Quote:
Originally Posted by rofina
I hope the developer at least has pockets deep enough to go through with this project.
If we end up with a vacant lot and no condos because market is soft, its the worst possible outcome.
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I feel, in the current market conditions, this project would have never happened and this building would not be coming down. Rumour has it only a handful of units have sold.
Several more luxury projects will in no-doubt be cancelled in the immediately area and along Alberni. Developers need to scale back and produce more mid-range product as the luxury segment is suffering badly right now, sales and prices are down and inventory is far too high.
It would have been great for the existing Landmark Hotel to be converted into either market-rental or mid-range condo product, modest small one bedrooms and one-and-dens with mid-range finishes. That's what the market needs and that's about the only market segment that's someone healthy right now.