[Dartmouth] Little Brooklyn (Wyse & Nantucket) | ? M | 40-40-36-36-10 FL | U/C

[Colin May]

Originally Posted by OldDartmouthMark

Bailing out at the chance that the market may soften?

The market has softened and it will get worse before it gets better. Deep pockets and patient money is the hallmark of well financed projects. The Registry of Deeds is the place to find the financial details.
Every Friday I read this : https://www.gibsons.co.uk/report/crossed-wakes/
The Gibson family were well known in the shipping and oil industries and my uncle was gardener and game-keeper for a member of the family; the 'Glorious Twelfth' was the highlight of the year. My uncle had a free house and a free car as part of his job.

[worldlyhaligonian]

Is this just speculation? It would seem to contradict the reality that more gov't spending is going to keep Halifax growing... and it has a snowball effect.

This development would seem like a no-brainer and Halifax's other buildings are going to be fine (most of Robie will be absorbed by the university/hospital clientele, for example).

[Arrdeeharharharbour]

More likely that they can't find skilled workers... adding to the speculation.

[someone123]

There's nothing wrong with speculating but can we accept that a "Debbie Downer" view of construction constantly faltering has turns out to have been the, er, wrong-est possible prediction for the city over the past few years? Eventually, like a stopped clock, if you predict a construction slow-down it will happen of course.

[OldDartmouthMark]

No speculation, just a question.

[Keith P.]

Originally Posted by OldDartmouthMark

No speculation, just a question.

That's funny. I see several posts that are speculating on why this may have occurred that have nothing to do with just the typical phasing of large construction projects.

[OldDartmouthMark]

Originally Posted by Keith P.

That's funny. I see several posts that are speculating on why this may have occurred that have nothing to do with just the typical phasing of large construction projects.

I have no opinion about that.

I had read on this forum speculation that the potential of the market cooling down might cause some developers to decide to pause (or cancel) large projects like this for fear of decreased profitability by the time the building is completed.

It didn’t make complete sense to me, but I recently posted an article where some developers were suggesting that builders have to continue building (as opposed to cancelling currently planned projects), as demand will heat up again after the current perceived lull (which I am not convinced is happening). So the fact that they are saying it indicates to me that this is a “thing” that is done (giving credence to the SSP speculators).

With all that in mind, I posed a question.

People have opinions and will speculate, that’s one of the reasons that these discussion forums exist.

[ArchAficionado]

Given the investiement already made into this project, I would predict they just build the first building then wait multiple years to build the following ones. I predict the same could happen with the other 3 tower development across Wyse rd.

[someone123]

I was replying mostly to Colin's post. I don't mean to criticize anybody but I do find that in Halifax there is a tendency to jump to the most negative possible conclusion. As a result we've gotten these predictions about construction cooling off for over a decade on SSP. Eventually it will be correct as these markets are cyclical. If you are the proverbial economist predicting 9 of the last 3 recessions, I don't think you should get much credit if a prediction eventually lands.

My impression is that we have not yet seen significant vacancies and affordable rents in HRM. Maybe there will be a glut sometime in the future if these projects are built. There was a softening in condo presales and flipping in markets like Toronto and Vancouver, especially at the high end of the market. There is barely any market like this in Halifax.

[Arrdeeharharharbour]

PM Harper called it 'a culture of defeat' and I don't think he was wrong. I think it's not as bad now as it once was but one still encounters it far too regularly.

[Arrdeeharharharbour]

There were three 'feedback' letters in AllNS today in response to a story yesterday regarding certain immigrant workers' terms coming to an end and the loss of good workers. One letter today said that no matter how often they advertise there's no one applying. This despite Nova Scotia's quota of immigrants being raised by 1000 recently. It's a vicious cycle between paying an affordable wage and building an affordable project.

[kzt79]

Originally Posted by Arrdeeharharharbour

PM Harper called it 'a culture of defeat' and I don't think he was wrong. I think it's not as bad now as it once was but one still encounters it far too regularly.

That comment stung so deep because it rang true, sadly. I had hoped we might finally see some kind of progress toward genuine organic economic growth in my lifetime, but it seems muted at best thus far.

[OldDartmouthMark]

Originally Posted by Arrdeeharharharbour

PM Harper called it 'a culture of defeat' and I don't think he was wrong. I think it's not as bad now as it once was but one still encounters it far too regularly.

Meh. I think this has been given too much attention over the years. I’m actually disappointed that people are still repeating it.

If we believe it, we’ll make it come true. Time to move on.