Olympic Village & Southeast False Creek Updates Discussion

[racc]

Originally Posted by Yume-sama

I'm more inclined to blame the government than the developer, because you best believe the government was the "client" and the developer built to their wishes.

The developer significantly outbid the other two companies. At the time, people in the industry were pretty shocked by the high bid. Obviously, they thought that they could sell the more expensive condos that resulted from their high bid. They took a huge risk and lost. Unfortunately, the city administration under Mayor Sullivan's leadership, did not do or ignored its due diligence to ensure that the developer could cover the risk. Note that the other two bidders were more established firms that likely could have covered more of the risk.

To be fair, the city has done quite well investing in real estate over the years. In this case, they may have gotten a bit over ambitious but maybe this is just hindsight. Anyway, the losses, if any will be covered by other gains the city has achieved in its property endowment fund. If it is any consolation, I suspect the city, in the end, will fare much better than many other organizations that have been playing the real estate game.

[dreambrother808]

I wonder if developers going both high end and LEED is the problem here, the infill in North Van, and elsewhere.

Is there a way to succeed in the market by doing LEED Platinum without other high end elements?

[Yume-sama]

Originally Posted by jsbertram

The politicians giving reporters sensational quotes that sabotaged the projects' reputation all along the way didn't help, either

That is unfortunately true. When politics are involved the opposition will do everything they can to tear down something, even if it is to the detriment of the public, in which case losing hundreds of millions of dollars is. But, hey, it maybe helped them get 5 points in the polls. In general, though, this project is a prime example of why the market drives and controls prices, and products, and not the government. This would have been a complete failure in the pre-sale market (and it was...) which would normally force a developer to re-evaluate the project. Think Ritz Carlton~ Not so when government is involved.

And you can't even market the main selling feature of the OV that sets it apart from other developments to the Mainland Chinese. "Eco-friendly" isn't trendy in China.

Originally Posted by dreambrother808

I wonder if developers going both high end and LEED is the problem here, the infill in North Van, and elsewhere.

Is there a way to succeed in the market by doing LEED Platinum without other high end elements?

Perhaps. I think they way over-estimate the market of millionaires who care where their toilet water comes from. Even in Vancouver. LEED Platinum is so expensive to achieve currently that only a select few people at the top could truly afford it, and I don't think they'd like to live in a green squalor. The majority of people are just talk, anyways. Very few are willing to put hundreds of thousands of dollars behind their talk.

The only thing people REALLY care about sustaining is their money. And this was a bad investment.

Over the years the price of the technology will come down (perhaps marginally), and mostly because the government will end up forcing it upon us like the light bulbs.

[hazel]

Originally Posted by Yume-sama

It's not *all* the LEED's fault, though it is a big part of it. I'm aware of a small infill that had a hard time finding buyers for a 30% premium with only 12 units at LEED Platinum in North Vancouver. This type of experiment should never have been allowed on a scale 100 times larger. It is true it's QUITE extravagant, even the social housing, it shows bad planning and fiscal management everywhere.

Preach! QFT.

[sacrifice333]

More pictures of the updates & changes at "The Village on False Creek"

Red dots replaced with white putty...

Untitled by sacrifice333, on Flickr


New Art installation West of Creekside Community Centre... not quite finished, but very cool!

Untitled by sacrifice333, on Flickr
I think it's basically showing the 'templates' that the Olympic medals were 'stamped' from. One more panel to be installed on this side and a couple on the other side.

The rebranding continues...

Untitled by sacrifice333, on Flickr


Untitled by sacrifice333, on Flickr

[wrenegade]

Rennie is releasing new pricing for the Olympic Village this morning. Public sales/open house open March 5th but VIP registrants can start buying tomorrow. Apparently they've had a ton of interest, they are extending the sales centre hours until 8pm.

[Lexie]

any news on what the new pricing will be yet?

[wrenegade]

If you read through the E&Y document you could get a bit of an idea, but I haven't seen anything yet. I'm just going on what Rennie sends out via email, I registered on the web a week or so ago.

E&Y Report if you missed it.

[officedweller]

But a backgrounder shows the cheapest unit under the new structure is a studio in the Bridge complex at $349,500 - which once was offered for over $400,000, while a luxury 3,400-square-foot three-bedroom unit in the same complex is $4.1 million.

Read more: http://www.vancouversun.com/business/Con...Village/4302816/story.html#ixzz1EGY5xVQj

[SpongeG]

global reported there is a small lineup of buyers today

[raggedy13]

I walked by the sales office on my way to work this morning and there was a lineup of people outside with their camping chairs waiting for the office to open.

[hollywoodnorth]

Originally Posted by raggedy13

I walked by the sales office on my way to work this morning and there was a lineup of people outside with their camping chairs waiting for the office to open.

well that's awesome news! praise rennie!

[whatnext]

Originally Posted by hollywoodnorth

well that's awesome news! praise rennie!

Everybody likes a deal. That's why we line up 4 hours at the border to get $10 off at the US outlet malls.

On the Global report, one realtor mentioned seeing signed contracts that absolved the city from future liability? I assume that's if the high-tech HVAC system konks out etc. Would that stand up in court?

[wrenegade]

The Olympic Village would be a great place to rent but I'd never want to buy there. Seems to be way too much complexity and confusion with how things are working out with the city. Very happy I'll be living 2 blocks away though!

[officedweller]

I tend to agree - plus with all the environmental stuff to deal with, I could see strata fee going up and up (i.e. since stratas rely heavily on contractors, as opposed to on-site maintenance workers the way large rental or office complexes may have).

[whatnext]

There is a "Lessons from the Olympic Village" forum on Feb. 22 at the SFU Segal School of Business. Features Michael Geller, Frances Bula, Geoff Meggs and others. Details at thinkcity.ca

[Yume-sama]

It's almost a guarantee that strata / maintenance fees will rise sharply in the next 5 - 10 years.

But at least it seems like people are buying finally

[raggedy13]

Walked by the sales office on the way home from work today. Full of people. Cars were parked all down 1st Ave, including all down the wide median, with more people streaming towards the sales office (this was a bit after 5pm). The Village was quite lively with people wandering around checking it out, along with the usual commuters returning home, seawall strollers & bikers, etc. (the great weather probably didn't hurt).

I noticed an article about it in the New York Times today as well. It was quite positive, really talked up the SEFC area and described it as up-and-coming and even pointed out some interesting sounding places in the area that I would be interested in checking out sometime.

Found it: http://travel.nytimes.com/2011/02/20/travel/20headsup-vancouver.html

I also noticed for the first time a sign up in the Salt Building window that said something along the lines of "Salt Building restaurant coming soon".

[Lexie]

According to global news it's 75% sold of the first 230 units for sale. And you can tell it's mostly Asian buyers as all the units with 4s in then weren't sold.

[SFUVancouver]

^ Well that's good news. I have no issue with investors, Asian or otherwise, buying into the Olympic Village.