Nelson on the Park | Concept/Proposal - Page 8

Jebby · #**141** Posted **Feb 23, 2016, 4:17 PM**

I wonder why Wall backed out of this...

PaperTiger · #**142** Posted **Feb 23, 2016, 5:30 PM**

Quote:

Originally Posted by Jebby

I wonder why Wall backed out of this...

Probably because they realized they could make more money flipping the land then they ever would by actually building something.

Klazu · #**143** Posted **Feb 23, 2016, 6:41 PM**

First they flipped the land in West End / Coal Harbour and now this... Prime lots no matter how you look at it. Strange. Maybe the boom is coming to an over and they know it?

Spork · #**144** Posted **Feb 23, 2016, 7:46 PM**

Maybe there is now more money in flipping than there is in building housing.

officedweller · #**145** Posted **Feb 23, 2016, 8:57 PM**

Some of the views from the site also be came compromised with the tall Westbank/Bing Thom tower next door, though the west facing views would be wide open.

trofirhen · #**146** Posted **Feb 23, 2016, 9:51 PM**

Quote:

Originally Posted by Klazu

First they flipped the land in West End / Coal Harbour and now this... Prime lots no matter how you look at it. Strange. Maybe the boom is coming to an over and they know it?

It's been a news item here, though in a global, non-Vancouver-specific sense. Yes, they know a real slowdown may be on the way, and yes, they are trying to park their $$$$ elsewhere.

bb1510 · #**147** Posted **Feb 23, 2016, 10:00 PM**

Quote:

Originally Posted by Klazu

First they flipped the land in West End / Coal Harbour and now this... Prime lots no matter how you look at it. Strange. Maybe the boom is coming to an over and they know it?

What did they flip in coal harbour?

*Edit* Nvm...it was on Broughton...but where was it exactly?

The developer who bought the Broughton site

http://landaglobal.com/projects/current/

bb1510 · #**148** Posted **Feb 23, 2016, 10:08 PM**

Quote:

Originally Posted by Spork

Maybe there is now more money in flipping than there is in building housing.

This is so true...a 50x130 lot in Dunbar could be purchased a year and a half ago could be purchased for 2.4-2.6m...a year ago when similar lots started to go for 3.3m and people thought it was crazy...now they going for 3.7-4.3m.

A spec home at that lot price isn't as feasible than flipping and holding onto lots and you have less risk and capital involved. It'll be really difficult to sell a 50x130 home at 6.5+ foreign or not.

LeftCoaster · #**149** Posted **Feb 26, 2016, 10:45 PM**

Quote:

Originally Posted by Klazu

First they flipped the land in West End / Coal Harbour and now this... Prime lots no matter how you look at it. Strange. Maybe the boom is coming to an over and they know it?

No, it's a bit more complicated than that.

1. Paper Tiger is right, they were simply offered a stupid amount of money for the site and couldn't pass the deal up.
2. Wall is building their project adjacent to the Charleston as rental, so they are using the proceeds from these two land sales to fund that construction.

Still a shame though. I'd say this puts the pixel design at a serious disadvantage to being built. I have next to no faith in the company that bought it to develop a thing.

Vin · #**150** Posted **Feb 27, 2016, 1:03 AM**

LOL. One more down.....which one next to go?

rofina · #**151** Posted **Apr 21, 2016, 12:57 AM**

Wall got 60 million for the site, or 3 times the value everyone thought it was worth as a building site.

Then it was flipped for 68 million a month later.

Good luck to anyone trying to build at a profit.

Klazu · #**152** Posted **Apr 21, 2016, 1:11 AM**

I hope they didn't evict anyone living in those building. Otherwise squatters might move seen quickly. Only in Vancouver.

It's still shame about the turn of events, as the proposal was beautiful.

urbancanadian · #**153** Posted **Apr 21, 2016, 1:28 AM**

Here's the article, from the South China Morning Post: http://www.scmp.com/comment/blogs/ar...SocialNewsfeed

This whole story is really disheartening, TBH. But it's just one example from a mountain of others. What is frustrating to me is how, as taxpayers, we are cheated out of what should have been about $4M in property transfer taxes that aren't paid because "ownership" of the land never legally changed, only ownership of the company that owns the land...

And yes, for anyone who needs clarification, this project has been shelved.

trofirhen · #**154** Posted **Apr 21, 2016, 1:29 AM**

Quote:

Originally Posted by Klazu

I hope they didn't evict anyone living in those building. Otherwise squatters might move seen quickly. Only in Vancouver.

It's still shame about the turn of events, as the proposal was beautiful.

was is the word for it .....

bb1510 · #**155** Posted **Apr 21, 2016, 2:28 AM**

Honestly speaking, at this market rate, there's plenty of a profit to be made even if the land was purchased at 68 million.

The plot at Trump was purchased at over 110 million I believe and isn't the total FSR similar to this?

With quite a number of the units with views, one can expect those premium units will most probably have a price per square feet at over $2000.

whatnext · #**156** Posted **Apr 21, 2016, 6:53 AM**

Quote:

Originally Posted by urbancanadian

Here's the article, from the South China Morning Post: http://www.scmp.com/comment/blogs/ar...SocialNewsfeed

This whole story is really disheartening, TBH. But it's just one example from a mountain of others. What is frustrating to me is how, as taxpayers, we are cheated out of what should have been about $4M in property transfer taxes that aren't paid because "ownership" of the land never legally changed, only ownership of the company that owns the land...

And yes, for anyone who needs clarification, this project has been shelved.

Yet another disgusting example of Mainland Chinese money warping and distorting the Vancouver market . What are our elected representatives doing about it?

EdinVan · #**157** Posted **Apr 21, 2016, 7:40 AM**

Quote:

Originally Posted by whatnext

Yet another disgusting example of Mainland Chinese money warping and distorting the Vancouver market . What are our elected representatives doing about it?

What are they doing about it? They created these problems in the first place.

giallo · #**158** Posted **Apr 21, 2016, 7:49 AM**

Quote:

Originally Posted by bb1510

Honestly speaking, at this market rate, there's plenty of a profit to be made even if the land was purchased at 68 million.

The plot at Trump was purchased at over 110 million I believe and isn't the total FSR similar to this?

With quite a number of the units with views, one can expect those premium units will most probably have a price per square feet at over $2000.

That's not the point. Under a rational market, this one was valued at $15,600,000. BC Assessments has done this for years, and declared it so. But this is no longer a rational market. With companies like Sun Commercial Real Estate helping extremely wealthy Mainland Chinese bring their money over here, all bets are off. I was crazy naive about how bad this would get, but I never expect President Xi to go full "consolidate power" mode, and scare the shit out of his rich adversaries, targeting them under his new anti-corruption campaign. I don't blame them for wanting to get their money out. I'd do the exact same thing if I were them.

This is all on the BC and federal government. They need to either come up with a way to divert this river of money coming in through China or tax the ever-loving crap out of them, and use that money to help build reasonable housing for the people in Metro Vancouver.

bb1510 · #**159** Posted **Apr 21, 2016, 8:42 AM**

The property was assessed at 16.5 million based on CURRENT zoning, not based on POTENTIAL zoning.

Ultimately, the market price isn't based on what BC Assessment slaps onto a property, it's what purchasers are willing to pay; there is potential of a ten fold increase in FSR in rezoning.

Also, people are always stating how foreign Chinese are purchasing properties, building speculatively, and flipping. Let me tell you that the majority of individuals who are actually doing so are actually locals.

Purchasing all cash? Yeah many people even though they don't have enough purchasing power outright take a private loan then convert to traditional financing after closing; sellers aren't willing to look at offers with subjects.

I'll just say that having attended one of the top private schools in this city and with people saying that locals cannot afford and condone such real estate activity, this is completely false. The "non-asians", caucasians, and locals are just as rampant in terms of what everyone is blaming Chinese non-residents are doing; they are just purchasing to develop, flip, and assign as such. In fact, the amount from locals is much greater, granted locals do include immigrants from many years ago.

Also, when people say the Chinese are purchasing everything, most of them are locals who have immigrated for numerous years. Take Trump for example, 70% of the tower was sold to locals.

giallo · #**160** Posted **Apr 21, 2016, 12:31 PM**

They're not purchasing everything, but the money coming out of China is a big part of that secret sauce that is driving up the price of property to insane levels in Vancouver.

The amount of money here in Shanghai alone is staggering, but there's basically nothing to invest in. Property or the stock market - that's it. Mainland Chinese have a healthy distrust of Chinese banks, and keeping your money under your bed isn't all that practical, so if you have amassed a large fortune that is tied to a shaky yuan, what do you do? You buy your way in to a country if it's allowed, get your passport, scoop up as much property as possible, all while continually living and working in China as a newly-minted foreigner.

We can deny this is happening until the next "ground-breaking" piece of journalism from South China Morning Post or The Globe and Mail is released or we can put pressure on our elected officials to take a serious look at this. I have little faith in the BC Liberals atm though. They are looking so crooked right now.