Alberni by Kengo Kuma (1550 Alberni) | 133m | 42Fl | Completed

[Changing City]

Originally Posted by whatnext

And yet some still argue AirBnB isn’t a problem!

There are a few people who argue that there's nothing wrong with it - they generally don't address the question of the wider rental housing market problem.

They seem to fall into two camps - those who own Airbnb properties (especially those in places with high demand for short term rentals), and those who argue 'it's capitalism at its finest, anybody should be able to do what they like with their property without the government interfering'.

There are a few academic studies (like one in Queensland recently) that argue it's not a significant contribution to the overall shortage of rental accomodation. They're probably correct that anyone suggesting Airbnb is 'the problem' is mistaken. Closing it down, or restricting it significantly won't instantly solve the housing crisis - but it'll help a bit.

[FarmerHaight]

[QUOTE=Changing City;10045719There are a few academic studies (like one in Queensland recently) that argue it's not a significant contribution to the overall shortage of rental accomodation. They're probably correct that anyone suggesting Airbnb is 'the problem' is mistaken. Closing it down, or restricting it significantly won't instantly solve the housing crisis - but it'll help a bit.[/QUOTE]

I have a feeling that for most cities, the presence of Airbnbs has very little impact on prices. So from a macro perspective, there is little reason to restrict Airbnbs especially if you lean libertarian.

But housing isn't just a macro issue; not finding housing has very real impacts on individuals regardless of overall market conditions. There are similar macro vs. micro arguments in favour of raising interest rates to increase unemployment. It may be optimal for the economy if the unemployment rate is around 5%, but I can't imagine any individual is happy to lose their job in the interests of the overall economy.

Even for a city like NYC, where there were 15,000 active short-term rental listings before the rule change, it is unlikely housing prices more broadly will come down as a result of restricting short-term rentals. But what will happen is another 10,000+ NYC residents will find a long-term home. That is a lot of micro impacts even if the macro is unchanged.

[jollyburger]

Photos from the penthouse with a pool/skylight.

https://www.instagram.com/p/Cy3oF6ZxwRZ/

[bb1510]

lots of defaulted/collapsed units that aren't closing

[bb1510]

also, they have been unofficially been offering large discounts on the default units similar to 3HG (but not that high) but no takers on any of them

[Klazu]

Floorplates on the top floors are very long and narrow. You can see both the north and south exterior walls in this picture.



https://vancouver.craigslist.org/van/apa/d/vancouver-bed-bath-sub-penthouse-the/7690692331.html

[osirisboy]

True floor to ceiling windows! Please build more of this!

That aside, what a ridiculous price. Also, the kitchen looks pathetic

[Stockwizard]

Originally Posted by osirisboy

True floor to ceiling windows! Please build more of this!

That aside, what a ridiculous price. Also, the kitchen looks pathetic

I actually just moved into this building.. people passing by just stand and stair outside the building…

I will say the common areas, the landscaping and amenities are amazing however Westbank definitely cut costs on the units themselves..

The ensuites are beautiful however the kitchens and walk in closets are underwhelming. I know Westbank did go way over budget on the build.

[jollyburger]

What building has the best kitchens for a condo unit?

[vanman]

Originally Posted by osirisboy

That aside, what a ridiculous price. Also, the kitchen looks pathetic

I was sure the kitchen had to be for a studio unit until I looked at the floorplan. Can't believe that is for a 3000sqft+ 3 bedroom!

[vanman]

Originally Posted by Stockwizard

I actually just moved into this building.. people passing by just stand and stair outside the building…

It's pretty out of this world looking especially from street level.

[Stockwizard]

Originally Posted by vanman

I was sure the kitchen had to be for a studio unit until I looked at the floorplan. Can't believe that is for a 3000sqft+ 3 bedroom!

Yeah… the smaller units basically have the same kitchen as units over 2000 sq.. it’s Miele appliances but when your paying that kind of money for a unit- big deal.
Typical Westbank they’ll go really high end on some aspects of the building like hire a starchitect then skimp out on others..

Don’t get me wrong I love the location.. the landscaping is gorgeous and the design and amenities are great but if I had purchased a unit and paid over $3000 a foot I’d be a tad bit disappointed.

[idunno]

You guys are missing something - the buyers of "super-prime" real estate don't cook. Obviously.

[bb1510]

Originally Posted by jollyburger

What building has the best kitchens for a condo unit?

Probably One Harbour Green or Two Harbour Green, especially the larger units

They (3HG included) also have "real" retail Italian kitchen systems from the manufacturer, Snaidero in their case, not a gimped version custom made for the developers just to put their name on the marketing material (basically every other developer).

The Boffi systems you get in Westbank's projects (Shangri La Estates, Fairmont Pac Rim, and Vancouver House Estates) aren't actual retail Boffi units

[osirisboy]

Originally Posted by vanman

I was sure the kitchen had to be for a studio unit until I looked at the floorplan. Can't believe that is for a 3000sqft+ 3 bedroom!

Yeah it’s like an oversized wet bar. There is no defined space. The island is just odd. I’d rather a small galley kitchen than this

[Stockwizard]

I’ve lived in the PAC Rim and I own a place in the Jameson House and I can confidently say the large Units at the Jameson actually have really nice kitchens… I love Gaggeneau appliances and the cabinetry is molteni with large modern kitchen islands.

[officedweller]

Lawsuit by buyer at pricey Vancouver tower a sign of uncertain times for condo market
https://vancouversun.com/business/real-estate/vancouver-tower-presale-lawsuit

[whatnext]

Some interesting info in that article I bolded:

...In 2017, Yee began discussions with Westbank’s global sales director, identified in the lawsuit as Marko Radovic, about his plan to consolidate the two condos into a single larger home, the lawsuit alleges. The lawsuit details alleged communications between Radovic and Yee between those 2017 presale purchases and last month when Yee decided he wanted out.

By 2021, Yee abandoned his plan to consolidate two smaller units after Radovic suggested he could instead apply his already paid deposit to buy a single larger unit, according to the lawsuit, telling the buyer that as the project’s completion neared, “defaults by other presale purchasers would result in a larger pool of suites to choose from.”

The court filing quotes from a September 2023 email where Radovic allegedly advised Yee of three “larger homes which have defaulted and I can pass the benefit of their deposits to you,” before describing those three units, priced between $8.4 million and $13.9 million.

The email quoted in the court document lists the price per square foot on these Alberni condos between $3,475 and $4,160, numbers described by Vancouver realtors as “lofty” and “stratospheric.”

The U.S.-based publication Architectural Digest reported that Westbank’s Alberni project “broke previous records as the highest average price for a building in North America outside of New York’s Central Park corridor.”..

...Yee told Radovic he was interested in purchasing a larger suite, but needed to wait for the proceeds from a property sale in Asia, the claim alleges. Radovic told Yee “he personally was prepared to provide $850,000 as a credit on the statement of adjustments to help cover the shortfall,” the lawsuit alleges, and the developer was prepared to provide mortgage financing of $2.6 million for six months with interest-only payments at nine per cent....

...“Developers are trying to find real creative ways to get sales, but they don’t want to drop the price. So they have to find other ways, other than dropping the price, because that would have a devastating effect on their inventory,” Baynham said.

“If they reduce the price … the price goes down generally on all the remaining units. … They don’t want anything to show that the market is going down.”....

https://vancouversun.com/business/real-estate/vancouver-tower-presale-lawsuit

[bb1510]

I uploaded the notice of civil claim for the case mentioned in the article in the link below:

https://file.io/ACleE7UJ2O8k

It's an interesting read

Talks about the tax evasion fraud through promissory notes, personal loans, advancing commissions, etc

[whatnext]

Finally! A unit in this building that I love the layout of. Shame it is listed for $24,980,000
https://www.rew.ca/properties/5253341/ph2-1550-alberni-street-vancouver-bc?property_click=map

I guess the potential owner didn't get the note about not needing cars downtown.