Quote:
Originally Posted by Vin
Is it really overblown? The issue of many original buyers at the OV being stuck with their properties and not able to resell without incurring huge losses still persists. While people living downtown have their property values increased over the years, BC Assessment of OV is on the decline. For such an ambitious neighbourhood, the retail and restaurant options are truly limited. Even Main Street and Kingsway neighbourhoods around Broadway offer way better services and options. Last but not least, the strata and energy bill for that area will always be a lot more than other neighbourhoods, including downtown. There are people who live in the peninsula paying just $30 per month for utilities. To date there hasn't been a single assurance that energy costs would come down at the OV.
I would not consider investing in OV unless I really really love that neighbourhood, or if I get a really awesome deal from a developer desperate to off load the condos. Otherwise, there are better options in other parts of the city, IMHO  |
Millenium overpaid for the land. They initially overpriced the condos on what the neighborhood could become and not what it was. The entire market came crashing down in 2008. I think it's unfortunate for those who took the initial leap and got burned, but I think you've taken their misfortune out of context as it's allowed a second wave of buyers the opportunity to purchase what was originally out of reach (I fall into this group). Those initial buyers got burned no doubt, but so too did a lot who bought at the peak right before the market corrected in 2008. Kim Campbell overpaid buying into the Hotel Georgia and sued as a result. Too bad for her and the other upset owners, but I'm sure the buyer who purchased the unit next door for 30% less doesn't mind or thinks he should avoid the building or area as a result.
Regarding your comparison of Main Street/Kingsway, I would say in response it depends on what services/options you value. How about grocery stores within walking distance if you run out of ingredients in the middle of cooking? Liquor stores with the selection of Legacy open until 11pm? How about living along the seawall, a 10 minute bike ride or Aqua Bus trip to Granville Island which is perhaps the best amenity in the city? If you own a dog, I'm convinced that Olympic Village is among the best locations in the city with three off leash dog parks within walking distance not to mention green space and again the seawall.
I wholeheartedly agree the dining options could be a lot better, but there is a lot of retail coming on board soon enough with Flying Pig and a rumored Thai restaurant that will help. I'm also a big fan of Terra Breads, Campagnolo, Pizza Farina, Nuba, and Peaceful restaurant which I consider all walking distance. I expect this will improve in time as it's a very young neighborhood still.
That said, I would suggest that the aforementioned amenities are far more important than restaurants. Chances are your neighborhood isn't home to all your favorite restaurants, and you routinely leave your neighborhood to dine out anyways. Every restaurant downtown or on lower Main is a 10 minute commute away.
I agree there are negatives: high maintanance fees, Enerpro, radiant heating that does not work as well, etc. From my perspective however, the issues are somewhat overblown. Maintainance fees in my building are aligned with what homeowners will pay at Lido, Enerpro adds about $500 a year to my bill, and to be honest I find the units well insulated that I rarely need to heat or cool my unit.
It's our own responsibility to research and invest carefully. I feel pretty confident however that this is going to be a place that more and more people are going to want to be in the future, and that usually bodes well for property values.
Prev
The density is SEFC is on par with Yaletown, tall doesn't equal dense, density can come in many forms and it would be a shame not to see each neighbourhood embrace the form that works best for it.
Linear Mode
