactly what you deserve.

registered
Member
registered

6 CRASH JPMorgan-Chase – Buy Silver Says: "Would all the friggen morons who got caught up in and supported the 2010 games please go back where you came from?"

Kits? That one is 100 proof home brew to the bitter dregs. Tip one back for the rest of us.

betamax
Guest
betamax

Who thinks about room size before they borrow half a million dollars? Don't you know that these prices are going to the moon? Some athlete took a crap here — who wouldn't pay a premium for that kind of magic? It's something that you can tell your children…when they're teenagers sleeping in bunk beds in your living room and wondering why you can't move.

patriotz
Member

@Mister Obvious:

What gives?

What gives is that pre-sale contracts (all of them, not just at the OV) say explicitly that the developer can make just about any changes they want.

Have a problem with that? Well… how about not buying a pre-sale?

whydoItry
Guest
whydoItry

The question is will the City give into the buyers just to quieten them up.

OR

will the owners drop their law suit because of the inability to recover damages from a shell corporation with no assets?

My guess is that, because the plaintiff's lawyer went to the press to get public sympathy, the buyers chance of success is not so good. I have more sympathy for the guy living in a cardboard box in the alley than for those who paid 1.3 million for a skybox. And if they are Mainland Chinese – welcome to North American justice, you'll just have to keep your sports runner factory open another day to pay for the condo.

specialfx3000
Member
specialfx3000

You guys are so freakin' mean to these buyers. I'm lovin' it.

These morons wouldn't say a word if prices held up. Heck, most will likely flip these cardboard boxes to the next moron without setting front in them.

Many bears may have missed the train for years now but these forkers are stuck in one, heading for financial hell.

And for the moron who ripped the ceiling out, not only are you stuck with the unit, now you need to pay to have it put back up. If it's any consolation, you only need to buy some glue-stick and card board paper at the dollar store to bring it back to original state.

Long live the Owe-limpic Legacy.

specialfx3000
Member
specialfx3000

@specialfx3000:

WTF, 'setting front'?…. I meant 'setting foot'

vreaa
Member

CBC video transcribed with stills, for the record:

‘Nobody Loves You When You’re Down 30% And Out’

“This is not my fault. All I did is I just paid one point three million for this unit”

http://wp.me/pcq1o-20F

Vansanity
Guest
Vansanity

I heard on the radio that the big banks lowered their 5 year fixed by 10 basis points. What gives? Weren't they crying for higher rates? Anyone have some insight on this? Is this just an effect of the bond market?

VHB
Member
VHB

@Vansanity: We lost 30 bps on the five year over the past week. link.

Renting
Guest
Renting
How come only the government can screw a project up so bad? Over the past 8 years Vancouver has been in real estate boom/bubble. The boom has made it easy for almost every developer or presale buyer to make money. Except for the OV. It is the only market housing development the government was involved in and it has been a bust for everyone (while we are in an unprecedented boom where everyone supposedly makes money). The City and taxpayers, the developer and the presale buyers have all lost substantial amounts of money. It makes you wonder if every project the government runs is done this poorly. It also makes me wonder how much our taxes could be reduced if politicians were not involved in capital projects. If BC place was a private stadium how much would a new roof… Read more »
patriotz
Member

@Renting:

The BC Place Stadium would never have been built by private money – if private money had been willing a similar stadium would have been built previously. It cost Bill Bennett's government about $140 million as I recall (that's about $300 mil in today's dollars) and the plan was to use the profits from the Expo lands to pay for it. You know what happened to that plan.

As for the City being involved in RE projects, it master planned the development of False Creek South (Granville to Cambie) and Champlain Heights, both of which it still owns. The City won numerous prizes for these developments and they continue to be among the most desirable parts of the city.

Lesson: The problem isn't having government involved in RE development, it's having government headed by idiots involved in RE development.

victoria
Member
victoria

But wait,

I thought everyone who watched the Olympics would move to BC (Vancouver, Victoria, Summerland, Peachland, Naninmo etc.)

"Oh Helga let us leave Germany – pack up the kid, quit our jobs and move to Vancovuer because it looks nice on TV"

They said this was suppose to happen. When we stayed in a Condo in Summerland – Summerland Resorts – they were for sale. A woman said to me if you buy now people will see how nice it is here on TV and move here and the price of the condos will maybe double after the Olympics. This is Summerland folks!

I wonder how the Summerland Resort it doing now?

Drachen
Member

I like how they waited until after the price drop to bring this up. They were all fine and happy until they realized they would not be able to reap huge profits.

reallydumpybear
Guest
reallydumpybear

Bear just jealous about olympic village lifestyle. Most of lawsuit from sad bear loser most buyer make million already live high life in nice condo have champagne watch CNN all nuclear all the time.

jesse
Member

@whydoItry: "because the plaintiff’s lawyer went to the press to get public sympathy, the buyers chance of success is not so good."

Their chance of success if this goes to court is about zero. Their chance of getting a settlement by going to the media is significantly higher because it has the chance of impacting future sales. They want hush money.

And yes the owners are pissed off because they didn't get what they thought. Maybe they should have been reading vancouvercondo.info 4 years ago and we could have saved them a whole whack of cash and sleepless nights.

Doesn't this make for great entertainment though? That's one of the few bright spots in an otherwise miserable situation. Bring it on, Caesar!

Wondering?
Guest
Wondering?

I have always wondered – is there a special troll school where they teach you to string together non-sensical phrases to sound like either an ESL drop out or someone who was released from Riverview?

I have tried to throw out non-sensical phrases before, and it is quite challenging. The best I can get out is "red dog five."

Troll
Guest
Troll

@Vansanity:

Weren’t they crying for higher rates? Anyone have some insight on this? Is this just an effect of the bond market?

Bond market thanks to Libya and Japan. As I said earlier, this is the strange relationship between world events and Van RE. World crises and uncertainty cause a flight to safety which push down bond yields, which make Van RE cheaper to own. Some bears think that all these crises should be sending a signal to stop buying RE, but actually they indirectly send the opposite signal.

Troll
Guest
Troll

By the way, where is Data Junkie to give us a bond primer on parabolic yields? Long gone I guess.

Lurking Data Junkie?
Guest
Lurking Data Junkie?

By the way, where is Data Junkie to give us a bond primer on parabolic yields? Long gone I guess.

Exactly! Bears are so desperate they cling on to anything and extrapolate like hell. I too would like Junkies' commentary on bond yields now. Idiot – took one day's activity and extrapolated it to the market collapsing.

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