Quote:
Originally Posted by trueviking
Man. The developer must be taking a bath on that building. To be only 20% sold a couple years after completion is amazing. Most condos don’t even start construction until three times that many are sold.
I guess that’s why nobody does condo anymore.
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Why wouldn't they rent out half of what's left and get something back?
It reminds me of my neighbour's house. A slumlord bought it 6 years ago off of an old lady. He then rented it out for a year. After that year he started gutting it and it has been vacant, but in a constant state of renovation ever since. I don't understand how he can forgo that much rent in the hope of a value increase from the renos.
I don't see how the owner of the Assiniboine building can think that they are going to sell a significant number of units within a one year lease term. Oh well, it's not my money.