Olympic Village & Southeast False Creek Updates Discussion

[Micky Luv]

Sadly I have to concur with that news about unhappy buyers.
I am not one of the presales group, even worse, I'm one of the group of people who purchased after the grand opening day on May 15th

Upon initial signing of the contract, the sales rep assured me that there would be an 'inspection' day in a few week after May 15th, guess what? it never happened, after countless calls and personal visits the sales rep told me it was a mistake, they didn't have time to do the inspection with us therefore they did their own 'in-house' walkthrough... which I wonder how 'effective & diligent' it could be..

Fine, then on the original contract they told us the completion was set on Jun22nd so buyers could avoid HST. Guess what? just a couple weeks ago the sale rep contacted us and asked to sign an addendum to extend the completion to June 25th without any clear reason. Their excuse was that the occupancy permit and land title registration won't meet the June 22nd deadline. Fine, we signed the addendum and hoped for the best.

Now it's June 25th and after countless phones between the developer, Renie marketing, my lawyer and their lawyer, no one can confirm whether the unit will complete or not, they keep telling me they too are waiting for the land title registration and it's not up to them. Worst of all... it's only a few business days away from the 7% additional HST to kick in..

Do I want out of the contract? Hell yah! Will I too join the lawsuit bandwagon? Maybe I will.

[zivan56]

Saw lots of contractors running around today rushing to finish stuff and install appliances (saw tons of washer/dryer machines being installed).

[WarrenC12]

Originally Posted by awvan

Uh, let's see here...

Step 1: Install the washer/dryer, problem solved.
Step 2: Fix or replace the fireplaces.
Step 3: Tell the buyers they are retards for thinking a piece of land outside of the development would be guaranteed to be anything.

I really don't see how there could be lawsuit or breach of contract based on those things.

edit: Great shots btw Twoface. I'm not a big fan of the Erikson buildings but I love your first shot.

In my experience, virtually all real estate developers are —. So, maybe they need to be threatened with a lawsuit to get them to do anything.

Unfortunately Micky Luv's post is typical... once you've signed, adios.

I don't think I'll ever buy a presale again. I would advise others to do the same.

[johnjimbc]

I actually think Mickey has a better argument than any of the folks interviewed with the lawsuit. I am all for buyer protections, but these folks don't exactly seem to have been been savaged by an unscrupulous developer. They have deficiency items that need to be addressed . . . welcome to the club of anyone who makes a new home purchase. If the developer doesn't respond, they might have a case months down the road. But, today, I don't hear any violins playing.

As for Mickey's situation, here is my unsolicited advice. Mickey, get on the phone or go down to the sales office in person today (better). INSIST upon an addendum that clearly states you will be compensated / credited with the difference in tax costs if completion and delivery of your unit is not made prior to July 1. If there are other costs you will be bearing if the closing is delayed, factor those in as well. Be insistent and fair, but also insist you want to work out a reasonable agreement so you don't bare costs you were not supposed to have.

You were promised a unit before the tax kicked in, and your contract - even with the extension - states that delivery of the unit would be made to you prior to the HST kicking in.

Under shadow of the disgruntled buyer's existing lawsuit, the developer would be foolish not to agree to a reasonable request and make a reasonable accommodation in order to find a solution.

As for the unhappy lawsuit buyers, the story wreaks of cold feet. Virtually every new unit has some items which need to be addressed either just prior to closing (i.e., install of final appliances) or post-closing (deficiency items). Some deficiencies aren't even discovered until after move-in, which is why there exists a warranty period. For them to walk in and expect a "perfect" unit might be wonderful, but it's not typical anywhere at any price range . . . even with the most reliable of quality builders.

As for the parking lot, I'd be extremely curious what the full story is on that. The article doesn't actually say it's going to be a parking lot forever, just that it is now. I certainly haven't heard of any "new" parking lots being created in that area. I suspect a certain degree of embellishment has been added to make the buyer's plight sound worse since the other claims fall a bit short at soliciting tremendous amounts of sympathy.

My guess is that one of the pocket parks in the development isn't completed yet (I know there is one that is currently still gravel). Or - as someone else suggested - a parcel of land not even on the development site isn't as pretty as they'd hoped it would be. Then again, I haven't heard of any changes to the park plans in SEFC so I'm not even sure that makes sense. It would be nice to hear the reporters press for a bit more detail on that aspect of their complaint. My bet is the current tale of woe over lost park views is a bit overstated.

[wrenegade]

Originally Posted by WarrenC12

In my experience, virtually all real estate developers are —. So, maybe they need to be threatened with a lawsuit to get them to do anything.

Unfortunately Micky Luv's post is typical... once you've signed, adios.

I don't think I'll ever buy a presale again. I would advise others to do the same.

I don't know if we're all —....lol. Presales have their pros and cons and I don't think you can judge them all the same. I think that if you are thinking about one, it's very important that you research who you are buying from and what their track record is like. Anyways.....

I think the problem with the OV and completion/possession revolves around the agreements between Millennium and the CoV. As most people know, the CoV never gave Millennium possession of the land to ensure that they could be held accountable for getting everything built on time, etc. My guess now is the CoV and Millennium are having disagreements on how the social housing aspect is being worked out/transfered, and the CoV is trying to play hardball. Of course by doing that they are — all the buyers who were promised to have possession before the HST kicked in.

Originally Posted by johnjimbc

I actually think Mickey has a better argument than any of the folks interviewed with the lawsuit.

I totally agree here. If documents were signed stating possession dates and those aren't being honoured that could be considered breach of contract.

As for Mickey's situation, here is my unsolicited advice. Mickey, get on the phone or go down to the sales office in person today (better). INSIST upon an addendum that clearly states you will be compensated / credited with the difference in tax costs if completion and delivery of your unit is not made prior to July 1. If there are other costs you will be bearing if the closing is delayed, factor those in as well. Be insistent and fair, but also insist you want to work out a reasonable agreement so you don't bare costs you were not supposed to have.

You were promised a unit before the tax kicked in, and your contract - even with the extension - states that delivery of the unit would be made to you prior to the HST kicking in.

Under shadow of the disgruntled buyer's existing lawsuit, the developer would be foolish not to agree to a reasonable request and make a reasonable accommodation in order to find a solution.

Definitely agree with this.

As for the unhappy lawsuit buyers, the story wreaks of cold feet. Virtually every new unit has some items which need to be addressed either just prior to closing (i.e., install of final appliances) or post-closing (deficiency items). Some deficiencies aren't even discovered until after move-in, which is why there exists a warranty period. For them to walk in and expect a "perfect" unit might be wonderful, but it's not typical anywhere at any price range . . . even with the most reliable of quality builders.

It is definitely cold feet from those buyers. For many reasons they may not want to complete, the recession could have hit them hard, they may consider the OV to be overvalued, lots of different things, but that's too bad. No one said buying presales didn't come with some risks. It's why it's cheaper (usually) to buy a presale.

As for the parking lot, I'd be extremely curious what the full story is on that. The article doesn't actually say it's going to be a parking lot forever, just that it is now. I certainly haven't heard of any "new" parking lots being created in that area. I suspect a certain degree of embellishment has been added to make the buyer's plight sound worse since the other claims fall a bit short at soliciting tremendous amounts of sympathy.

My guess is that one of the pocket parks in the development isn't completed yet (I know there is one that is currently still gravel). Or - as someone else suggested - a parcel of land not even on the development site isn't as pretty as they'd hoped it would be. Then again, I haven't heard of any changes to the park plans in SEFC so I'm not even sure that makes sense. It would be nice to hear the reporters press for a bit more detail on that aspect of their complaint. My bet is the current tale of woe over lost park views is a bit overstated.

I'm almost positive the park issue is on the east side of the site where the OV borders the Translink lands. While some real estate agents may have painted a pretty picture of what it will all be like when it's done, no developer would have guaranteed a park on land they don't own.

[Micky Luv]

Thank John and AW for the replies..

at this point I'm really running out of options. It's 10:17am now and I still haven't heard from the developer for closing. Worst of all, the sales centre is closed today..

I'll reach out to Renie Marketing today to see what they are going to do about this, since the developer's lawyer Fraser Milner refuses to give us any information regarding the status of land title registration, which is required for closing.

I have two options now, one is to pull myself out of the contract and not buy (not sure if I can get my deposit back) Option 2 is to work with developer to ensure my HST cost and mortgage rate change will be covered (which I highly doubt they will)

To my disbelief they've only sold 36 units but can't even get the land title and OP ready in time? Any inputs or referrals of local professional who can help in this situation would be greatly appreciated, thanks!

[officedweller]

Great shots - I wondered how the blinds didn't flap around in the wind.
Thanks!

[igeneer]

Does anyone know if HST is going to charged on pre-sale units? I bought back in June 2008, when HST was not even known about.

??? stressful times

[Yume-sama]

Land title is very, very, very, slow. It is not dependant on a development. It runs at the efficiency of some of the finer government organizations.

The last time I bought something was during their strike. That was fun~

And, I wouldn't doubt they have been instructed to slow down because of the HST

I do think the Olympic Village is probably too large for the developer to handle properly, though.

[Micky Luv]

Originally Posted by igeneer

Does anyone know if HST is going to charged on pre-sale units? I bought back in June 2008, when HST was not even known about.

??? stressful times

Hey from what I understand if you purchase before November 2009 you'll be exempted from the HST... (correct me if I'm wrong anyone?)

Has the developer contacted you regarding the completion day? From what I know most of the presale units are completed (the ones beside the park on the west side) two of my friends just completed there last week.

hope this helps~

[igeneer]

Originally Posted by Micky Luv

Hey from what I understand if you purchase before November 2009 you'll be exempted from the HST... (correct me if I'm wrong anyone?)

Has the developer contacted you regarding the completion day? From what I know most of the presale units are completed (the ones beside the park on the west side) two of my friends just completed there last week.

hope this helps~

Thanks for the info! I did my condition walk-through last month, but am still waiting to get the completion notice. They said i would probably hear by the end of the month, but still nothing... With so much negative press, the developer should be at least notifying buyers of what's going on... I guess keeping good client relations is not their interest, and Rennie conveniently has no idea what's going on.

[djh]

Originally Posted by Micky Luv

Thank John and AW for the replies..

...
To my disbelief they've only sold 36 units but can't even get the land title and OP ready in time? Any inputs or referrals of local professional who can help in this situation would be greatly appreciated, thanks!

Bob Rennie was just on CKNW saying they have 264 pre-sold units (oh, and there are 11 people filing a lawsuit).
So somebody is playing funny with the real numbers.

[sacrifice333]

^I think the reporter was mixing two stats.

36 units sold since the May 15 Open House.

and 11 (of the original 264) pre-sold units in a lawsuit.

[WarrenC12]

Originally Posted by sacrifice333

^I think the reporter was mixing two stats.

36 units sold since the May 15 Open House.

and 11 (of the original 264) pre-sold units in a lawsuit.

Quite pathetic considering what happened at Woodwards and recently in Richmond.

[Lexie]

I just got a call from my lawyer, completion date June 30th

[SFUVancouver]

^Good to hear!

[NewfBC]

Originally Posted by SpongeG

I watched the CBC report - the one couple who bought a unit weren't overly happy but they said they would move in - they rated their unit a 6 out of 10 - thats pretty bad

11 Olympic Village condo buyers want out

Several pre-sale buyers of condominiums at the city-financed Olympic Athletes' Village site on Vancouver's False Creek don't like their new homes and want to back out of their deals, CBC News has learned.

A lawyer representing 11 buyers said the City of Vancouver — which had to step in to finance the project when the original developer ran out of money — has not delivered on what was promised for the condominium units.

"They've lost faith in the developer," said Bryan Baynham. "They've lost faith in the city.


"Give us our money back and sell them to someone else who wants to live there. My people don't want to live there."

The buyers are unhappy that there's a parking lot where there was supposed to be a park, that washers and dryers have not been installed in their units and that their $5,000 fireplaces are defective, said Baynham.

He said the buyers wonder what else might be wrong.

The alleged deficiencies amount to a breach of contract, said Baynham, and his clients want their deposits back, with interest.

Pre-sale buyers Barbara and Harold Thuringer were asked how they would rate their unit on a scale of one to 10.

"I would say a six," said Barbara.

"Pretty low," said her husband.

The City of Vancouver stepped in to finance the Millennium Water condo project when the Millennium Development Corp. could no longer get financing.



Read more: http://www.cbc.ca/canada/british-columbi...-millennium-pre-sales.html#ixzz0rpceUPmX

Read more: http://www.cbc.ca/canada/british-columbi...-millennium-pre-sales.html#ixzz0rpcYMwgH

'This is a great development. It has won lots of prizes and we have lots of confidence.' —City manager Penny Ballem

Wow.. it's won lots of PRIZES!

Ron.

[sacrifice333]

Originally Posted by WarrenC12

Quite pathetic considering what happened at Woodwards and recently in Richmond.

There was one stat in Rennie's UDI speech that caught my eye in relation to your comment... he mentions achieving (i.e. selling at) an average of $715 per square foot.

What I can't tell is if he is referring to the building Exchange or the Olympic Village (i.e. Millennium Water).

If he's referring to the OV then I think there's a serious gap in the asking prices and sale prices and hence a potential very serious reason as to why things aren't selling quickly.

Note... I say all this without looking closely at OV pricing recently... but my impression is that OV asking prices are much closer to $1000 per square foot. Nowhere near $715.

[Micky Luv]

Congrats Lexie!!

Thank God I closed mine on Friday... they got the land title registration last minute from COV....

However there are still lots of deficiencies in my unit..
plus the washer and dryer are not installed...

Originally Posted by Lexie

I just got a call from my lawyer, completion date June 30th

[SFUVancouver]

First Avenue streetscape

Taken by SFUVancouver, June 30th, 2010.

Maynards Block

Taken by SFUVancouver, June 30th, 2010.

The Pinnacle Living False Creek crane. I suspect we should start to see the tower from Cambie Street Bridge by late summer. Cressy's James project should start excavation shortly and that project will be visible from this vantage point.

Taken by SFUVancouver, June 30th, 2010.

Pinnacle Living False Creek

Taken by SFUVancouver, June 30th, 2010.

Fancy new wayfinding signs on Quebec Street at First.

Taken by SFUVancouver, June 30th, 2010.


Taken by SFUVancouver, June 30th, 2010.

First and Main social housing

Taken by SFUVancouver, June 30th, 2010.

Bonus photo:

SEFC Community Centre from the Vancouver Lookout

Taken by SFUVancouver, June 30th, 2010.