It wasn’t supposed to go like this. Millenium Waters condos were supposed to be snapped up by hungry first time home debtors and rich Asian investors. Instead they sit virtually empty. A veritable ghost town.
Today we find out that the company behind the troubled former Olympic Village development has been placed in receivership by the City of Vancouver.
“The upscale Olympic Village development has struggled to find buyers since the Games ended, despite 223 presales in 2008.
Only 36 more have sold since the units hit the market in May, leaving 454 units unsold – more than half of which are currently priced at more than $1-million.”
Pretty tough to make payments when no one is buying your pre-built inventory. But where are all the rich Asian investors anyway? How could this be happening? Doesn’t everyone know that Vancouver is the best place on earth?