Posted Aug 21, 2025, 7:09 PM
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Registered User
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Join Date: Feb 2009
Location: Vancouver
Posts: 26,723
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Quote:
Originally Posted by s211
That has to be way too much commercial for that East Blvd area.
As for the rest of the situation, YIKES. If the side dealing is proven, the judgement could be substantial and I wonder if the guarantors have sufficient on-shore assets to liquidate.
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Some more info on poor Chloe from BC Business this week (although there's a whiff of trying to drum up interest for the discounted listings)
A $90M debt and a 25% price cut: What a rare Kerrisdale foreclosure sale says about B.C.’s condo market
Once touted as Paris-inspired luxury, a newly finished Kerrisdale condo project is now in receivership, with 24 units hitting the market at steep discounts—a rare case that offers a glimpse into broader pressures facing B.C.’s condo market.
By Mihika Agarwal / August 19, 2025
The four-storey Chloe condo project off Vancouver’s Arbutus Greenway was once marketed as a boutique, Paris-inspired luxury residence. Now, less than a year after completion, it’s become one of the city’s most closely watched receivership cases.
According to reporting by the Vancouver Sun, the developer, Lightstone Development, owed more than $90 million in secured debt when court-appointed receivership proceedings began in February. The Chloe, at 2096 West 47th Avenue in Kerrisdale, includes 46 strata units and 11 retail units. Despite the building being fully constructed, 24 residential units and nine retail spaces remain unsold.
That makes the case highly unusual, says Vancouver real estate agent Suraj Rai, who is following the proceedings closely. “Rarely do you see a completed building going through foreclosure, certainly not in Vancouver.”..
... Rai says the remaining units will be marketed in the coming weeks at prices ranging from $750,000 to $2 million, or about $1,500 per square foot on average. That represents roughly a 25 percent drop compared with the $2,100 per square foot that presale buyers agreed to pay several years ago...
... Rai explains that the debt on the project is “piling on at $16,000 a day,” adding that the court documents specifically say that the receiver intends to move the units out without delay because of said debt.
Despite the cloud of receivership, Rai says demand has been strong. “I’m getting a ton of calls, emails, texts, and DM’s on this, and it’s all end-users.” He predicts the units will not linger: “I think they’ll all be gone in 30 days from formal listing, max 60 days.”....
https://www.bcbusiness.ca/industries...ousing-market/
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