The City of Vancouver still owes lots of money for the
Olympic Village condo development.
They aren’t saying how much but it looks like it’s currently at least a couple hundred million.
Is it time to cut our losses?
Developer Michael Geller thinks so. In this Province article he says it’s time to cut the prices and get out while we can.
As Vancouver’s real estate market cools, losses on the troubled Olympic Village development could soar above $225-million unless condo king Bob Rennie quickly drops prices on unsold units that have languished on the market for too long.
That’s the view of developer and architect Michael Geller, a former NPA council candidate, who suggests flawed pricing and weak marketing is turning the fiasco on False Creek from bad to worse.
Read the full article here.
What do you think? Does the city stand to lose more by holding out for ‘maximum price’ or by selling quickly at a discount?