Alberni by Kengo Kuma (1550 Alberni) | 133m | 42Fl | Completed

[WarrenC12]

Originally Posted by nonimbysallowed

aren't you the dude who cried foul for years at every moderately dense building around vancouver because neighbourhood character or it resembled asia or whatever. Without people like you vancouver wouldn't have a housing crisis, and this building would have never fetched such an absurd price.

The ceo of west bank has you to thank for making his business model so lucrative.

nailed it.

[whatnext]

Originally Posted by nonimbysallowed

Aren't you the dude who cried foul for years at every moderately dense building around Vancouver because neighbourhood character or it resembled Asia or whatever. Without people like you Vancouver wouldn't have a housing crisis, and this building would have never fetched such an absurd price.

The CEO of west bank has you to thank for making his business model so lucrative.

LOL, it is people like you who spread the Denialsim of who exactly buildings like Kengo Kuma were built for. Hint" nobody who lives here permananently or paid income taxes. Now we're stuck with ridiculously high land prices, empty lots and white elephants like this hogging sites that would have been better used for affordable rental apartments.

[Spr0ckets]

We don't have Kengo Kuma towers or 'Kengo-Kuma-type Starchitect' towers in Mount Pleasant, or Arbutus or Grandview, or even in Edmonds or Lougheed.

Yet all these areas even outside Vancouver all have the same 'lack of housing' and playing catch-up on densification problem.

These 'Kengo Kuma'-type starchitect towers are not the cause of the 'Missing Middle' housing shortfall problem that's been percolating for decades, thanks to all the other terrible planning, zoning and land use laws that have been instituted and (destrictively) protected while they hampered the necessary densification that needed to take place - even at a lower level.

Easy and convenient scapegoat, sure.
But that's the actual denialism going on here.

[Vin]

Looks like someone really wants the rich to move into the shabby walkups and "Vancouver Specials". "No special condo towers for them!"

[nonimbysallowed]

Originally Posted by whatnext

LOL, it is people like you who spread the Denialsim of who exactly buildings like Kengo Kuma were built for. Hint" nobody who lives here permananently or paid income taxes. Now we're stuck with ridiculously high land prices, empty lots and white elephants like this hogging sites that would have been better used for affordable rental apartments.

Kengo Kuma was built to make money, the same reason why any businesses in Vancouver exist, the same reason why anybody goes to work. Kengo Kuma sells to whoever has the money. I personally know people who bought units in it. The people trading properties to the sky are first and foremost local residents. There were multiple past records of property bubbles in Vancouver. Everyone I know here either owns several investment properties, or rents.

The ultimate determinant of housing prices is just supply and demand. Judging by the fact that you are not bothered by your personal contributions to the crisis I take it that you don't think the prices are an issue. Nor are you concerned with any of the social ills produced by not having enough housing, like high rents and and high rates of homelessness, since you advocated for years to not build more housing. Your problem is that a subset of the people investing in Vancouver properties have undesirable origins?

[whatnext]

[QUOTE=nonimbysallowed;10324074]Kengo Kuma was built to make money, the same reason why any businesses in Vancouver exist, the same reason why anybody goes to work. Kengo Kuma sells to whoever has the money. I personally know people who bought units in it…[/]QUOTE]

Tell me you’re in the real estate industry without telling me you’re in the real estate industry…

[nonimbysallowed]

Originally Posted by whatnext

Tell me you’re in the real estate industry without telling me you’re in the real estate industry…

Kengo Kuma had plenty of local buyers. Many locals have been deeply invested in real estate as the golden ticket to riches for many generations. usually more investment = more housing, but thanks to people like you who protested more housing for decades, investments have mostly lead to higher prices. Your only response to that is to speculate what industry I work in?

You advocated for the housing shortage with all the negative social impacts, and your only complaint is that a subset of the investors might have origins you don't find desirable? Why? because you think it should be you? You turned out to be the loser in the game you wanted to play. expect no sympathy

[officedweller]

The name of the building is "The Alberni".
Unless you are "buying" the architect Kengo Kuma.

[WarrenC12]

Originally Posted by officedweller

The name of the building is "The Alberni".
Unless you are "buying" the architect Kengo Kuma.

whatnext uses that name because it is "foreign and scary".

[whatnext]

Originally Posted by nonimbysallowed

Kengo Kuma had plenty of local buyers. Many locals have been deeply invested in real estate as the golden ticket to riches for many generations. usually more investment = more housing, but thanks to people like you who protested more housing for decades, investments have mostly lead to higher prices. Your only response to that is to speculate what industry I work in?

You advocated for the housing shortage with all the negative social impacts, and your only complaint is that a subset of the investors might have origins you don't find desirable? Why? because you think it should be you? You turned out to be the loser in the game you wanted to play. expect no sympathy

One really has to question the motivations of those here arguing to waste land and resources building product for foreign investors.

I have zero interest in buying some shitbox condo for an investment. Though perhaps I own a portion of your rental through my REIT stocks.

It is laughable that you would even lump units in this overpriced strata as some solution to a housing crisis. Widely mocked and derided for its overinflated price, lousy layouts and pretentious "amenities". All it did was taking a building site close to an employment centre and instead of offering housing accessible for these workers, chose to target its twaddle at offshore buyers. I forget, was this offered through Westbank's Hong Kong sale office like Oakridge?

Or perhaps you were gullible enough to buy the presale hoping to offload it to a type of buyer who thankfully has dwindled in numbers? Thoughts and prayers. Though cheer up, someone just managed to offload one, the first sale in that building since March apparently.

[kja384]

Unit 1605 - 25 listings yet this is the first sale since March. Remember there are also ~30 units still owned by the developer.

Sold $1.8M
Assessed $2.765M
Previously Listed Apr 2024 $2.88M

Purchased: $2,679,899

[officedweller]

Presumably the construction of the building contributed to the local economy with good paying jobs.
Otherwise, we'd never, ever export any goods as that would be giving up our resources.

[hollywoodnorth]

Originally Posted by whatnext

One really has to question the motivations of those here arguing to waste land and resources building product for foreign investors.

I have zero interest in buying some shitbox condo for an investment. Though perhaps I own a portion of your rental through my REIT stocks.

It is laughable that you would even lump units in this overpriced strata as some solution to a housing crisis. Widely mocked and derided for its overinflated price, lousy layouts and pretentious "amenities". All it did was taking a building site close to an employment centre and instead of offering housing accessible for these workers, chose to target its twaddle at offshore buyers. I forget, was this offered through Westbank's Hong sale office like Oakridge?

Or perhaps you were gullible enough to buy the presale hoping to offload it to a type of buyer who thankfully has dwindled in numbers? Thoughts and prayers. Though cheer up, someone just managed to offload one, the first sale in that building since March apaprently.

Sold $1.8M
Assessed $2.765M
Previously Listed Apr 2024 $2.88M


hahahaha I love seeing things like this

[chowhou]

What's the vacancy rate of Vancouver and the vacancy rate of the Alberni again?

[WarrenC12]

Originally Posted by officedweller

Presumably the construction of the building contributed to the local economy with good paying jobs.
Otherwise, we'd never, ever export any goods as that would be giving up our resources.

They are also paying significantly more property tax compared to what was there before.

[officedweller]

Originally Posted by hollywoodnorth

Sold $1.8M
Assessed $2.765M
Previously Listed Apr 2024 $2.88M

hahahaha I love seeing things like this

Condos can be depreciable assets.
This is nothing new.

In 1994, I bought my condo for $189,000 from a Hong Kong investor who had paid $245,000 for it the year before.

[whatnext]

Originally Posted by WarrenC12

They are also paying significantly more property tax compared to what was there before.

We shouldn't be incentivizing the city to make planning decisions based on who'll pay more property taxes or CACs. If you look at the crisis in China's local governments this is a very similar situation - they become reliant on land sales to developers and other real estate deals for revenue and now they're scrambling for revenue in the face of a crumbling property market.

Constructing a rental building with double the amount of units would have contributed just as much to the economy in terms of jobs.

[chowhou]

Originally Posted by whatnext

We shouldn't be incentivizing the city to make planning decisions based on who'll pay more property taxes or CACs. If you look at the crisis in China's local governments this is a very similar situation - they become reliant on land sales to developers and other real estate deals for revenue and now they're scrambling for revenue in the face of a crumbling property market.

Constructing a rental building with double the amount of units would have contributed just as much to the economy in terms of jobs.

You're lying again.

China has (had?) a financial crisis. Not a property tax crisis. They don't even have property taxes. Property taxes are sustainable.

[WarrenC12]

Originally Posted by whatnext

We shouldn't be incentivizing the city to make planning decisions based on who'll pay more property taxes or CACs. If you look at the crisis in China's local governments this is a very similar situation - they become reliant on land sales to developers and other real estate deals for revenue and now they're scrambling for revenue in the face of a crumbling property market.

Constructing a rental building with double the amount of units would have contributed just as much to the economy in terms of jobs.

Look, I'm pointing out facts. You're the one fear mongering and making up stories in your head.

[Coldrsx]