Alberni by Kengo Kuma (1550 Alberni) | 133m | 42Fl | Completed - Page 47

bb1510 · #**921** Posted **Aug 24, 2024, 4:31 AM**

Quote:

Originally Posted by kja384

Westbank & Peterson Alberni Project Sued By Graham For $2.8M Unpaid Since July 2023

https://storeys.com/westbank-graham-...berni-lawsuit/

188 units in the building, 31 owned by the developer, and 29 currently listed for sale. Out of the 6 units that were listed in the article as being owned by Westbank, none of them are currently listed on the MLS.

Could it be that those 31 are units that buyers failed to close on? Imagine if we get to the point where there are 60 units in this building all for sale at the same time lol.

Possibly. Also, some of the expensive units that closed have VTB mortgages such as PH1 that is being resold now

osirisboy · #**922** Posted **Aug 24, 2024, 5:57 AM**

Quote:

Originally Posted by Zepfancouver

Kengo Kuma Alberni PH01

Thanks for all those pics

Everything about this building is painful and uncomfortable. This should be 3-4 million.

whatnext · #**923** Posted **Aug 25, 2024, 12:06 AM**

Quote:

Originally Posted by kja384

Westbank & Peterson Alberni Project Sued By Graham For $2.8M Unpaid Since July 2023

https://storeys.com/westbank-graham-...berni-lawsuit/

188 units in the building, 31 owned by the developer, and 29 currently listed for sale. Out of the 6 units that were listed in the article as being owned by Westbank, none of them are currently listed on the MLS.

Could it be that those 31 are units that buyers failed to close on? Imagine if we get to the point where there are 60 units in this building all for sale at the same time lol.

Doesn’t bode well for Oakridge.

jollyburger · #**924** Posted **Aug 25, 2024, 12:41 AM**

Quote:

Originally Posted by whatnext

Doesn’t bode well for Oakridge.

I guess it depends on how the ownership was structured when they brought Westbank on..

whatnext · #**925** Posted **Aug 25, 2024, 1:05 AM**

Quote:

Originally Posted by jollyburger

I guess it depends on how the ownership was structured when they brought Westbank on..

True. And hopefully the layouts are more usable.

jollyburger · #**926** Posted **Sep 12, 2024, 7:31 PM**

Not sure if this was posted but PH1

https://storeys.com/1568-alberni-ph1-for-sale/

whatnext · #**927** Posted **Sep 12, 2024, 10:55 PM**

I am 100% confident that a $22 million condo was built for someone who earned the money for it in Canada and paid all the taxes you or I would.

Spr0ckets · #**928** Posted **Sep 13, 2024, 1:40 AM**

Putting aside the question of whether they paid their taxes or not (I'm sure the CRA can handle their business just fine), what difference does it make whether they earned their "millions" in Canada or not?

Do Ryan Reynolds "millions" not count because he mostly earns a large chunk of it south of the border even though he may spend some of it in his hometown?
(....and pay taxes on them when he does,I imagine....

....and yes, I know where this comment is going and what the insinuation here is)

officedweller · #**929** Posted **Sep 13, 2024, 4:08 AM**

That is a pretty ugly staircase (and elevator?)

Quote:

Originally Posted by jollyburger

Not sure if this was posted but PH1

https://storeys.com/1568-alberni-ph1-for-sale/

whatnext · #**930** Posted **Sep 13, 2024, 5:55 AM**

Quote:

Originally Posted by Spr0ckets

Putting aside the question of whether they paid their taxes or not (I'm sure the CRA can handle their business just fine), what difference does it make whether they earned their "millions" in Canada or not?

Do Ryan Reynolds "millions" not count because he mostly earns a large chunk of it south of the border even though he may spend some of it in his hometown?
(....and pay taxes on them when he does,I imagine....

....and yes, I know where this comment is going and what the insinuation here is)

Because this building is emblematic of what helped drive Vancouver real estate to prices out of reach for too many citizens. It’s targeted at offshore money with the needs of those who live and work here full time not even a consideration.

GenWhy? · #**931** Posted **Sep 13, 2024, 5:59 PM**

Quote:

Originally Posted by whatnext

Because this building is emblematic of what helped drive Vancouver real estate to prices out of reach for too many citizens. It’s targeted at offshore money with the needs of those who live and work here full time not even a consideration.

I think it considered my needs quite well as it gave my neighbourhood millions in CACs for my community centre and pool. I don't think many people could have afforded a penthouse here even if it was "only" $2 million.

Just buy here instead:
https://www.realtor.ca/real-estate/2...reet-vancouver

I don't think many people would buy these just due to the maintenance fees alone lol

Spr0ckets · #**932** Posted **Sep 13, 2024, 6:22 PM**

Quote:

Originally Posted by whatnext

Because this building is emblematic of what helped drive Vancouver real estate to prices out of reach for too many citizens. It’s targeted at offshore money with the needs of those who live and work here full time not even a consideration.

Still didn't really answer the question.

There are lots of Canadians who live and work abroad, making their "millions" south of the border or even overseas in Europe or Asia, but still maintain their roots in Canada and ostensibly spend some of those millions here.

Do their millions fall in the same category of scrutiny or nah?

Developers, like any other businesspeople or entreprenuers will always provide the market with high-end, high(price)-range products - including housing - that most people and locals can't afford, as long as there's some demand for it.
In this case, as GenWhy's pointed out, the cities have found a way to,....'spread the wealth',... as it were, and make that inflowng revenue work for the wider community by providing for some funding for Amenities that they otherwise would never be able to have or build themselves.
How is that a bad thing?

whatnext · #**933** Posted **Sep 13, 2024, 7:22 PM**

Quote:

Originally Posted by GenWhy?

I think it considered my needs quite well as it gave my neighbourhood millions in CACs for my community centre and pool. I don't think many people could have afforded a penthouse here even if it was "only" $2 million.

Just buy here instead:
https://www.realtor.ca/real-estate/2...reet-vancouver

I don't think many people would buy these just due to the maintenance fees alone lol

Then more fool on the developer for projecting profits based on overpriced units and having CACS calculated on that.

Why Westbank thought this would sell when Vancouver is littered with unsold/undersold vanity penthouses is hard to understand. Didn't Gillespie "sell" the Shangri-la penthouse to family? There was earlier discussion on whether the Hotel Georgia Residences penthouse was ever sold.

AlessioSBT · #**934** Posted **Sep 13, 2024, 8:09 PM**

Quote:

Originally Posted by whatnext

Then more fool on the developer for projecting profits based on overpriced units and having CACS calculated on that.

Why Westbank thought this would sell when Vancouver is littered with unsold/undersold vanity penthouses is hard to understand. Didn't Gillespie "sell" the Shangri-la penthouse to family? There was earlier discussion on whether the Hotel Georgia Residences penthouse was ever sold.

For the same reason everything else happened here.

Average person doesn't understand basic math and buy using 100% of their borrowing power.
Investors smell the money and start buying everything they can. Nothing different from a car dealer selling you a car for 2x the price because it costs "only" xxx amount a month.

When the market is big enough you start to build these 20 millions dollars-saving accounts. Because that's what they are.
No one buy those to live in it, they buy them because they can "park" 20 millions there and their market is other people that need to park 20 million dollars.

It's not a house, it's just a saving account with the extra feature that you can live in it.

VanK · #**935** Posted **Sep 15, 2024, 9:19 PM**

Quote:

Originally Posted by osirisboy

Thanks for all those pics

Everything about this building is painful and uncomfortable. This should be 3-4 million.

3-4 million for a 4346 sf penthouse downtown water view? thats 690 to 920 per square foot. lol.. thats woodframe pricing for maple ridge to surrey whalley on psf.

bb1510 · #**936** Posted **Sep 16, 2024, 2:54 AM**

Quote:

Originally Posted by jollyburger

I guess it depends on how the ownership was structured when they brought Westbank on..

Westbank doesn't have any interest in Oakridge anymore and are simply development managers for the project; Quadreal absorbed their interest last year when there were rumours that Westbank was going under

osirisboy · #**937** Posted **Sep 16, 2024, 3:59 AM**

Quote:

Originally Posted by VanK

3-4 million for a 4346 sf penthouse downtown water view? thats 690 to 920 per square foot. lol.. thats woodframe pricing for maple ridge to surrey whalley on psf.

Yes, imo

whatnext · #**938** Posted **Oct 2, 2024, 12:04 AM**

Hey, at least this studio is under a million. How can they even get away with calling this a one bedroom?

[IMG]

00_R2924399_10 by bcborn, on Flickr[/IMG]
Credit: rew.ca

https://www.rew.ca/properties/552821...t-vancouver-bc

whatnext · #**939** Posted **Oct 17, 2024, 4:46 PM**

Some interesting stats via Steve Saretsky:

Steve Saretsky
@SteveSaretsky
Liquidity check on the luxury downtown condo market. Since the Alberni finished last summer there have been 72 listings hit the MLS and just 2 sales on the MLS over that timeframe. There’s also a good case study there on loss aversion.
9:22 AM · Oct 14, 2024
31.7K Views

https://x.com/SteveSaretsky/status/1845862819465732099