Attack of the condo craters

[Tyr]

If projects fail, will our cities be left with huge holes to fill?

In a story published in this week’s issue of Maclean’s (and on the Web below) we look at the plague of condo holes afflicting Canada’s once-hot real estate markets. With several construction projects halted, and rumours flying around many others, we thought we’d found a bright spot with Vancouver’s Ritz Carlton condominium development. The project was put on hold last year. Then earlier this month several backhoes returned to the site and resumed moving dirt. The developer didn’t return calls confirming whether the Ritz was back on or not, but we decided to give them the benefit of the doubt. We did so too soon. On Wednesday the Vancouver Sun reported the luxury condo project has officially been killed.

It’s worth noting the location of the Ritz project is a particularly sensitive one for Vancouver’s bruised real estate ego. When the last bubble burst in the 1990s, a half-built concrete tower was abandoned there. For years it was an ugly reminder of the excesses the city’s real estate developers, investors and buyers are prone to. Now a six storey-deep hole in the exact same spot could prove to be an eyesore for months, even years, to come.

 

[L Gilbert]

Ain't cities grand? lmao
Should put such holes to good use and use them as places to put city garbage.

 

[Twila]

We have 5 condo units going up on our small block alone. Thankfully the "global financial crisis" hasn't effected them.

 

[L Gilbert]

Twila, are the units sold? There's a development around here that is already built, but it hasn't sold a unit in months. I bet the developer is in some kinda crisis. lol

 

[Twila]

LG, we had one building that was finished just before the crisis. Most units still for sale.

The others were prebuys. They actually had HUGE lineups for buying BEFORE they'd even broken ground! The mall had display units, Kitchen by Ikea. They were small (500 sq ft) and going for the same price as our townhouse we purchased 3 yrs earlier. Our TH has 1500 more sq ft!

The market was insane at that time. Those poor people will be living in tiny condo's with huge strata fees. The only upside is they're a block from the skytrain.

 

[Trex]

Condo craters are a sign of the times.
And not a good one.

However in some cities, like Van for example , prices had become insane.
How do young working families ever afford a place to live when small, crappy old houses are priced over a million?
Tiny little apartments pre-selling for 5 or 6 hundred grand.

It just doesn't make sense to me.

If the young, future generations are priced out.
Something is flawed in the society we live in.

Too much me, me, me perhaps.

Trex

 

[L Gilbert]

Twila, I betcha lotsa people are thinking, "We oopsed". We spent 75K on this place and it has 50 acres attached. It's assessed at over a third of a million now, but to us it's both priceless and worthless: priceless in that we love it here and worthless because no-one can give us a nickel for it (we won't sell).

 

[CanadianLove]

That hole sounds like a real good spot to start digging a tunnel for the sky train over to the North Shore. "Sky-train to Whisler by 2020" That'd be awesome.

 

[petros]

In Regina there is a two year waiting list to have a home built. Contractor won't touch condo right now unless they are old warehouses and renovateable

YouTube - Ain't No Place Like a Hole in the Ground

 

[Twila]

Condo craters are a sign of the times.
And not a good one.

However in some cities, like Van for example , prices had become insane.
How do young working families ever afford a place to live when small, crappy old houses are priced over a million?
Tiny little apartments pre-selling for 5 or 6 hundred grand.

It just doesn't make sense to me.

If the young, future generations are priced out.
Something is flawed in the society we live in.

Too much me, me, me perhaps.

Trex

Those prices are only for Vancovuer. There's affordable housing in Surrey, Cloverdale, Abbotsfords, Maple Ridge, Coquitlam, Port Coquitlam, etc.

 

[Trex]

Those prices are only for Vancovuer. There's affordable housing in Surrey, Cloverdale, Abbotsfords, Maple Ridge, Coquitlam, Port Coquitlam, etc.

Well a bit more affordable, I guess.
But still a bit on the pricey side and really, who wants to have to wear a flack jacket when they pick up the keys?
In Surrey if you leave 25 cents visible in the cup holder of your car you just gotta know some tweaker is going to blow out the window with a tire iron.
In broad daylight.
And then stand around laughing about it.
And then maybe catch a quick nap before he shuffles off.

If there was no real estate bubble prices wouldn't be dropping like a rock and folks wouldn't be walking away from those ridiculously priced condo pre sales.

In Canada the developers of those condo projects can sue the pre-sale purchaser for the spread between the assumed value at project start and the current assessed value.
You can get hammered for way more than the price of the deposit.
Serves all those flippers right in my opinion.

I personally am loosing a lot of value in my house.
But hey, lets face it, some of these towns and cities have way, way overpriced property.
It needs to correct.

If young working families can never afford to buy a residence I think that is a problem.

Trex

 

[Tyr]

Those prices are only for Vancovuer. There's affordable housing in Surrey, Cloverdale, Abbotsfords, Maple Ridge, Coquitlam, Port Coquitlam, etc.

There's affordable housing in Surrey, Cloverdale, Abbotsfords, Maple Ridge, Coquitlam, Port Coquitlam,

The market in "Slurrey" is a little down right now. The cost of Life Insurance eats into ones ability to afford a mortgage

 

[Twila]

In Surrey if you leave 25 cents visible in the cup holder of your car you just gotta know some tweaker is going to blow out the window with a tire iron.
In broad daylight.
And then stand around laughing about it.
And then maybe catch a quick nap before he shuffles off.

Really? I live in Whalley (almost 10yrs now) and I've never had my car broken in to. My daughter in law lives in a very nice upscale neighbourhood in Victoria. They had their car stolen from their driveway! So, I guess it's not really the neighbourhood that's the problem.

The market in "Slurrey" is a little down right now. The cost of Life Insurance eats into ones ability to afford a mortgage

.

haha, those gangster bastards are bad business for us living in Surrey. Bad enough people call it Slurrey but then to have those assholes from Abbotsford come here and do their crimes, Sheesh!

The only thing worse is those people who call Vancouver..Hongcouver...Generalities like that so simple minded.

 

[Tyr]

Really? I live in Whalley (almost 10yrs now) and I've never had my car broken in to. My daughter in law lives in a very nice upscale neighbourhood in Victoria. They had their car stolen from their driveway! So, I guess it's not really the neighbourhood that's the problem.

.

haha, those gangster bastards are bad business for us living in Surrey. Bad enough people call it Slurrey but then to have those assholes from Abbotsford come here and do their crimes, Sheesh!

The only thing worse is those people who call Vancouver..Hongcouver...Generalities like that so simple minded.

You live in Whalley :roll:

You're a brave, brave person Twilla

 

[Twila]

You live in Whalley

You're a brave, brave person Twilla

no, not brave. Crime happens in all cities. I grew up in Victoria. The things I could tell you about Victoria would make your hair curl! And it's a beautiful, expensive tourist destination...

I love Surrey. I love Whalley. I love the fact that my townhouse complex has a rainbow of people living in it. I love that within walking distance from my home is a Greek restaurant, a Chinese restaurant, a Vietnamese restaurant, an Indian restaurant, a Punjabi restaurant, a Korean restaurant, an Italian Restaurant, Mexican/Salvidorian restaurant, an African/Carribean Restaurant.

I can walk a couple of blocks and take Bhangra lesson, or belly dance lessons, Yoga. When I go to my gym there are old women from India, there are young women from the Philipines, there are women from Korea, Africa, Japan.

There are people in my city from all over the world. They bring with them the flavours, colours, stories, and accents of their countries. I love this part of it.

I don't like the crime/gangsters. But it's not a Surrey problem.

Hastings is pretty interesting. From million dollar condo's up one block to...
YouTube - Vancouver Eastside Drug Nightmare