Category Archives: west side

FFFA! Foreclosure, stimulus, warning, investors

It’s that time of the week again!

It’s time for our regular end of the week news round up and open topic discussion thread for the weekend.

Here are a few recent links to kick off the chat!

Warnings on household debt
Most popular day for foreclosures?
GM frets over credit for car sales
Get rich in RE? be realistic.
Developers leaving sunshine coast?
An extended period of overbuilding.
Flaherty: Fed should wind up stimulus
PTT is a hardship for millionaires
3 Gibsons developments in depth

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

Most expensive listing sees biggest price drop

Anyone remember a story about the most expensive real estate listing in all of Canada?
It made news first for the obvious reason: most expensive property in the country!

Then it made some blogging news because the pictures of the really weird house turned out to be imaginary.

But you got to figure with all that nation wide exposure it must have sold for a pretty sum right?

Well not exactly.

As observer points out that’s a $25 million (or 66 percent!) price drop in less than a year!

Surely at that rate we must have the biggest asking price collapse in all of Canada here.

If you’re into extrapolation this means that in one year they’ll pay you six figures to take it off their hands.

UDI to participate in OV buyer lawsuits

The Urban Development Institute is the public voice of Real Estate developers in BC and they have recently been given the right to participate as an intervenor in the case against the Olympic Village by 34 presales buyers.

The group of buyers is trying to get out of their contracts by claiming that the City of Vancouver should be considered a ‘developer’ in this case and their lack of disclosure statements means the contracts shouldn’t be binding.

The plaintiffs argue that the City of Vancouver and the company who was selling the units were “developers” within the meaning of the Real Estate Development Marketing Act , S.B.C. 2004, c. 42 (“REDMA”) such that they were required to sign disclosure statements.  REDMA defines developer as “a person who, directly or indirectly, owns, leases or has a right to acquire or dispose of development property.”

REDMA is relatively new legislation, proclaimed in 2004. The definition of developer has not yet been addressed by the Court. The plaintiffs described this case as one which “has the potential to fundamentally alter developer’s responsibilities to purchasers in British Columbia”.

The UDI will now have a chance to help define the definition of developer as used in the REDMA.

Read the full article over at getlegal.ca

Olympic Village Sold!

The city just took one big step towards getting out of their Olympic Village obligations with smaller losses.

Dozens of market rental units have been sold in one bulk sale to an investors group at an average of $350k a piece.

“This is our first multifamily rental investment,” said Malcolm Leitch, chief operating officer for investment management at Bentall. Mr. Leitch is listed as the only director of the limited company that was formed in July by Bentall to take ownership of the property, BK Prime False Creek Residences Holdings Ltd. “This is in our view one of the top rental projects in the city. And we’re very happy with [the price].”

That sale of the 119 units will reduce the City of Vancouver’s leftover debt from the Olympic Village financial mess by $41.5-million in one swoop and get it out of at least one part of its landlord business in the development.

The city still owns the 252 social-housing units in the 1,100-unit project.

We’ve seen some pessimism about the losses faced by taxpayers on this project, so it’s nice to see that number reduced by $41.5 million.

So where does that leave us now for those keeping score?  The city isn’t saying, but here’s an estimate:

It’s estimated by those close to the project that the city will lose between $240-million and $290-million in total – including the $170-million that was anticipated for the land, which it will never get.

There are still 90 unsold condos on the market and 26 more being rented.

Read the full article in the Globe and Mail.

Field Guide to the Tarps of Vancouver

It used to be that Vancouverites were concerned about leaky condos.

There was a time when local newscasters and politicians would wring their hands and referred to condo repairs blossoming across town as a ‘crisis’.

Then we discovered that tarps can be worn with flair!

Here’s just a few different styles that you can currently find on the Fairview slopes, look around town and see if you can spot these or other trend setting styles!

What special style has your strata chosen?

A field guide to various condo repair tarp styles
A field guide to various condo repair tarp styles

 

1. Drapery:
just throw it up there! This bohemian style says you have more important things to do than tidy up the tarps.

2. Tidy blue:
a ‘just so’ cap of shiny white tarp tops custom fit to your building is offset by a beautiful blue mesh, making even a grey sky look sunny!

3. Showercaps:
just a little on the top please! Leaves the balconies, doors and windows unblocked, but keeps the rain off the roof!

4. Stormtrooper:
for the serious mysterious type.  Cover everything in a tight white shell. These are not the droids you’re looking for.

5. Cascading green:
for extra excitement in a downpour, this style will only work with a multilayered building but creates a beautiful waterfall effect in a heavy rain.  The green mesh says ‘i care’ about the environment.

Have we missed any quintessential Vancouver tarp styles?