Landmark on Robson | Completed

[whatnext]

Originally Posted by Zepfancouver

I was talking to a fellow worker 2 weeks ago, who tells me he did some work (in January of this year) on each of the tower's penthouse suites, he told me, both penthouse units (one on each tower) were bought by the same person.

Mel and Millie from Regina, right?

[whatnext]

Originally Posted by jollyburger

https://asiastandard.com/wp-content/uploads/2025/12/e00129_IR.pdf

From the AsiaStandard report jollyburger posted in the 1444 Alberni thread. Note this interim 2025 report says this of The Landmark:

..Of the 236 residential units, 133 (or 56%) have been sold, generating contracted sales of CAD 277 million (2024: CAD 240 million). Approximately 95% of sold units have been delivered to purchasers. In the retail component, 8 of the 10 strata units are now tenanted, with the remaining two expected to be fully leased within the next twelve months...

I wonder how that sales percentage has changed since?

[bb1510]

Unit 1006 is currently listed for 1.35m. It previously closed at 2.59m

[whatnext]

Originally Posted by bb1510

Unit 1006 is currently listed for 1.35m. It previously closed at 2.59m

Ouch! Somebody took a real haircut.

[RedArbutus]

They listed #1006 for 3.38M in Nov 2024. What the actual fuck. That $/sqft makes the Butterfly look like co-op housing.

Is there a strategy here that I'm not aware of? Why on earth would people do this?

[GenWhy?]

If you got $7.4m you can grab a 2,700sf unit on the 29th floor

[AlessioSBT]

Originally Posted by RedArbutus

They listed #1006 for 3.38M in Nov 2024. What the actual fuck. That $/sqft makes the Butterfly look like co-op housing.

Is there a strategy here that I'm not aware of? Why on earth would people do this?

So, when you think about buying a property you think about you checking a place, maybe with a real estate agent, and if everything is fine and you like it you buy it.
That's not how it works for some investors. They don't actually see anything and they barely know what property they own. They use investment services to do it and the only thing they see is money in and out of their accounts.
Just think about a physical bank selling a mutual fund. Mutual funds are basically the worst possibile investment someone can do nowadays. But a lot of Canadians have them. Why? Because they enter in a bank and someone there just start talking nonsense until the person is confused enough to sign.

Now, in that process very often none of the 2 parties know anything about the product. The customer definitely doesn't know anything and the "financial advisor" is just a random person with "Advisor" in the name that just read a script to the client with the goal of getting a commission.
The customer signs, money start to flow in and out the account and basically no one in all of this knows anything about it. The only people that know about it are the ones that work at the actual bank (not the branches). But those people have zero contacts with all the parties involved above.

Investment properties work in a similar way. Most of the people buying them often don't even know how they look like. They just receive something to sign and a person on the other side telling them it's a good deal. That's it (this is an oversimplification, but not that much). And because until recently nothing bad happened the clients have no reason to doubt anything.
There's literally zero math involved. No one in all of this stopped for one second thinking about the price per sqft and how/if someone else could afford it.

Also money laundering.

[WarrenC12]

Great post. It may surprise people but even the very wealthy can be completely financially illiterate with no clue about asset value, risk, etc.

[PBlonde]

Originally Posted by WarrenC12

Great post. It may surprise people but even the very wealthy can be completely financially illiterate with no clue about asset value, risk, etc.

This times 1000. People tend to think that those with significant wealth must be incredibly intelligent in order to have amassed that wealth, a lot of the time they are just as dumb as the rest of us...

[whatnext]

Originally Posted by AlessioSBT

So, when you think about buying a property you think about you checking a place, maybe with a real estate agent, and if everything is fine and you like it you buy it.
That's not how it works for some investors. They don't actually see anything and they barely know what property they own. They use investment services to do it and the only thing they see is money in and out of their accounts.
Just think about a physical bank selling a mutual fund. Mutual funds are basically the worst possibile investment someone can do nowadays. But a lot of Canadians have them. Why? Because they enter in a bank and someone there just start talking nonsense until the person is confused enough to sign.

Now, in that process very often none of the 2 parties know anything about the product. The customer definitely doesn't know anything and the "financial advisor" is just a random person with "Advisor" in the name that just read a script to the client with the goal of getting a commission.
The customer signs, money start to flow in and out the account and basically no one in all of this knows anything about it. The only people that know about it are the ones that work at the actual bank (not the branches). But those people have zero contacts with all the parties involved above.

Investment properties work in a similar way. Most of the people buying them often don't even know how they look like. They just receive something to sign and a person on the other side telling them it's a good deal. That's it (this is an oversimplification, but not that much). And because until recently nothing bad happened the clients have no reason to doubt anything.
There's literally zero math involved. No one in all of this stopped for one second thinking about the price per sqft and how/if someone else could afford it.

Also money laundering.

I'd put the bolded first.

But regardless, it's great to see those who drove up housing costs for everyone take a hit, even if it's just a small fraction of their wealth.

[WarrenC12]

Originally Posted by PBlonde

This times 1000. People tend to think that those with significant wealth must be incredibly intelligent in order to have amassed that wealth, a lot of the time they are just as dumb as the rest of us...

Often because they inherited the wealth.