'Ghost town cloud' hovering over Olympic Village is gone

[Warren12]

The units at the Olympic Village still have problems as of Sept 2012, it's been put together too quickly and a crap job in my opinion. Most folks know that there will be issues down the road and have waited to buy other units in different developments instead. Now the suckers that bought pre 2011 are crying wolf and have to sell at a loss just to bail out. Look at the mls all this village condos on the market that nobody wants to buy.

Really? Looks like about 1% of the total # of units are listed on MLS. Not that much really. Of course Rennie is holding back new units for sale, but he said it would take 2-3 years to sell and it is pretty much on target.

I have no idea if any purchasers are regretting it, but the area is great to hang out in. Far better than W. Although it is 5 mins from Chinatown and I know you're a racist so you probably wouldn't like it.

[gse36]

Look at the consistent negativity in this forum from some members. The W was supposed to be terrible. The streets are unsafe. The drug dealers? The homeless! But, the W sold out and no more complaints or dire warnings.

Perhaps amongst the lower end units (since their lower price matches the sketchiness of the area). However, I don't think the purchasers of higher end units are happy.

Take for instance 3202 128 W Cordova. unobstructed north shore/mountain view (32nd floor). 2 bed 2 bath 916 sq 1 parking.
Paid $633k+GST brand new... about $675k
paid land transfer tax $11.5k

million dollar view? why not ask a million!

Nov 2009 it goes on market for $988k.
Jun 2010 $888k
Aug 2010 $788k
April 2011 $736k
Jul 2011 $738k
Jan 2012 $718k
Jan 2012 $699k
Mar 2012 $670k
sells for $611,800 in August.

Took almost 3 years to sell.
guy had to pay $14k commission

Total input $675k+$11.5k+14k+legals($1k) = $701k.

$91k loss.

if you include opportunity cost (even at a modest 3%) on the money, then we're talking roughly $160k loss

[timber2012]

Maybe Jimtan should call the guy and say "it's ok - just stay positive".

ahhh... to be blissful.

[Warren12]

Look at the consistent negativity in this forum from some members. The W was supposed to be terrible. The streets are unsafe. The drug dealers? The homeless! But, the W sold out and no more complaints or dire warnings.

Perhaps amongst the lower end units (since their lower price matches the sketchiness of the area). However, I don't think the purchasers of higher end units are happy.

Take for instance 3202 128 W Cordova. unobstructed north shore/mountain view (32nd floor). 2 bed 2 bath 916 sq 1 parking.
Paid $633k+GST brand new... about $675k
paid land transfer tax $11.5k

million dollar view? why not ask a million!

Nov 2009 it goes on market for $988k.
Jun 2010 $888k
Aug 2010 $788k
April 2011 $736k
Jul 2011 $738k
Jan 2012 $718k
Jan 2012 $699k
Mar 2012 $670k
sells for $611,800 in August.

Took almost 3 years to sell.
guy had to pay $14k commission

Total input $675k+$11.5k+14k+legals($1k) = $701k.

$91k loss.

if you include opportunity cost (even at a modest 3%) on the money, then we're talking roughly $160k loss

Wow great history there, thanks. However still over $600/sf. For that area of Gastown I'd call it overpriced (basically same as luxury Yaletown and not worth it).

I thought PTT was only on "previously owned" homes, is that wrong?

[vanpro]

PTT (Property Transfer Tax) is on ALL sales of ALL "property": new, used, residential, commercial, industrial,.....

GST/HST is only on new homes.

[gse36]

Wow great history there, thanks. However still over $600/sf. For that area of Gastown I'd call it overpriced (basically same as luxury Yaletown and not worth it).

I thought PTT was only on "previously owned" homes, is that wrong?

I think the price was high vs yaletown b/c of the view. It was as nice a view as you can get on 32nd floor - unobstructed. nothing in front. looks clearly north. i think the parking is hokey too? (i.e. the 10 year "lease"?). so not sure what happens after 10 years. maybe depends what happens to the parkade across the street.

so bsaically trade off nice view and hokey parking for a worser area than yaletown!

[jimtan]

Wow great history there, thanks. However still over $600/sf. For that area of Gastown I'd call it overpriced (basically same as luxury Yaletown and not worth it).

I thought PTT was only on "previously owned" homes, is that wrong?

I think the price was high vs yaletown b/c of the view. It was as nice a view as you can get on 32nd floor - unobstructed. nothing in front. looks clearly north. i think the parking is hokey too? (i.e. the 10 year "lease"?). so not sure what happens after 10 years. maybe depends what happens to the parkade across the street.

so bsaically trade off nice view and hokey parking for a worser area than yaletown!

Looks like some kinda amateur speculator. Asking $300k over cost!

He discovered that a few blocks make a lot of difference. So, resident owners are likely to be pleased. Speculators looking for a big kill are not. Frankly, there's no shortage of new condo around scenic False Creek south etc.

[gse36]

204-12 athletes way
paid 541900+HST new from rennie. june 2010. so in for over $600k after PTT and such

asking. $549k. (from 589k). 50 DOM.
after all is said and done, he will be out ~$100k.

[Warren12]

Ouch. Not likely to sell at that price with places like V952684 (same building, $629k for 2 bedrooms and over 1000 sf).

[gse36]

Ouch. Not likely to sell at that price with places like V952684 (same building, $629k for 2 bedrooms and over 1000 sf).

nice find. that one is a major ouch. that one is a FORECLOSURE. owned by TD now. TD is losing out on that one

get this. paid 865k+HST = 969k = 986k after PTT+HST
assessed only 734k.
rennie really got this guy

tried to sell it 929k in sept 2010
875k oct 2010
840 nov 2010
790 dec 2010
699 dec 2011
689 jan 2012
659 jul 2012
629 aug 2012

if he sells at 610k, (22k commission), then he will have lost $400k. yikes.

or almost 500k if you were to include opportunity cost on his $986k investment

no wonder you don't see this in the headlines.

[vanpro]

Ouch. Not likely to sell at that price with places like V952684 (same building, $629k for 2 bedrooms and over 1000 sf).

nice find. that one is a major ouch. that one is a FORECLOSURE. owned by TD now. TD is losing out on that one

get this. paid 865k+HST = 969k = 986k after PTT+HST
assessed only 734k.
rennie really got this guy

tried to sell it 929k in sept 2010
875k oct 2010
840 nov 2010
790 dec 2010
699 dec 2011
689 jan 2012
659 jul 2012
629 aug 2012

if he sells at 610k, (22k commission), then he will have lost $400k. yikes.

or almost 500k if you were to include opportunity cost on his $986k investment

no wonder you don't see this in the headlines.

Nor in Rennie's marketing materials & brochures.....

[jimtan]

get this. paid 865k+HST = 969k = 986k after PTT+HST
assessed only 734k.
rennie really got this guy

tried to sell it 929k in sept 2010
875k oct 2010
840 nov 2010
790 dec 2010
699 dec 2011
689 jan 2012
659 jul 2012
629 aug 2012

if he sells at 610k, (22k commission), then he will have lost $400k. yikes.

or almost 500k if you were to include opportunity cost on his $986k investment

no wonder you don't see this in the headlines.

Actually, Rennie acts for the seller. Caveat Emptor. Hope Rennie didn't hold a gun to the buyer's head!

Hope that the latest buyer will be happier.

[Warren12]

Actually, Rennie acts for the seller. Caveat Emptor. Hope Rennie didn't hold a gun to the buyer's head!

Hope that the latest buyer will be happier.

True.. not sure why there is so much Rennie hate around here. I have to be happy as a COV Taxpayer.

But as for the buyers, who knows, maybe the first buyer is happier. Just like the person who needs to buy every new iPhone when they are released...

[Austin]

Vanpro, there is the theory that China's economy is now so big, and the middle class is growing so fast, that China is now economically self sustaining. They do not need to sell to the rest of the world anymore. The west would be lucky to get the leftovers.

Yeah, there's this theory that the global economy is so big, and the middle class is growing so fast, that the global economy is self sustaining. They do not need to sell to the rest of the solar system anymore. The solar system would be lucky to get the leftovers.

[jimtan]

Let's get back on topic.

The fact that there were buyers of Olympic Village before the 2008 meltdown is not relevant. Yes, there will be losers. This is normal.

There are always buyers at the top of the cycle, just as there will be sellers at the bottom. Olympic Village had a tough life because of the disruptions caused by the financial meltdown, and the financial problems of the developer. By comparison, the W was a cake.

I posted the good news because it shows that the sales and occupancy has reached critical mass. That's also good news for the city of Vancouver. I live here.

There's no doubt that the area is now overbuilt and needs time to season. This is normal of any new residential area. Buyers beware. This was true of False Creek North ten years ago.

The good news is that the area is finally getting some of the services it needs. We can hope that the lower end services will follow.

Best wishes to the resident owners. May it work out for them.