Tag Archives: false creek

Olympic Village: Problems in Paradise

Remember when the area of False Creek that houses the Olympic Village was an semi-industrial wasteland?

Then we all pitched in and built an enormous number of high end condos at taxpayer expense.

Now everything is awesome.

…With the exception of a few problems.

It’s a busy Vancouver neighbourhood, that according to residents is riddled with problems reminiscent of the Downtown Eastside.

Police have been called to one building 215 times since May and that is more than 30 times a month, more than one call every day.

On Friday a cab driver was robbed in broad daylight and threatened with a needle.

The Olympic Village was marketed to families, retirees and young professionals. Some social housing was always on the table but condo owners say they did not bargain for this.

“I’ve seen an unfortunate drop in the cleanliness in the area because of random pets that people have,” says one resident. “There’s definitely a lot of garbage that has been left on the street, and graffiti, some people sleep on the stoops outdoors.”

“It’s become quite strange.”

Read the full article here.

Time to cut our losses on Olympic Village?

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?