We had a post a little while back about one of the reasons we see so many leaky condos around here: Improper installation of the wrong electrical boxes on exterior walls.
Robert Funk has sent in an updated informational PDF showing a simplified view of the right and wrong electrical boxes for exterior use.
And now he’s requesting pictures of any electrical boxes on exterior walls before lights or plugs are installed. If you can get any shots from construction projects around you he would very much appreciate them before Monday Aug 27th.
Here’s an example of an electrical box installed on an external wall:
The shots he’s requesting are closeup of those installations:
Good news! Now that shops and restaurants have opened up in the former Millennium Water Olympic Village housing development it’s no longer the creepy ghost town in the middle of the city!
Not only are there signs of life down there, the city actually looks like they’re starting to shrink the big ball of debts they acquired when they took responsibility for the project.
This progress is hard won and comes thanks to a number of efforts including:
-The city lowered property tax for businesses -In February 2011 prices were dropped 30% -In August an additional $5k in incentives offered to buyers
The city isn’t saying how much they still owe on the village, but the debt at the end of 2011 was $462 million. Most of the extra expenses are from repairs for building deficiencies and marketing costs.
It looks like there is now just over 25% of the condo stock that remains unsold, but the receiver has put a block of rental units up for sale. The buyer will be required to maintain those units as rentals for 20 years.
“The purpose and benefit of the sale of the rental buildings is to generate cash to repay the loan payable to the secured lender [the City of Vancouver],” said a statement from Ernst & Young. “It is particularly advantageous to undertake such now while interest rates remain low, the rental buildings at The Village on False Creek are fully leased and there remains an active pool of potential and interested buyers.”
The receiver also got permission from the court to put the project into bankruptcy, if needed, a move that it says is not being contemplated right now but “gives … the flexibility to consider the option of generating value from SEFC’s operating tax losses.”
Its all about the market slowdown – we’re now seeing the lowest number of sales since 2000 in Vancouver.
Nice houses that are priced right are selling within days, some in bidding wars. But anything priced too high or considered undesirable is apt to sit idle in this market, which is, according to the Real Estate Board of Greater Vancouver, witnessing the lowest total sales for the region since July, 2000. The Board reported 2,098 property sales in July, a drop of 11.2 per cent compared to June. It’s a drop of 18.4 per cent compared to July, 2011.
There are many anecdotal stories around the Lower Mainland about houses that have sat on the market for months, priced too high for the more price-conscious market. A six-year-old West Vancouver home on a 21,000-square-foot lot overlooking Capilano Golf & Country Club was originally listed at $3.695-million three months ago. The owners have reduced the price by $400,000 and it still hasn’t sold.
“There is a lot of product but it’s not selling for the price that people expected or hoped for,” says real estate finance expert Tsur Somerville, who is director of the University of B.C.’s Centre for Urban Economics and Real Estate. “People aren’t buying at the prices that are being set.”
Well here’s a funny thing about ‘the right price’ in a correcting market: it keeps changing.
I live in a BC market that is several years into it’s correction and I can tell you that the places that are selling are moving only at prices that are lower than the ‘right price’ a year ago and far lower than the ‘right price’ several years ago.