Olympic Village in receivership

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?

 

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4 Responses to Olympic Village in receivership

  1. l dubya says:

    clap clap clap!
    this is the first domino to fall in Canada real estate bubble

  2. jesse says:

    What are the chances of getting a mea culpa from the people who thought this thing was ever a good idea.

  3. mac says:

    This is good news for bears. Especially since the Mayor’s language suggests he is still in price-adjustment denial. I don’t see the guy taking the “orderly” route to setting a new floor on OV condos.

  4. Tom says:

    This was inevitable. The last I recall the costs of these units was over $500,000 per unit. It just shows what can happen when Government partners with private. Private allows government to run up costs without a care because private is making a killing. Just think we have the Pan Am games coming and can repeat the same thing. These Private Partnerships are becoming a joke. Government shoulders the risk and private makes a killing.

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